During 2019, the number of U.S. verdicts resulting in $20 million or more was up more than 300% from the annual average between 2001 and 2010, according to a report on social inflation trends from the Geneva Association. The report also found that since 2015, the median award for a case involving a single fatality has more than doubled. For cases involving sexual harassment, the verdicts tripled. While other countries are seeing some signs of social inflation, the trend is most pronounced in the U.S., according to AmTrust Financial. This is because of the combination of adversarial legal procedures and a litigious culture, which has led to lawsuits and high jury awards or settlements. "It is our obligation as insurers and producers to educate and assist our insureds on how we can mitigate the rising costs of litigation and settlement awards, fueled by social inflation, with loss control tools and clearly defined coverage terms," Duffy Koller, head of AmTrust's excess and surplus lines, said in a release. Commercial auto has been the line most affected by social inflation, with rewards and settlements for accidents regularly surpassing $10 million. Other lines that are heavily impacted by social inflation trends include medical malpractice, D&O, umbrella, excess liability and general liability, the insurance company reported. The above slideshow highlights the 10 drivers of social inflation, according to AmTrust, and includes tips to help small businesses limit their exposure to these risks. Related: |

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