January 31, 2022 @ 1:00 pm - 3:00 pm EST
The Scourge of Social Inflation
● [Moderator] Canyon Brimhall, Federal Government Affairs Manager, R Street Institute
● Jerry Theodorou, Policy Director, Finance, Insurance and Trade, R Street Institute
Social inflation, defined as loss cost inflation unrelated to economic inflation, is responsible for ever-larger civil litigation awards. These extreme “nuclear verdicts,” which are those in excess of $10 million, are also pushing out-of-court settlements to levels out of proportion to sustained damages.
R Street’s recent policy study explores the drivers of social inflation and strategies to restrict its further growth. If social inflation is not kept in check, plaintiff attorneys will be emboldened to push for higher and higher courtroom settlements and judgments, a trend that will lead to rising insurance premiums, higher costs of goods and services for all, and distortions in the civil litigation system.
In this webinar, R Street’s inaugural R Street Insurance Forum event, Canyon Brimhall asks study author Jerry Theodorou questions.