2022 Insurance Forecast
The increase in cyber-attacks on business grew greatly and the losses that business suffered the same level of increase.
Well what a year 2021 turned out to be from the political media drama developing every week to the massive global changes in trade, influence and customer demands. We are going to give you an outlook from the insurance world so that you can make sure you are informed, protected, and can move through 2022 with confidence.
“2021 saw massive global changes in trade, influence and customer demands.”
The Covid -19 will have lots of minor changes to the rate of recovery but the overall direction will be the same. The virus will move from a pandemic (an epidemic that’s spread over multiple countries or continents) to an Endemic (is something that belongs to a particular people or country) and this will impact localised business and industry. But the general direction will be back to growth, but slow growth.
Supply Chain and Wages
Shipping disruption and energy price increases will exert upward pressure on prices in the first half of 2022. Logistical bottlenecks will only be resolved later in the year as demand for goods moderates and traffic normalizes. The cost of business will increase, and this will be passed on through the supply chain.
Premiums and demand are set to grow
Higher claims during Covid-19 could lead to higher premiums. This is especially important for the health segment, as it would have the greatest impact on consumers across Europe. Insurers are conscious of this fact and are trying to minimise the impact. Increased risk-awareness during the pandemic pushed demand for insurance products higher.
2022 will be a year of opportunity but it will take a while to get things back to normal. At Noyce we are here to make sure you get the right protection at the right price and thus we will need to understand the changes to your business and your plans for 2022 and beyond.
We specialise in saving businesses in the South of England time by providing price competitive quotes with tailor made insurance protection for their complex insurance needs. At Noyce, we understand that no two businesses are the same and when it comes to insuring against risk we will work in partnership with you to create the cover that works for you.