WTW warns of accelerating motor claims inflation
WTW has warned UK motor claims inflation is expected to accelerate in 2022 after pandemic disruption caused a slowdown in the average time taken to settle claims which acted as a temporary break on rises.
According to WTW’s data, UK motor claims inflation stood at 6.2% last year, far higher than the general inflation rate of 2.1%.
The increase took the average cost per claim from £5,037 in 2020 to £5,349 in 2021. Since then general inflation rates have gone above 9%.
WTW listed rising accident frequency after the pandemic lull, surging global inflation, elevated used car prices, and ongoing supply chain constraints pushing up repair costs, among the factors that were likely to force a sharp
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