Social Inflation

As social inflation continues to drive increases in claims severity, juries should know when plaintiffs are backed by third-party litigation funding, said Mike Fallon, president of major accounts, Liberty Mutual Global Risk Solutions. He spoke with Insider Engage at RIMS 2022 in San Francisco.

The biggest challenge facing insurers today is the need for the industry to come together to collaborate and find solutions for emerging risks, said Chris Sparro, CEO North America, Sompo International Commercial P&C Insurance.

As claims grow more complex and the competition for talent heats up AXIS Insurance has deployed new strategies to bridge the talent gap and to retain experienced claims professionals, said Mike Baumel, Chief Claims Officer.

The management liability market has been in flux in recent years, facing pressures including increased claims, social inflation and hardening rates, said Mark Paccione, Head of Commercial Management Solutions for AXIS Insurance.

North American property/casualty reinsurance markets are growing increasingly complex, with continued underwriting discipline needed, said Jason Busti, North America president for AXIS Re.

Umbrella and Directors & Officers liability insurance and being challenged by social inflation, said Jim D'Onofrio, general manager, Liberty Mutual Reinsurance.

Nicola Parton, head of P&C Business Management at Swiss Re, explains how the rapid growth of third-party litigation funding could threaten the affordability – and even insurability – of some liability risks.