INSURANCE
The impact of global inflation
on insurance
Following the disruptive Covid-19 lockdowns of the past two years, global supply chains have struggled to normalise, leading to a spike in the price of almost all goods. This sustained hyperinflation has seen the dramatic increase in the price of many commodities such as oil, wheat, and other crops and even computer chips, leading to inflation rates last seen several decades ago. By Soul Abraham, Chief Executive for Retail at Old Mutual Insure
We are also experiencing double-digit inflation numbers in the average cost of motor vehicle claims, mostly owing to the global semiconductor and microchip shortages, which have negatively impacted the availability of new cars.
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