Insurance price shift unlikely to slow inflation retreat, BNZ says

Recent disasters have led to increased insurance premiums. (Image: Depositphotos)

Tue, 24 Oct 2023

Bank of New Zealand economists expect more price pressure on insurance premiums, which are undergoing a structural shift, but don’t see that slowing the eventual retreat of wider inflation. Government data last week showed dwelling insurance prices rose 21.2% in the September quarter from a year earlier and contents insurance prices were up 18.8%, underpinning the 9.6% increase in annual insurance prices. BNZ economist Doug Steel said there have been “material and understandable” price shifts in insurance over t...

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