The role of risk management in managing the impact of social inflation
Rising inflation is driving up repair, rebuild and rehab costs for insurers everywhere. But a more pernicious form of inflation demands both attention and action. This report looks at the drivers of social inflation and the role of risk management in managing the impact.
Economic inflation has dominated insurance industry dialogue of late – but in some classes of insurance, another type of inflation, this time socially driven, is changing the landscape. The Geneva Convention presents social inflation as a “real and present danger”, thanks to the long-tail nature of liability insurance and the increasing unpredictability of outcomes. There is potential that covers could be severely impacted if sustainable returns cannot be achieved.
In this report we offer insight into the drivers of social inflation, insight on current and potential impact, and robust risk management advice to build resilience in your company, for your customers, and for your future business.
A real and present danger
Report on the role of risk management in managing the impact of social inflation
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