Insurance companies are the number one target for civil litigation, far exceeding any other industry, according to a study produced by the Fulbright Jaworski law firm in Washington.
The concern's research for 2006 found that there are approximately 1,700 cases pending by the average insurer, more than five times the 364 average recorded by industry, the next highest sector.
Retail averaged 333 cases and financial services averaged 300, the law firm found.
Its report said insurers also appear to be involved in cases with the highest stakes. In fact, 17 percent of carriers reported they had more than 50 suits pending with at least $20 million at issue.
Fulbright found the average litigation expenditure for the 311 U.S. companies participating in its study was $12 million. The report said the figure did not include ultimate case settlement or judgment payments.
According to Fulbright, the $12 million figure represents more than 70 percent of overall legal spending by the average American business.
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