Introducing Triple-I's New Social Inflation Insight
Simply put, social inflation is hard to measure, yet important to understand. The Insurance Information Institute (Triple-I) continues to place a strong emphasis on uncovering and quantifying social inflation and what’s driving this ever-growing phenomenon. Social inflation is the term commonly used to describe the impact of rising litigation on insurers’ costs.
In fact, our recent study with the Casualty Actuarial Society (CAS) found that social inflation is contributing to skyrocketing insurance costs at an astounding rate. In the commercial auto industry alone, social inflation cumulatively increased liability payouts $20 billion over the past decade (2010-2019).