Leading legal malpractice insurers experienced a deluge ofclaims in 2012, including those in excess of $50 million, made upof complex lawsuits that originated during the economic recessionof 2007 to 2009.
A 2013 study by broker Ames & Gough surveyed seveninsurance companies representing a large majorityof the marketplacefinds 71 percent of participants had a year-over-year spike innew claims in 2012. Forty percent experienced a 21 percent ormore increase in claims frequency, and 20 percent of respondentssaw an increase of 11 to 20 percent.
“There's no question that the number of large legalmalpractice claims is increasing,” said Eileen Garczynski, partnerand senior vice president of Ames & Gough. “The key impetus isthe recession of 2007 to 2009.”
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