Auto and home insurance rates will increase in 2023. Insurers are actually experiencing an explosion in repair costs associated with claims; reports the magazine 60 Million consumers. In the question: “The inflation of materials and spare parts”, Florence Lustman, the president of France Assureurs, hinted at the end of a meeting with Bruno Le Maire organized at the end of September.
Car insurance rates will rise by 3 to 5% in 2023, according to projections from specialist firm Facts & Figures. This general increase is explained by more expensive spare parts and labour. The price of a rearview mirror, for example, increased by 8% in 2022. Owners of SUVs or hybrid and electric cars will be hit harder, as these vehicles are more expensive to repair.
The fear of new natural disasters
Regarding multi-risk home insurance, contracts should increase by at least 3%. Climatic events are the cause of many claims. Floods, hailstorms, storms and fires cause damage to homes, according to the utility association. The insurance companies have to absorb an increase in compensation costs of between 1 and 2 billion per year. They must also take into account the increase in the price of certain building materials (wooden structures, terracotta tiles or windows and mirrors) as well as labour.
Received in the Ministry of Economy, the insurance companies promised that the increase would be lower than inflation in 2023, or rather its projection. Consolation for unemployed young people: they will be entitled to a 100 euro discount on their car insurance.
