Head of the world’s third largest broker says industry has had to raise premiums as the cost of claims has gone up

Insurance prices will keep rising for ‘a couple of years at least’

Inflation will drive insurance prices higher for “a couple of years at least”, the chief executive of one of the world’s biggest insurance brokers has said.

Patrick Gallagher, chief executive of the world’s third largest broker by market value, Gallagher, told the Financial Times that underwriters were acting “professionally and astutely” by increasing prices in response to inflation in the cost of claims.
Rising inflation has given new momentum to a years-long rally in insurance and reinsurance prices, as insurers react to increases in the cost of rebuilding homes and repairing cars by raising the cost of cover.
This story originally appeared on: Financial Times - Author:Ian Smith