AIG Europe chief expects slowdown in insurance price hikes By Reuters – News Couple

AIG Europe chief expects slowdown in insurance price hikes By Reuters

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LONDON (Reuters) – Premium rates are likely to continue to rise in Europe, the Middle East and Africa in 2022, but perhaps at a slower pace, AIG (NYSE: Europe) CEO said at Reuters Future of Insurance Europe. Friday conference.

“We will continue to see price increases in most of our product areas, not all but most of them, and that will continue and may continue at a reduced pace,” Thomas Lillelund said in an interview.

He said coverage against cyber attacks is one of the areas of business likely to see the biggest increases.

Insurance rates rose sharply as insurers suffered huge claims for issues such as floods, wildfires, cyber attacks and event cancellations due to the COVID-19 pandemic.

There are some parts of the company’s portfolio where rate increases are waning, Adrian Cox, head of London-based Paisley Insurance, told the conference earlier, without giving further details.

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