Insurance providers can take steps to guide firms away from potential litigation by alerting them to the types of projects that tend to get targeted most often in lawsuits. (Credit: Diego Cervo/Adobe Stock) Insurance providers can take steps to guide firms away from potential litigation by alerting them to the types of projects that tend to get targeted most often in lawsuits. (Credit: Diego Cervo/Adobe Stock)

As first described by Warren Buffett in the 1970s, social inflation is "a broadening definition by society and juries of what is covered by insurance policies." Noneconomic factors — such as how society perceives big business — are leading to larger jury awards, higher claim settlements and greater litigation expenses.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Education & Training
Commercial Lines
E&S/Specialty
Loss Control
Property & Casualty