By the spring of this year, the financial press was filled with articles documenting the pause in numerical and medical inflation. But few outside the insurance industry are discussing—or maybe even aware of—social inflation, which is climbing.

An inflection point in loss cost trends, fueled by social inflation, could actually be the No. 1 threat to the property/casualty insurance industry’s already marginal profitability, according to a June 2017 Assured Research report. Evidence is mounting that social inflation is rearing its head after nearly a 20-year hiatus....

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