Car and home premiums
The world is changing, my friends. All around us, inflation is wreaking havoc, bringing with it a wave of price rises affecting every sector of the economy. And unfortunately, insurance is no exception. Premiums forcar insurance and housing are no exception to the rule, and will see an increase in 2023.
At the RCCAQ (Regroupement des cabinets de courtage d'assurance du Québec) convention in Quebec City last November. The industry's bigwigs discussed the reasons for this dizzying rise. Inflation, of course, but also the shortage of manpower, which is hitting all sectors hard. Insurers, who have failed to meet their financial targets, will therefore have to increase their customers' premiums in 2023.
But what are the causes of this increase? Well, my friends, there are many.
First, there's the increase in repair costs. Parts are more expensive, and so is labor. Whether we're talking about cars or houses, we now have to pay more to replace or repair the damage caused.
Then there's the rising cost of claims. It's a rule of thumb: the higher the claims, the higher the premiums. And claims are on the rise. Storms, floods, forest fires, claims of all kinds are multiplying. Natural disasters are wreaking havoc, and costs are soaring.
But there is also the evolution of regulations, which are becoming increasingly complex. And insurance products are following this trend. Insurers have to comply with increasingly stringent regulations, and this is reflected in their customers' premiums.
Inflation on your property in 2023
Last but not least remember that the value of your insured assetsThe cost of insurance may have risen with inflation. Your home or car is now worth more than it used to be, and insurers have to adapt accordingly.
That, my friends, is what's in store for the coming year. Insurance premiums are bound to rise. But don't panic! Store around and you'll find the insurer that's right for you, the one that offers the best value for money. And for that, you can count on us at Assur360. Request a quote today, my friends!
