Debt Ceiling Debate Adds Heat to P/C Insurers’ Replacement Cost Woes (The Triple-I Blog)

Debt Ceiling Debate Adds Heat to P/C Insurers’ Replacement Cost Woes

  Wednesday, May 31st, 2023 Source: The Triple-I Blog

Uncertainty spawned by the debt ceiling debate will likely exacerbate the replacement cost inflation that has been putting upward pressure on property/casualty insurers’ loss ratios -- and, ultimately, consumers’ premium rates, according to Triple-I’s chief economist.

‘Whether or not we go to five, 10, 20 days -- or if we don’t have a shutdown at all -- this signals to the market a dysfunction in terms of government operations,’ said Dr. Michel Léonard, Triple-I chief economist and data scientist in an interview with Triple-I CEO Sean Kevelighan. ‘That leads to higher interest rates…which fuels inflation and reduces growth.’

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