PartnerRe said in a 2010 white paper that social inflation is the increase in insurance losses caused by higher jury awards; more liberal treatment of claims by workers' compensation boards; and increased use of social media, among several other factors. (Credit: syahrir/Adobe Stock)
The scourge of legal abuse in insurance is hardly new or even recent but rather has been insidiously growing throughout the industry for decades. Referred to today as social inflation, the stakes are higher and so-called "tort reform" seems elusive.
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