In simple terms, claims inflation is the change in the average price of goods/materials and services in relation to a portfolio of representative claims.
Over the last couple of years, various factors have combined to drive up claims inflation.
The continuing upward trend in property insurance premiums, driven by increasing claims costs, can be difficult for businesses to fully understand. Particularly if they’ve not made a recent property claim. AXA have put together a practical guide, which covers:
- the key factors affecting claims costs
- steps we’re taking to reduce the impact
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