Inflation hits the household budget hard. But not only. In 2022, insurance premiums for professionals are expected to soar by 8%.
Insurance has a cost. And in 2022, the latter will considerably to augment for professionals and businesses, reveals Coover (1). In its latest study, the pro insurance brokerage specialist compared its own data with publicly available information and that of 14 partners.
Result? All types of professional insurance are seeing their prices increase. And if the increases remain under control on certain products, such as professional car insurance (+2%), on others the premiums soar: +10% for multi-risk insurance and +12% for professional indemnity insurance.
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The greatest increase is in thecyber and fraud insurance (+27%). In 2021, cyber insurance contributions had already increased by 15 20%according to the Association for the Management of Enterprise Risks and Insurance.
| Assurance | Average increase in 2022 |
|---|---|
| Business car insurance | +2% |
| Group insurance (mutual & provident) | +4% |
| Professional mutual | +4% |
| Occupational pension | +6% |
| Professional Liability Insurance | +12% |
| Ten-year guarantee | +4% |
| Cyber and fraud insurance | +27% |
| Liability insurance for directors | +7% |
| Multi-risk insurance (including operating losses) | +10% |
| Average | +8% |
Micro-entrepreneurs are the most affected by these increases. For a self-employed building contractor who pays an average of 1,100 euros in ten-year insurance, 420 euros in mutual insurance and 530 euros in provident insurance, this represents almost 100 euros increase, details Coover.
Why is pro insurance increasing in 2022?
The increases mainly concern damage insurance (professional civil liability, auto and professional multi-risk). At issue: the return of inflation, more frequent natural disasters, and a low interest rate environment that is undermining insurers’ revenues. The personal insurance (mutual, welfare, etc.), on the other hand, are increasing little, in particular because health expenditure has decreased with the health crisis.
As attacks multiply, cyber insurance is experiencing a significant price increase. Cyberattacks and natural disasters linked to climate change indeed occupy the podium of the main risks identified for 2022 by insurers, according to the association France Assureurs. While companies are increasingly turning to cyber insurance products, insurers will go against the tide as more selective and significantly increase premiums. The recent attacks are reducing the appetite of insurers who still have a poor grasp of the hazard of this market, explains Coover.
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The surge in premiums is mainly concentrated in contracts already in progresswith insurers striving to maintain a attractive call price for their new customers. Many of our customers have been unpleasantly surprised when renewing their contracts in tariff increases suffered. As a broker, it is always a difficult element to explain, especially for professionals who are already paying a premium raisedwho have not declared a claim and who are experiencing a complicated situation, explains Pierre Fruchard, insurance expert and co-founder of Coover.
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(1) study carried out with 14 Coover partners between January and February 2022 and cross-referenced with available public data.