The Future of Social Inflation: Will the claims environment ever improve?
About this talk
Social inflation has long been an issue for insurers, particularly in the highly litigious US market where the increasing sophistication of the plaintiff’s bar, the rise of the millennial and Gen-Z juror, and ever-increasing jury awards are all driving up claims costs. In this exclusive webinar in partnership with Kroll Bond Rating Agency (KBRA), Insider Engage brings together key stakeholders to analyze and discuss what the future holds for social inflation and litigation risk, as well as what the insurance industry can do to help mitigate these rising costs.
Proposed points for discussion:
• What are some of the main trends affecting litigation costs and social inflation?
• What is the driving force behind increased jury awards?
• How has the rise of for-profit litigation funders affected the claims environment?
• And how are jury psychologists affecting the size of payments being awarded?
• Rising rebuilding costs have also been a factor behind rising social inflation, what has been the cause of this?
• What does this mean for reserving practices, given that social inflation is inherently difficult to model and predict?
• Are insurers needing to hold more capital now to account for this inflation?
• Can we expect to see prices increase as a result of this?
• Is there anything the insurance industry can do to mitigate these increased costs?
➤ Carol Pierce - Senior Director, Insurance - KBRA
➤ Melisa Thompson, Director & Senior Counsel, Complex Claims - Markel
➤ Bob Petrilli, President, Underwriting Division - Amwins
➤ Matt Scott - Contributing Editor - Insider Engage