Four blocks with upward-pointing arrows on top of progressively taller stacks of coins. As well as making sure they have strong solvency ratios, insurers are combatting claims inflation by settling claims quickly, negotiating fixed price contracts for repairs and labor, and putting in place infrastructure to keep close track of their claims inflation." Photo: Ratana21 – stock.adobe.com

Earlier this year, the Bank of England warned that claims inflation will affect all general insurance firms, and urged the U.K. insurance sector to ensure they have sufficient reserves.

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