Best Practices

Are insurers prepared for the COVID-19-related litigation avalanche?
The legal and insurance industries share a unique relationship - one that works for and, at times, against each other. This collection of articles addresses key and emerging issues overlapping the law and insurance sectors.
The term “social inflation” describes rising insurance losses due to the growing emergence of litigation funders, higher jury awards, more liberal workers’ compensation claims, legislated compensation increases and new tort and negligence concepts — a phenomenon especially prevalent in the U.S. but which is now growing globally.
According to Cornerstone Research, in the U.S., alone, in 2019, there were 74 class action settlements totaling $2 billion and four mega-settlements greater than $100 million, representing 45% of all settlement dollars (but only 5% of all cases).
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