Home

Instant Insights / P&C insurance outlook for 2023

Review what 2023 might have in store for the property & casualty insurance space with a suite of articles detailing expert opinions on topics ranging from insurance claims and insurtech to line-specific outlooks.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Phishing hook illustrating a data breach attempt. Training employees to spot potential scams is the best line of defense against a data breach. Some of the biggest data breaches we’ve seen worldwide were aided by a successful phishing attempt. (Photo: nevodka.com/Adobe Stock)

While there are varying measurements of what qualifies as a recession, the consensus is that rising interest rates and high inflation will continue to put the financial squeeze on Americans in the new year. In these economic conditions, it’s likely insurance companies will see an uptick in claims related to inflation and the heightened cost of living. In risk control, we’re planning to focus our efforts on risks related to the financial impact of a challenging economic climate.

In the coming year, I expect we’ll see an increase in fraud and opportunistic crimes as people become more financially desperate and criminals capitalize on that desperation. People faced with a bleak financial outlook are not only more likely to turn to committing crimes for financial gain but are also more likely to fall victim to scams that promise fast, easy cash.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.