Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said.

Rising inflation, recession worries, climate threats and geopolitical tensions are making individuals and businesses more wary of risks, according to the head of the insurance exchange. While in a normal year insurance grows at the same rate as gross domestic product, it is now growing three times faster, Neal said in an interview with Bloomberg News.

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Global Fears Are Feeding Demand for Lloyd’s of London Insurance