Social Inflation: A Growing Concern for Insurance Markets Worldwide

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  • $ 50


In response to the growing concerns about the 'social inflation phenomenon, the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science and the Tobin Center for Executive Education will host a two-hour breakfast panel discus sion on Social Inflation at 101 Astor Place on June 3, 2020

The doors will open at 8:00AM for breakfast and the panel discussion begins at 8:30AM, giving participants the opportunity to network, enjoy a light breakfast and ask questions during this informative panel discussion.

The Problem: What Is 'Social Inflation?"

Social Inflation refers to the increase in insured losses caused by legislative, judicial, social, economic and technical developments. In insurance, social inflation is loss cost inflation that reflects the increasing loss trend components caused by jury attitudes on award sizes, judicial appointments and decisions, legislative changes and new tort/negligence laws. This results in a shift in the size of outstanding and necessary reserves for future losses.

A shift in the adequacy of reserves has a long-term negative impact on the insurance business by raising claims/losses more than initially reserved. The social inflation trend component is complex and a challenge to predict, because in contrast to economic inflation, social inflation is not necessarily tied to the economy and its trends. As a result of social inflation and related factors, litigation finance firms are reporting record profits and new investment commitments. Our breakfast panel will discuss all of these developments.

Panelists:

  • Dr. Mark Brown, Faculty Chair of the Maurice R. Greenberg School of Risk Management
  • Jonathan Meer, Esq., Partner, Wilson Elser Moskowitz Edelman + Dicker, LLP
  • Lee Diamondstein, Vice President, Magna Legal Services
  • Dr. Steve Weisbart, Chief Economist, Insurance Information Institute
Topics to be Covered:
  • General overview of the Social Inflation phenomenon
  • Statistics and data that reflect the growth and importance of social inflation
  • The psychology of social inflation
  • An evaluation of recent tort reform trends in the U.S.
  • Practical tips and takeaway with regards to the social inflation challenge
Registration Details:
  • Please register using the link www.sjureg.mycoursecenter.com

Registration Fee for the Event:

  • $50

Hours and Location:

  • 8:00AM - 10:30 AM
  • 101 Astor Place, New York, NY 10003

Contacts:

Herbert M. Chain, Executive Director
Center for Executive Education, Tobin College of Business
chainh@stjohns.edu
718.990.3974
Lawrence Pistell, Senior Associate Director of Corporate and Industry Relations
Center for Executive Education, Tobin College of Business
pistelll@stjohns.edu
212.277.8581