What is social inflation Trends and why is it hurting insurance?

A increasing trend of litigation expenses and their influence on insurers’ claim payments, loss ratios, and ultimately the amount of money policyholders pay for coverage are referred to as “social inflation.” Despite the fact that the methods connected with social inflation are often used against corporations believed to have “deep resources,” the problem has repercussions…

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Accuracy in auto insurance pricing is driven by rating-factor variety.

Car insurance costs tend to rise and fall in tandem with overall U.S. economic trends over decades, so lower-risk drivers should pay less. This week, Triple-I notified the Federal Insurance Office (FIO) of the Treasury Department of the situation. Trio-I, in a letter responding to a federal RFI, said that US car insurers are accurate…