R Street’s insurance policy program explores efficient and effective market-based approaches to public policy questions that involve the transfer of risk. Among its priorities are risk-based insurance regulation, ending environmentally destructive taxpayer subsidies through the National Flood Insurance Program and the Federal Crop Insurance Corp. and exploring the benefits of mitigation through programs like the RESTORE Act and the Coastal Barrier Resources System.
Insurance
The Issue
Publications
Insurance Companies – Heels or Heroes?
Jerry Theodorou
The insurance industry is far from the economy’s most-admired sector. A Forbes survey found insurance ranking low in popularity in the public eye. Three main reasons are responsible for…
New Jersey Bill That Could Recreate Car Insurance Crisis of Early 2000s is Headed for Gov. Murphy’s Desk
Sarah Wall
Trial attorneys are on the move. Having won a victory in New York on New Year’s Eve, when Gov. Kathy Hochul signed legislation tipping the balance squarely in the plaintiffs’ favor, trial…
Insurance Issues in 2022 – What to Expect
Jerry Theodorou
Unusual loss trends in 2021 called on the property & casualty insurance industry to play its role as the economy’s financial first responder. A look back at the most extreme loss patterns of…
When lawyers go nuclear, we get social inflation
Marc Hyden
It’s every personal injury lawyer’s fantasy—a verdict of tens of millions of dollars, known as a nuclear verdict—and such payouts are becoming increasingly common. While obtaining an…
The Scourge of Social Inflation
Jerry Theodorou
From Actuarial News:
Link:https://www.rstreet.org/wp-content/uploads/2021/12/RSTREET247.pdf
Graphic:
Excerpt:
If unchecked, social inflation, driven by the myriad factors discussed in this…
Time to take a stand against social inflation
Jerry Theodorou
The Insurer:
Two reports released this week suggest a groundswell could be starting to form in opposition to the drivers of social inflation, with R Street urging more aggressive action…
Insurers need stronger response to stem social inflation: R Street
Jerry Theodorou
From Inside P&C:
Social inflation has led to an explosion of court awards “out of proportion to actual damages sustained,” and insurers’ attorneys need to “step up” their…
Inflating Medical Costs
Steven Greenhut
Like rust, California’s initiative process never sleeps. There’s always some new political battle that’s brewing given the state’s permissive rules for qualifying statewide ballot measures,…
R Street study: Insurers need “more aggressive strategies” to combat social inflation
Jerry Theodorou
From The Insurer:
A new study from R Street has concluded that unchecked social inflation could become a “self perpetuating phenomenon”, with the think tank urging insurers and defence counsel…
Judicial Hellholes: Louisiana
R.J. Lehmann
From Judicial Hellholes:
Additionally, Louisiana was one of only two states to receive an “F” Grade on R Street Policy’s national Insurance Regulation Report Card in 2020, citing the…