Social inflation and nuclear verdicts are changing the perception of money. As jury awards climb, insurers and their clients must be abreast of the growing issues plaguing court outcomes.
Demand for construction and environmental professional liability products is expected to rise this year as construction activity rebounds from the impact of the COVID-19 pandemic.
With third-party litigation funding reaching $17 billion in 2021, companies and their insurers are likely to see an uptick in social inflation in the years to come.
As fears over COVID-19-related discrimination claims mount, more businesses are eager for EPLI coverage. But insurers are scaling back their offerings.
When a gas station is notified of a vapor leak, it turns to its insurer for aid. But the insurer says no dice, because the actual property the gas station is on received no damage.
In March, a large container ship blocked the Suez Canal for six days, costing nearly $400 million an hour in global trade losses. Now, cargo and vessel owners are asking, “Who foots the bill?”
Social inflation caused by a rise in lawsuits brought against businesses and disproportionate nuclear jury verdicts have forced insurers to stump up multi-million dollar settlements.
The telehealth task at hand for risk managers and their insurance partners is to help preserve the balance of patient privacy with all the good that has come — and will come — from telemedicine.