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An Empirical Look at ‘Social Inflation’

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https://www.law.com/litigationdaily/2024/07/23/an-empirical-look-at-social-inflation/

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ANALYSIS

In a 103-page report released earlier this month, RAND Corporation researchers took a look at changes in court filings, jury verdicts in personal injury cases and insurance claims and concluded that the trendlines were “consistent with an upsurge in social inflation during the 2010s.”

July 23, 2024 at 07:30 AM

5 minute read

Ross Todd

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Some phrases seem to sneak into the litigation vernacular before there’s time to stop and think about what they actually mean.

That’s how I felt about the term “social inflation” until very recently. Social inflation gets thrown around often by defense lawyers and those in the insurance industry to explain what they see as trendlines broadening tort liability—and the costs associated with that liability. Those that most often employ the term would argue social inflation has created a feedback loop where the level of potential dollars at stake has led claimants and their lawyers to expect even more windfalls leading to more claims and lawsuits, rinse and repeat. 

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