Mitigating the Impact of Thermonuclear Verdicts
Welcome to Wayne’s Claims World!
In this series, we share information on claims trends as well as tips and resources for our agents to better protect themselves and their clients if they face a claim. This month, we’re diving into an important and timely topic: thermonuclear verdicts and their impact on the industry.
Thermonuclear verdicts are extraordinarily high jury awards, often reaching into the millions or even billions of dollars. As the hard market intensifies, it’s crucial for P&C agents to understand the evolving risks that are shaping our industry.
We delve into key issues surrounding thermonuclear verdicts, such as third-party litigation funding and traumatic brain injury (TBI) claims, all of which have significant implications for risk management and insurance stability.
Understanding the dynamics of these hot button issues can help mitigate their impact on P&C clients. We break down each of these categories to help inform our agents on how to best navigate this landscape with their clients.
Through proactive measures and strategic planning, agents can navigate these complexities — ensuring stability and continued growth for their clients even in an increasingly litigious environment.
Did you know…
- Since 2020, thermonuclear verdicts have been on the rise. The median verdict saw a 95% increase from 2020 to 2022, with an increasingly high number of verdicts north of $10 million.
- Third-party litigation funding started in Australia in the 1990s and has since spread around the globe, with an estimated $15.2 billion in commercial litigation investments in the US alone.
- An estimated 1.7 million Americans sustain a traumatic brain injury (TBI) each year.
Agents, if you have any claims, please inform us immediately.
Disclaimer: The information and recommendations in this blog are not legal advice and are not intended to constitute legal advice. If anyone reading any part of this blog believes that they want legal advice or need legal advice, they should seek legal counsel with lawyers who are licensed to practice law in their State. The recommendations in this blog are for general informational purposes only.
As a benefit of partnering with NSM Insurance Group, Wayne is available as a resource to help agents and their insureds at any time! Wayne can assist in many ways, from reviewing manuals to visiting a site to discuss loss mitigation.
Wayne King
[email protected]
(860) 707-6273