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How the economy affects insurance rates

How the economy affects insurance rates

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As we all navigate a changing economy, there are plenty of ways to save on your insurance premiums and Nationwide® has put together a wonderful infographic showing how the economy affects insurance rates with inflation, higher interest rates, increased costs, and weather and climate events all affecting the cost of insurance coverage. Let’s talk today to review our products and discounts.

How the economy affects insurance rates

[1] Repair Costs & Labor Issues Affecting Insurers in 2023,” agencyheight.com/car-repair-costs (Jan. 9, 2023).
[2] “Crash Course 2022 Mid-Year Update: Gearing Up for What’s Ahead,” cccis.com/news-and-insights/insights/crash-course-2022-mid-year-update-gearing-up-for-whats-ahead/ (May 31, 2022).
[3] “Countering inflation: How US P&C insurers can build resilience,” mckinsey.com/industries/financial-services/our-insights/countering-inflation-how-us-p-and-c-insurers-can-build-resilience (Aug. 25, 2022).
[4] Bureau of Labor Statistics/Nationwide Economics (December 2022).
[5] “CoreLogic Quarterly Construction Insights Q4 2022,” corelogic.com/wp-content/uploads/sites/4/2022/12/QCI-Q4-22.pdf (accessed Jan. 26, 2023).
[6] “Global warming frequently asked questions,” climate.gov/news-features/understanding-climate/global-warming-frequently-asked-questions (Oct. 29, 2020).
[7] “Global Average Annual Insured Losses from Extreme Events in Excess of $120 Billion, New Report from Verisk Finds,” verisk.com/newsroom/global-average-annual-insured-losses-from-extreme-events-in-excess-of-$120-billion-new-report-finds/ (Sept. 28, 2022).
[8] “WaterRisk: The first and only predictor of non-weather water claims,” locationinc.com/water-risk-data (accessed Jan. 26, 2023).
[9] “Facts + Statistics: Homeowners and renters insurance,” iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance (accessed Feb. 10, 2023).

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