Cars jam on the A 8 motorway between Salzburg and Munich near Irschenberg.
MUNICH Reuters - German drivers should brace for higher auto insurance premiums next year, after three years of price declines, an industry executive told Reuters.
Insurance prices are a major concern for drivers who have to deal with soaring fuel costs, parts shortages and long waiting times for new vehicles. In September, Germany's annual inflation was 10.9%, the fastest pace in more than a quarter of a century.
Klaus-Juergen Heitmann, the chief executive of Germany's market leader for car insurance HUK-Coburg, said price increases could be expected at the turn of the year.
Some insurers have already announced increases, he said.
He said that if the anticipated jump in revenues in 2023 is enough to avoid being in the red remains to be seen.
Heitmann predicted that HUK-Coburg's operating profit for car insurance would be around zero in 2022 due to rising repair costs.