Figures 7–11: Key economic drivers for Motor

Figure 7: 
Health inflation is on the rise

Sources: Eurostat, US Inflation Calculator, UK Office for National Statistics

Figure 8: 
Interest rates have reached levels unseen since 2008

Sources: Eurostat, Federal Reserve Bank of St. Louis

Figure 9: 
Long-term downward frequency on claims

Source: Swiss Re

Figure 10: 
Annual rate change of maintenance & repair costs

Sources: Eurostat, UK Office for National Statistics, Federal Reserve Bank of St. Louis

Figure 11: 
Total distance driven (in billion miles)

Sources: Federal Highway Administration, monthly traffic volume trends report (US), Department for Transport National Road Traffic Survey (UK) and Bundesanstalt für Straßenwesen (DE)

Key economic drivers for Motor include:

  • Maintenance and repair costs for motor own damage, impacted by inflation spike. On the rise as car complexity increases, expected to continue
  • Health expenses impact bodily injury compensation, expected to increase in long term
  • Mobility pattern changed post-pandemic led to fewer minor claims, more large losses. Continued reduction in frequency expected long term