External fixes like tort reform and third-party litigation funding disclosures are some often-cited methods for reining in escalating jury verdicts and settlement values that continue to worry liability claims professionals and insurance industry executives. But Carrier Management asked several executives to look inward instead—at adversarial claims handling tactics in place now that some say are working to inflate social inflation—and to identify industry best practices that will stem the tide of rising claims severity.
Social inflation is at the heart of rising claims severity trends showing up on the books of casualty insurers and reinsurers, industry representatives agree. "But it's not the only reason why we're ...
Nuclear verdicts in the United States are breaking records with 27 court cases each awarding compensation of more than $100 million during 2023, according to a compilation published this year. Swiss ...
At one of the early meetings of American Legal Connections, Rich Henderson, a senior vice president for reinsurer TransRe, bumped into a concerned client from a hospital insurance company who brought ...
Back in 2018, there weren't too many insurance professionals talking about social inflation. William Wilt, president of Assured Research, wrote an article for Carrier Management about the ...
Over the past four decades, Robert "Bob" Hartwig has championed the critical role the insurance industry plays in the nation's economy. So, when the former Chief Economist and President of the ...
Offering a view into the future of auto insurance, the leader of a mobility data and analytics firm said during a recent interview that he foresees a time when drivers will know their driving scores ...
Let's talk some truth. Of all the challenges the insurance industry is facing today, chief among them is the reality that insurance is becoming very hard for people to afford. It is easy to develop a ...
There is no doubt the auto insurance industry is in a state of flux. Rising repair costs, poor driving behavior and advancing auto technology has disrupted the market, and there are no signs it will ...
There is no denying the popularity of top 10 lists. Whatever the subject—sports, music, literature, business, you name it—there is likely a top 10 list for it. Want to know the top 10 scariest ...
Claims professionals need to adapt to the AI evolution at a fast pace as the same technologies used to fight claims fraud are also being used to perpetuate it, according to experts. "It's truly ...
What is the secret to an insurance claims experience that satisfies customers? For years, J.D. Power has conducted surveys and curated lists recognizing insurers that succeed at providing ...
Commercial insurance pricing is cyclical, and the top of the hard market cycle appears to be at hand. While traditional cycle models point the finger at the availability of capital and the basic ...
Prices are under pressure in many insurance markets. After an extended period where pricing levels have risen and held at profitable levels, the balance of power appears to be shifting to buyers. In ...
In this edition of Carrier Management's Risk Alerts: Football stadiums could potentially lose billions due to climate change. Longer trains bring higher risk of derailment. Air taxis may soon be ...
My interest in all things property/casualty insurance prompts my smartphone to serve up lots of news from across the nation about carrier activities—local news clips and mainstream media articles ...
Self-driving cars could make personal auto insurance largely obsolete within 20 years, according to a worst-case scenario modeled by Morningstar. A more likely, moderate scenario forecasts the line ...
Rate hikes haven't been enough to bring profits to U.S. homeowners insurers, according to a new analysis from Aon, which finds that returns-on-equity for a group of homeowners insurers studied are ...
I think I know how Joe Biden felt when he was forced to accept the fate that he shouldn't run for re-election after a long career in public service, and after putting his heart and soul into his job ...
