As the world considers the impact of tit for tat tariffs on global trade, insurance experts are expecting to see rising claim costs for insurers and increasing premium rates for both general insurance and specialty insurance coverage.
Industries dependent on global supply chains and international trade may require high risk and/or complex insurance products, think marine cargo, aviation, and satellite operations. Insuring against liabilities such as damage, manufacturing breakdown and cargo coverage could become more expensive due to the tariffs placed on replacement parts or components.
For general insurance such as auto and homeowner insurance, countries that are dependent on imports for everything from building materials to car parts can expect to see costs rise, not to mention a potential delay in getting product for replacement or repair.
