Why is Triple-I Spotlighting Social Inflation?
Today’s Social Inflation Insight is a message from the Insurance Information Institute’s (Triple-I) CEO Sean Kevelighan:
It’s no secret that inflationary factors are spreading at an alarming pace in the courts, and their impact is a growing concern throughout the insurance industry. In my six years at the helm of Triple-I, I’ve seen social inflation become an increasingly dangerous phenomenon that has impacted our members at alarming rates.
Studies show that significant contributors to social inflation, such as outsized jury awards and third-party litigation funding, are growing with devastating consequences for consumers and insurers alike. We say that social inflation is a concept that’s hard to measure but important to understand, and it’s true.
Social inflation is an intangible force, and that makes it even more important for us to figure out…
1. What’s driving it
2. What impact it has on the industry and consumers alike
3. What we can do about it
Here at Triple-I, we’re dedicated to exploring just that.
We’re conducting research like our recent partnership with the Casualty Actuarial Society (CAS) on social inflation’s drivers and resulting impact in the commercial auto sector, diving into litigation financing issues, and creating iii.org/socialinflation to be a resource hub for social inflation. And of course, we are sharing the latest analysis, resources, and news with you through our Social Inflation Insight newsletter.
We hope these resources can help educate influential voices and decision-makers on social inflation and persuade them to act on things like third-party disclosures and interest rate reforms.
Thank you for being a reader of Social Inflation Insight and joining us in the fight to address social inflation.
Insurance Information Institute