How have the U.S. and global insurance markets been impacted by recent risks? (Photo: Shutterstock)
In a survey of frequent Out Front Ideas attendees, one of the biggest concerns raised by risk managers was the rapidly evolving insurance marketplace. These challenges started back in 2018, but COVID-19, civil unrest and other events have accelerated this change. At the Out Front Ideas virtual conference, a panel discussed these challenges.
U.S. commercial casualty market
Social inflation has been impacting civil jury verdicts for several years. Juries have been displaying anti-business and anti-government bias, and they have been desensitized to large awards. The combination of these factors is leading to record jury verdicts around the nation, even in cases with questionable liability. Umbrella excess liability and auto liability have been the most impacted by this jury behavior.
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