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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