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Inflation is the highest it has been in more than 40 years as the impacts of supply chain issues, labor shortages and a pandemic are felt across the globe.
People are feeling the effects of inflation in their everyday lives - Groceries, gas, home repairs, car purchases, you name it, and it’s probably been impacted.
The insurance industry is no different. In the last two years alone, we’ve seen the price of used cars go up more than 20% and the time to get parts to repair a vehicle up 14%. For homeowners, the market may be hot, but prices to repair a home are up over 16% and it’s expected that we’ll see a 650k skilled labor shortage in 2022.
These are just a few of the ways that the current market and economy can impact insurance rates for our members.
As a P&C company, we are looking at the market, industry trends and the global economy to ensure that we are doing our best to keep our rates fair and competitive. We always keep our membership and Mission and the heart of every decision we make. Rates are increasing across the industry, and USAA is uniquely positioned to offer optionality in service and additional savings opportunities during this challenging time.