Magazine date:
Dec 2022 
The consulting firm Facts & Figures is expecting an average increase of 6 to 8% in motor and homeowner's insurance rates in 2024. For the year 2023, the price hike will be between 3 and 5%.
This sharp increase in tariffs would be mainly driven by a high inflation rate of 6.2% by the end of 2022.
According to Facts & Figures, insurance companies will be facing major pressures over the next few years, including wage increases, higher overhead costs, vehicle repair costs and spare parts prices.
The rate of price increases, however, will depend on competition.