Understanding the latest trends that are driving up the cost of claims

As the insurance landscape evolves, staying informed about the latest trends affecting claims costs is essential for you and your clients. Our newly updated guide offers a comprehensive overview of the key factors influencing claims costs today. This resource delves into supply chain disruption, motor vehicle trends, labour costs, bodily injury claims and our efforts at Aviva to help combat claims fraud.

What are the key trends shaping claims costs?

Supply chain disruption

Recent global events have highlighted the impact these have on supply chains. Disruptions have led to increased costs in materials and longer wait times for repairs on both property claims and motor claims.

Motor vehicle trends

The automotive industry is experiencing significant changes, particularly with the rise of electric vehicles (EV) and car technology. Claims costs can be higher for EVs as new technology often requires specialist knowledge, skills and parts, pushing repair costs up.

Labour costs

We’ve seen labour shortages across various industries, resulting in increased wages and costs. This can then impact the costs for repairs and service labour.

Bodily injury claims

Bodily injury claims continue to be a factor in overall claims costs. Our guide highlights trends in settlement strategies and what we are doing to protect our customers' premiums, making sure that those who are genuinely injured get their claims paid quickly and fairly.

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