Claims inflation, reinsurance costs to hurt insurers’ profits

U.S.-based Fitch Ratings Inc. expects higher reinsurance prices and claims inflation to dent German public-sector insurers’ non-life underwriting profitability this year, Reinsurance News reported. Fitch added that premium growth in the buildings and property lines will not be able to keep up with the surge in reinsurance costs and claims inflation, until at least 2024.