Social Inflation

The topic of this session is the drivers of social inflation and the impact on casualty results. Panelists will approach this issue from several different perspectives. The first panelist will review evidence of increased social inflation and the socio-economic drivers. It will include a review of the trends in court statistics and in jury verdicts. He will then discuss drivers including increased legal advertising, developments in litigation financing, and income inequality. The second panelist is an attorney and reinsurance claims department leader. Based on her experience working on large cases, she will discuss the increased effectiveness of the plaintiff’s bar and some of the tactics they have been employing to drive their success; thereby, causing strong challenges to the insurance industry. The third panelist is the VP of claims at a TPA who will discuss some of the considerations and challenges of factoring in social inflation to the claim settlement process especially in longer-tailed lines of business. He will also examine the effect that the erosion of the dollar has with regards to $1m limits. Finally, all panelists expect to offer their perspective regarding Covid-19’s effect on social inflation.

  • Date:Tuesday, June 8
  • Time:3:15 PM - 4:30 PM Eastern Daylight Time
  • Session Type:Concurrent Session
  • Session Code:CS22
  • Level of Knowledge:Level 1: No prior knowledge of the subject
  • Moderator:Tim McCarthy
Speakers
Tim McCarthy
ISO/Verisk
Dana Franzetti
Swiss Re
William Wilt
Assured Research, LLC
Albert Mayer
Network Adjusters Inc.
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