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.

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