'Handicapped' Defense Bar, Deep-Pocketed Rivals and Nuclear Verdicts: The Insurance Industry Is Having a Reckoning
Both sides agree on one thing: Anger is a major factor in insurance-related litigation.
May 16, 2020 at 09:03 PM
4 minute read
There's no doubt that recent years have seen a rise of jury awards across the tort claim spectrum, a trend that's rattling insurers to the core.
Lawyers and insurance executives say the surge of multimillion-dollar awards reflects the plaintiffs bar's systematic approach to generating revenue.
"They discovered that instead of blaming the individual driver, they could blame the employer or company [by saying] he was overworked or insufficiently trained or something," said Jim Lynch, chief actuary and senior vice president of Insurance Information Institute, a national industry association based in New York.
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