$6.8 Billion
A decline in both real and nominal GDP, a rising unemployment rate and decreasing tort activity as a result of a lower level of economic activity helped drive tort costs down by 2.7 percent, or $6.8 billion, according to an Update on U.S. Tort Cost Trends from Towers Watson. In total, the U.S. tort system cost $248.1 billion in 2009. That total translates to $808 per person, versus $838 per person in 2008. The 2010 report analyzes U.S. tort costs from 1950 through 2009, with projections through 2012.
$500 Million
The property/casualty small business sector — those accounts with less than 50 employees — has shrunk substantially since 2007, and there has been a dramatic shift in market share among small, mid-sized and large insurers. The insurance market is shifting from smaller insurers with less than $500 million in premium to midsized and larger insurers, according to a new study by Conning Research & Consulting.
Topics USA
Was this article valuable?
Here are more articles you may enjoy.
FBI Says Chinese Hackers Preparing to Attack US Infrastructure 
Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022 
Chubb to Acquire MGA Healthy Paws From Aon 
Vintage Ferrari Owners’ Favorite Mechanic Charged With Theft, Fraud From This Issue
