Social inflation is being driven by four catalysts: a higher-stakes litigation environment, societal shifts, medical cost inflation and newly emerging risks.(Credit: Bigstock)
Inflation has been prominent in the news lately, with prices at the gas pump rising nearly 60% year-over-year and other household essentials on a similar trajectory. Meanwhile, social inflation has been flying under the radar for nearly a decade, unnoticed by most people outside our industry. It's driving costs higher for virtually everyone, but because those costs are indirect, the problem doesn't get much attention among the general public.
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