MUNICH, Oct 4 (Reuters) – German drivers ought to brace for greater auto insurance coverage premiums subsequent 12 months, following three years of worth declines, an trade govt advised Reuters.
Increased insurance coverage costs are the most recent headache for drivers, who already should cope with hovering gas prices, elements shortages and lengthy ready occasions for brand new autos. Annual inflation in Germany was 10.9% in September, the quickest tempo in additional than 1 / 4 of a century.
Klaus-Juergen Heitmann, chief govt of Germany’s market chief for automotive insurance coverage HUK-Coburg, mentioned worth will increase might be anticipated on the flip of the 12 months.
“Some insurers have already introduced will increase,” he mentioned.
“Whether or not the anticipated bounce in revenues (in 2023) is sufficient to keep away from being within the purple stays to be seen,” he added.
Rising restore prices are making it tough for automotive insurers to be worthwhile, and Heitmann predicted HUK-Coburg’s working revenue for automotive insurance coverage in 2022 could be round zero.
Reporting by Alexander Huebner; writing by Tom Sims; enhancing by Miranda Murray
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