From Insider Engage :
“By contrast, defence attorneys who are both risk averse and keen to guard proprietary techniques, coupled with insurers bent on minimising legal costs, have put carriers on the backfoot, notes R Street Institute director Jerry Theodorou.
“Insurance is very siloed,” he says. “Claims managers are managing claims — they don’t have the time to be strategic and become evangelists — and defence firms are competing with each other. Changing the structure of the industry is not done easily….
“Whether such efforts will be enough to stem the tide — R Street’s Theodorou considers industry initiatives to be “drops” compared with the “rainfall” of plaintiff collaborative actions — what is clear is litigation threats, and with them social inflation drivers, are mounting. US trends are also spreading overseas.”
- “Insider Engage”: https://www.insiderengage.com/article/2af7kraaa28kwh5f7en7k/strategy/obfuscated-social-inflation-illuminated-again-as-insurers-fight-back