Why car insurance escapes inflation

In five years, premiums for liability have decreased by 4.7%. At issue: the decline in claims and competition.

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Journalist in the Economy department

Reading time: 4 mins

Tout increases”. This phrase has been heard a lot in recent months. Indeed, few products escape the phenomenon of rising prices. However, there are exceptions such as car insurance, for example. Over the past five years – between July 2017 and July 2022 – its average price has fallen by 4.7% while at the same time inflation has increased by 17%. In the latest press release from Statbel (Belgian statistical office) on the inflation rate in July, motor insurance even figured prominently in the list of products whose prices had fallen the most: – 3.3% in a year !

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