Social Inflation

The topic of this session is the drivers of social inflation and the impact on casualty results. Panelists will approach this issue from several different perspectives. The first panelist will review evidence of increased social inflation and the socio-economic drivers. It will include a review of the trends in court statistics and in jury verdicts. He will then discuss drivers including increased legal advertising, developments in litigation financing, and income inequality. The second panelist is an attorney and reinsurance claims department leader. Based on her experience working on large cases, she will discuss the increased effectiveness of the plaintiff’s bar and some of the tactics they have been employing to drive their success; thereby, causing strong challenges to the insurance industry. The third panelist is a Chief Actuary who will examine the impact of social inflation as it manifests within industry data for the Commercial Auto Liability line. He will go on to discuss how actuaries can assist their organizations in managing the impact of social inflation.

  • Date:Monday, September 13
  • Time:5:00 PM - 6:15 PM EDT
  • Session Type:Concurrent Session
  • Session Code:ST-2
  • Learning Objective 1:Understand root causes underlying recent trend in Social Inflation.
  • Learning Objective 2:Understand legal strategies (Plaintiff / Defense) driving and responding to Social Inflation.
  • Learning Objective 3:Identify and respond to Social Inflation as manifesting in actuarial data.
  • Level of Knowledge:Level 1: No prior knowledge of the subject
  • Moderator:Stephen Talley
Speakers
William Wilt, FCAS, CFA
Assured Research, LLC
William Finn, FCAS
Hanover Insurance Group
Dana Franzetti
Swiss Re
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