James Whittle with the American Property Casualty Insurance Association believes nuclear verdicts fueled, in part, by social inflation, or the belief that large corporations are "bad actors with deep pockets," can lead to "legal system abuse."
While speaking with ALM's PropertyCasualty360 Group Chief Editor Elana Ashanti Jefferson, Whittle detailed how a recent uptick in "runaway verdicts" reflects what he considered the growing power of the plaintiff's bar to influence juries and secure record-setting wins. Whittle outlines why the trend has far-reaching implications for the insurance industry, which he said often shoulders the cost of such lawsuits along with the verdicts and settlements they produce.
In this podcast episode, Whittle also explains implications for the average consumer, noting mounting lawsuit expenses as one of the reasons that insurance rates are inching ever higher. Whittle adds that insurance carriers must defend against their fair share of lawsuits.
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Cedra Mayfield
Cedra Mayfield is a litigation reporter with the Daily Report, the ALM newspaper in Atlanta. She can be reached at [email protected]. Twitter: @cedramayfield
Patrick Smith
Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd
Elana Ashanti Jefferson
Elana Ashanti Jefferson is ALM PropertyCasualty360's Editor in Chief. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
