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Businesses face up to 20% higher insurance bills amid inflation

Market conditions

U.K.-based PricewaterhouseCoopers LLP expects U.K. businesses to face up to a 20% increase in their annual insurance bills as insurers hike premium rates to cover the climbing cost of claims resulting from surging inflation and supply chain disruptions, Reinsurance News reported. PwC elaborated that inflation is driving up material and labor costs, and global supply chain disruptions are affecting the supply of materials, leading to costlier repairs and subsequent surge in claims value.


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