While motor insurance costs in the UK have hit the brakes, it looks like we will be seeing acceleration in prices somewhere else… and trade credit insurance giant Euler Hermes has pointed to a couple of culprits.
“On average we are targeting a 5% increase in pricing because of the impact of Brexit and pressure on retail, which has been exacerbated by Brexit,” Euler Hermes chief executive Wilfried Verstraete told the Financial Times. The credit insurer had to respond to changing conditions, he said.
“A rise in import prices starts to hurt margins,” added Verstraete. “It is not a negligible impact.”
