Allianz expects the cost of insurance premiums globally to rise by 4.8 % this year – at a time when consumers can afford it the least .

It comes against the backdrop of projected global inflation of 6.2 %. Inflation was already high thanks to high commodity prices , supply chain interruptions and high energy costs – but the situation has been compounded by Russia ’ s invasion of Ukraine , Allianz says in a new report . EU leaders have reached a deal to block most Russian oil imports by the end of 2022 and seek alternative energy supplies .

10 July 2022