How inflation is affecting insurance...
Inflation is everywhere — we’ve felt it across the insurance industry as supply chain backups and production shortages drive up the price of cars, homes and their repairs.
A microchip shortage has cut 13 million cars out of production and the average new car costs $10,000 more than its pre-pandemic price! Demand for skilled technicians outpaces supply five to one. Costs for construction materials are up over 50%. Home prices are up over 10% since last year. The list goes on.
No one likes higher prices, but when it comes to inflation, we're all in this together.
This infographic will help you understand how inflation is impacting our industry.