Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Raport o wpływie inflacji na sektor ubezpieczeń

EIOPA-BoS-23/360

05 October 2023

IMPACT OF INFLATION ON THE INSURANCE SECTOR

EXECUTIVE SUMMARY

In the current macro-economic environment, one of the major concerns for the insurance market is the significant increase in inflation experienced since spring 2021. The high uncertainty and the slow recovery after the Covid-19 pandemic outburst in 2020, followed by the Russian invasion of Ukraine in February 2022, have reduced the outlook for growth in Europe and increased downside risks for the future course of the economy. All these events generated and/or amplified existing trends and problems like supply chain disruptions, a mismatch of supply and demand for goods and services, resource limitationsraising commodity prices, deglobalisation and a decline in the working age population. The combination of these developments has caused a switch from a long period of low inflation and low interest rates to a new economic environment dominated by stubbornly high inflation and increasing interest...