Inflation given as reason for increasing insurance premiums

José Galamba de Oliveira, president of Portugal’s association of insurance brokers, has told Lusa that premiums will “unfortunately” be increasing this year, as a result of inflation. His actual words were that there were “a lot of things conditioning” the situation – but inflation is the principal reason, as well as the increase in people’s salaries. He explained that a simple accident these days involves an increase in costs for insurance companies of between 20%-30% – and up till now this increase has not been passed on to clients.