WASHINGTON–Insurers are more than five times more likely to be sued than other American businesses of similar size, according to a new survey of corporate lawyers.
The survey by Fulbright & Jaworski law firm in New York calls insurers the "undisputed champions" of disputes in America, or "litigation Olympians."
The survey found that, in general, companies with more than $1 billion in annual revenues face the largest litigation burden in the U.S. At the same time, the survey found American companies "give as well as they get," with 70 percent of U.S. companies bringing actions as plaintiffs in the past year.
The survey said that after insurance companies, retailers and energy firms face the largest number of new litigation annually.
The survey noted the average of 1,696 cases pending per insurer was more than five times the average tally posted by the next highest sectors: energy, with 334 suits; retail, with 333 suits; and financial services, with 300 suits.
"And the cases continue to mount," Fulbright & Jaworski said in summarizing its survey. "More than half of insurance company counsel report taking on 50 or more new lawsuits in the past year," the survey said.
Insurers also appear to be involved in the cases with the biggest claims–17 percent of insurers report having more than 50 lawsuits pending with at least $20 million at issue.
By comparison, the survey said, only 6 percent of energy companies reported more than 50 suits in the $20 million or greater range.
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