Is Tillinghast inflating cost? Or, are they including all costs including secondary costs generated by our tort system.
Is it fair to say that cases settled out of court are not a cost generated by the opinion of experts who know what an adjucated decision would be and have weighed the option of the loss in court vs. a settlement? This should be factored as a cost.
Is it fair to say that carrier administrative costs, in producing documents, in manhours, in the innumerable details and desk proceedures that carriers use in their daily habits to cover themselves, in case they get sued?
If anything Tillinghast has probably missed a few things.
My granddaddy once told me that a critic is someone who hasn’t got the intellegency to produce something of their own.
I concur. Until someone takes the time and MONEY to investigate and publish their own report, I will continue to utilize the data provided by Tillinghast Towers-Perrin. I have used their products for several years now and have faith that they do quite a good job when it comes to aggregating data and assimilating results.
IT’s just that some folks disagree with how TTP takes expenses. Some believe that insurers costs aren’t a realistic reflection on tort costs.
If I understand correctly, the TTC report is from the perspective of the insurer, whereas the criticism is coming from those who think that it should be from another perspective.
What do you think would be the effect on our business insurance premiums if tort reform reduced costs by 50 perceent? Cost of products and services would be effected too. Exports would be more cost competetive. Legal costs in the USA are the highest in any industrial country. More jobs for everyone except attorneys praticing this kind of law. Our legal system is out of control and it’s time to fix it.
Is Tillinghast inflating cost? Or, are they including all costs including secondary costs generated by our tort system.
Is it fair to say that cases settled out of court are not a cost generated by the opinion of experts who know what an adjucated decision would be and have weighed the option of the loss in court vs. a settlement? This should be factored as a cost.
Is it fair to say that carrier administrative costs, in producing documents, in manhours, in the innumerable details and desk proceedures that carriers use in their daily habits to cover themselves, in case they get sued?
If anything Tillinghast has probably missed a few things.
My granddaddy once told me that a critic is someone who hasn’t got the intellegency to produce something of their own.
-Matt
I concur. Until someone takes the time and MONEY to investigate and publish their own report, I will continue to utilize the data provided by Tillinghast Towers-Perrin. I have used their products for several years now and have faith that they do quite a good job when it comes to aggregating data and assimilating results.
-Jay
IT’s just that some folks disagree with how TTP takes expenses. Some believe that insurers costs aren’t a realistic reflection on tort costs.
If I understand correctly, the TTC report is from the perspective of the insurer, whereas the criticism is coming from those who think that it should be from another perspective.
What do you think would be the effect on our business insurance premiums if tort reform reduced costs by 50 perceent? Cost of products and services would be effected too. Exports would be more cost competetive. Legal costs in the USA are the highest in any industrial country. More jobs for everyone except attorneys praticing this kind of law. Our legal system is out of control and it’s time to fix it.