During 2019, the number of U.S. verdicts resulting in $20 million or more was up more than 300% from the annual average between 2001 and 2010, according to a report on social inflation trends from the Geneva Association.
The report also found that since 2015, the median award for a case involving a single fatality has more than doubled. For cases involving sexual harassment, the verdicts tripled.
While other countries are seeing some signs of social inflation, the trend is most pronounced in the U.S., according to AmTrust Financial. This is because of the combination of adversarial legal procedures and a litigious culture, which has led to lawsuits and high jury awards or settlements.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
