A stealth inflationary cost is hitting corporate profits and consumer wallets
Publishing timestamp: 2024-01-19 12:09:00
Summary
Travelers, a Dow component, reported soaring insurance premiums in its earnings report. Homeowner renewal premiums increased by 21% and auto policy renewal premiums jumped by 17%. While rising premiums are good for insurance firms, they are bad news for customers and are considered a stealth inflationary cost. Other companies, like freight shipper J.B. Hunt, are also experiencing higher insurance costs, leading to increased expenses and inflationary pressures. These costs are ultimately passed on to customers and consumers.
Sentiment: NEGATIVE
Keywords: breaking news: business, travelers companies inc, business news, transportation, real estate, j.b. hunt transport services inc, earnings,
Source: https://www.cnbc.com/2024/01/19/insurance-costs-hit-corporate-earnings-at-travelers-and-jb-hunt.html