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SOCIAL INFLATION

Published

2021

Wed

17

Mar

 

Social inflation is challenging the liability environment for companies and impacting potential claims payments for insurers, driven by a wide variety of factors such as anti-corporate sentiment, the rise of the litigation funding industry and even the growing use of jury psychologists. And it is no longer just a US phenomenon….

 

  • Social inflation trends are challenging to predict, as they’re driven by ‘soft’ social ideas like public perception of corporate behavior, social media and changing demographics
  • The increasing sophistication of the plaintiffs’ bar and the changing composition of jury pools which can influence how cases are viewed and verdicts awarded
  • New collective action options and a growing collective redress trend have resulted in increased liability exposure for companies amid softening of EU regulatory obstacles
  • Traditional public and product liability insurance, as well as motor, professional, medical, workers’ compensation and D&O insurance claims can all be affected by social inflation

 

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Source: Allianz Global Corporate & Specialty (AGCS) Africa
 
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