The local insurance industry has limited flexibility to continue absorbing cost.
This development was highlighted by the Association of Trinidad and Tobago Insurance Companies.
It said many factors, outside the control of the local industry have contributed to this anticipated hardening in market conditions.
In a media release Thursday, ATTIC said these include extreme weather patterns such as hurricanes, winter storms, tropical cyclones and tornadoes, floods and fires on a global scale;
Inflation fuelled by supply chain issues, rising energy prices and geopolitical conflict.
It said Covid-19 which has resulted in increased costs of construction materials, auto parts and medical and legal services.