U.S. Chamber of Commerce Institute for Legal Reform’s Post

🗞️Breaking News From Pathpoint! With nuclear verdicts becoming more common, Pathpoint aims to help insurance agents protect their insureds from significant losses. In addition to offering lessor's risk with property up to $3.3M TIV per location/$5.6M per policy, we now provide excess general liability up to $5M for various LRO tenancies. Adding excess is now as simple as a single click! Learn more: https://bit.ly/47llyxe #insuranceagents #nuclearverdicts

Here's a question you probably don't think a lot about but should as an informed consumer: Would you be more likely to buy insurance from a carrier that uses advanced technology in their claims process to make proactive, well-informed decisions on the best course of action for their highest risk claims, potentially saving the company millions of dollars? Why should you care, right? That's the company's problem. Well, is it? Whether you know it or not, Nuclear Verdicts are a big problem that cost the insurance industry billions -- true -- but they also impact every single one of us. Hello, Social Inflation! The technology exists to stop Nuclear Verdicts, save the insurance industry billions, and lower costs for everyday consumers. Schaefer City Technologies LLC's CEO Denise Tyson and 🇺🇸 Nick Lamparelli had a great conversation on the Assignment of Benefits podcast on using AI and predictive modeling to stop Nuclear Verdicts. This is a must-listen if you are at all concerned about rising insurance premiums in the U.S. and how to stop them!

📣Agents: In today’s hard market and evolving legal environment, you must keep your finger on the pulse of nuclear verdicts and claims trends to adopt proactive strategies. Thermonuclear verdicts, third-party litigation funding and TBI claims are shaping the current insurance landscape — and your insureds are counting on you to help them navigate these challenges and safeguard their operations. Help your insureds prepare — and avoid or minimize costly claims — with these and other tips from our resident claims expert Wayne King. Read more here: https://lnkd.in/en8hk4i8 #claims #industrytrends #PCAgents #thermonuclearverdicts #TPLF #TBIclaims

Do you know what constitutes a "nuclear verdict" in a liability court case? Think auto accidents... Generally, it is considered a jury verdict awarding more than $10 million in damages. I am asked daily why auto insurance rates are rising so much. Nuclear verdicts are one of the factors driving rates up. The same jury members deciding nuclear verdicts are also the same people complaining about rising auto premiums. Quite ironic, me thinks... Good article on social inflation and nuclear verdicts in the February 2024 The Rough Notes Company, Inc. magazine by Thomas Rea.

Could your agency or clients survive a nuclear verdict? In the last decade, two-thirds of these were in product, auto and medical liability cases, and have paid in the millions and multimillions. Help your clients identify and manage risks that could fuel a nuclear liability verdict: ➡️ https://loom.ly/xg6l62g #InsuranceMatters #InsurancePros #NuclearVerdicts #RiskManagement #PIANJ #PIACT #PIANY

Be sure to check out the latest newsletter from IADC with MLN's Adam J. Bobkin's discussion on how to combat the risk of rising nuclear verdicts.

RIMS & Gallagher hosted a virtual roundtable discussion to explore the drivers of nuclear verdicts including some tactics to mitigate these impacts. 🔽Download the whitepaper for the highlights: https://okt.to/uReXtz #Insurance #RiskManagement #NuclearVerdicts

I enjoyed contributing to this roundtable and whitepaper on Navigating Nuclear Verdicts. Take a look!

🚨 Understanding Nuclear Verdicts in 2023 In 2023, nuclear verdicts surged to a record $14.5 billion, a 27% increase from the previous year. According to the report "Corporate Verdicts Go Thermonuclear" as seen in Insurance Journal, the median #nuclearverdict rose to $44 million, up from $21 million in 2020. These large jury awards are reshaping the #risklandscape for businesses across various sectors. Product liability cases, especially high-profile claims, led the charge, significantly impacting industries like real estate, chemicals, and automobiles. Our team specializes in navigating these complex #risks. Contact us today to learn more about our tailored #riskmanagement solutions. 🔗 https://hubs.la/Q02zTNX_0 #BusinessInsurance #WIA

nsurance Pricing has been on the rise in recent years, particularly in the Umbrella/Excess Lines of coverage. Central PA is undoubtedly affected by this. The main driver behind this is these nuclear verdicts that continue to have insurance companies on their heels. Previous precedents for compensatory damages get tossed out the window in favor of verdicts that are much, much higher than what could even be perceived as just compensation. The continued trend of nuclear verdicts is unsustainable for business owners. This problem in our legal system must be fixed in the future for businesses to compete in the marketplace and to hold consumer price levels down for you and me. https://ow.ly/WXZe30sz48A