Leading insurance CEOs have highlighted that commercial lines are not at the peak of their underwriting cycle, primarily due to the pervasive issue of social inflation.
Tag: social inflation
Legal-System Abuse Hurts Insurers, Consumers: AM Best Interview with I.I.I. CEO
Sean Kevelighan, chief executive officer of the Insurance Information Institute, discusses how so-called nuclear verdicts, litigation funding and other legal-system abuse drive up claims costs and ultimately lead to higher premiums for consumers.
Beazley Wary of Social Inflation Effect While Cyber Premiums Sag
Beazley plc saw lower first-quarter premiums in cyber as the group implements its excess and surplus operation and remains wary of lines affected by social inflation.
Casualty Lines Back Front and Center Amid Social Inflation Crunch
After climate risks and property inflation pushed casualty insurance to the back burner somewhat, it’s returned to being “front and center” as the sector grapples with the impacts of social inflation and rising claim sizes, according to AM Best’s head of industry research.
Marsh McLennan CEO: Catastrophe, Social Inflation, Reinsurance Costs Rise in 2024
Geopolitical and economic risks are worrying Marsh McLennan’s clients as the broker sees rising costs for risks from catastrophes, social inflation and reinsurance, said its chief executive officer.
Pre-Pandemic Woes Return to U.S. Commercial Auto Insurance Segment
Underwriting losses in the U.S. commercial auto insurance segment soared to $3.3 billion in 2022 following near-breakeven results in the previous year, according to a new AM Best report.
U.S. Auto Insurer Claim Payouts Soar Due to Increasing Inflation
U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.
The Shadow of Social Inflation Still Looms for U.S. Liability Claims
U.S. liability claims costs have risen by an annual average of 16% over the last five years, well above average rates of economic inflation at around 4%.
Study: Social Inflation Accounts for $2.4 to $3.5 Billion of All Medical Malpractice Losses
Social inflation accounted for between $2.4 and $3.5 billion, or 8 to 11 percent, of all medical malpractice losses incurred by physician-focused insurers in the decade ending in 2021.
Triple I: Investors Fund Lawsuits without Disclosing Their Role
Investors with no stake in a lawsuit beyond wanting to profit from its outcome are contributing to the growth of insurer legal costs and settlement payouts, according to a new report from the Insurance Information Institute (Triple-I). “Third-party litigation funding (TPLF) has devastatingly become a multi-billion-dollar global industry, turning lawsuits into investments at the expense… Continue reading Triple I: Investors Fund Lawsuits without Disclosing Their Role