Consumers should be able to relate to inflation’s impact on goods and services — and hence, the impact on insurers’ claims costs — making it easier for brokers to explain the continuation of the P&C industry’s hard market cycle after the pandemic, Aviva Canada’s CEO Jason Storah suggested to Canadian Underwriter Wednesday.
“I would like to think that when customers are seeing the impact of inflation all around them, seeing continued increases in pricing and insurance won’t feel unusual,” Storah said in a call with CU to discuss the company’s half-year results. “That justification and the rationale for rates continuing to trend upwards, albeit hopefully at reasonable levels, is there because everybody’s seeing how expensive the world is getting around us.”
Brokers were in a harder spot explaining the reasons for the hard market the during the beginning…
