Rising claims costs from increased litigation, broader definitions of liability and higher jury awards mean insurers can no longer ignore the impact of social inflation. While changing public attitudes and increased mistrust of corporations make social inflation hard to predict and quantify, advances in insurance data and analytics can help insurers more confidently factor it into their pricing and loss reserving.
This session will provide background on social inflation, discuss the various ways it may manifest in property-casualty insurance, and examine how insurance data can identify potential signals of it. In particular, we will illustrate how the wealth of data in the Lloyd’s ISO portal can provide analytical insights to help you manage social inflation more effectively.
Wednesday, 28 April, 2021
Tim McCarthy, ACAS, MAAA Actuarial Director, Commercial Liability ISO