Surge in U.S. Court Verdicts Drives Record Liability Claims, Impacting Global Insurance Landscape
ZURICH, Switzerland — A significant shift in U.S. liability claims over the past decade has led to a peak increase of 57%, attributed mainly to the impact of social inflation—a trend largely driven by various socioeconomic, legislative, and litigation factors. This trend emerged as the main growth driver in 2023, marking the most substantial increase seen in two decades, according to insights from the Swiss Re Institute. Social inflation refers to the rising costs of insurance claims resulting from litigation trends, broader definitions of liability, and larger jury awards. Notably, in the U.S., where tort … Read more