Slow underlying growth and inflation are among the biggest challenges facing U.S. auto, home, and business insurers, according to the Insurance Information Institute (Triple-I) Q1 2023 Economic Outlook.
The Outlook’s key takeaways include:
- Property/casualty (P/C) insurance, a category which includes U.S. carriers who underwrite auto, home, and business coverage, saw its cyclical underlying growth rebound fail to materialize in 2022’s second half as interest rate tightening depressed housing starts, corporate spending, and vehicle expenditures.
- Increases in P/C replacement costs (e.g., vehicle parts, housing construction materials) slowed down over 2022’s last two quarters but are up 40 percent since 2019.
- U.S.
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