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.
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