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Social Inflation

What is social inflation?

Social inflation has been a topic of significant interest in recent years for property/casualty insurers. Loosely defined by some as an increase in insurance claims costs due to increased litigation and larger jury awards, it can be tricky to pin down. Rather than one unambiguous causal link, there may be multiple indicators that point to social inflation.

Potential impacts on the property/casualty insurance industry

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. The following webinar provides background on social inflation, discusses the various ways it may manifest in property/casualty insurance, and examines insurance data to identify potential signals that social inflation is present.

 

Is a new wave of social inflation here?

Additional insights

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Getting a handle on rising claims litigation costs and frequency

Litigation continues to be a major contributor to rising claims costs, and the issue is only getting worse.

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Illinois enacts the “Consumer Legal Funding Act” -- new law regulates various aspects of third-party litigation funding practices

In a significant development on the TPLF front, on May 27, 2022, Illinois Governor J.B. Pritzker (D) signed into law the Consumer Legal Funding Act.

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Delaware’s State Senate passes concurrent resolution encouraging the Delaware Judiciary to study possible third-party litigation funding (TPLF) disclosure rules

In an interesting development to watch, on June 28, 2022, the Delaware State Senate passed Delaware Senate Concurrent Resolution No. 127.

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Third-party litigation funding in 2022 -- three issues for your radar

Third-party litigation funding is an issue that certainly warrants monitoring in 2022. 

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TPLF disclosure proposals are introduced in Kansas, Mississippi, and Montana state legislatures

Third-party litigation funding (TPLF) issues will continue to present challenges on several fronts in the new year.

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