social inflation

In this episode of URMIA Matters, Julie Groves, Director of Risk Services at Wake Forest University interviews Kim Nimmo, Director of Risk Management at Lehigh University, Sarah Braughler, Vice President of Risk Management at United Educators, and Stef Zielezienski, Executive Vice President and Chief Legal Officer at APCIA, about social inflation and its impact on risk management in higher education. Together they explore the phenomenon of social inflation, which is the rising costs insurance companies face due to factors such as increasing jury awards, broader definitions of liability, and other factors. Our guests also share some tips on how to combat the effects of social inflation on higher education campuses, such as implementing risk management strategies, educating students and staff about liability issues, and engaging with policymakers and regulators. Listen in to skill up on your understanding of social inflation!

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This episode of "Insurance Hour" explores the concept of social inflation and its impact on insurance claims and premiums. It explains how cultural shifts in attitudes towards insurance claims contribute to higher payouts and, consequently, higher premiums. The episode suggests a societal need to reconsider our approach to insurance, emphasizing insurance as protection for significant losses rather than a refund mechanism. This change in perspective is proposed as a solution to mitigate the effects of social inflation.

Insurance Hour is hosted by renowned insurance expert Karl Susman. Karl is a frequent guest on television stations such as ABC, CBS and FOX, and now his popular radio program is syndicated across several key radio stations throughout California.

Listeners can now tune in to Insurance Hour on:
-- KMET 1490 AM & 98.1 FM
-- KALZ 1400 AM
-- KZSB 1290 AM
-- KFIV 1360 AM
-- KSTE 650 AM
-- KTIE 590 AM

In addition to traditional radio, Insurance Hour has embraced the digital age. The program is available on several popular streaming platforms, ensuring that listeners can access the show at their convenience.

Audiences worldwide can now enjoy Insurance Hour at InsuranceHour.com, on YouTube, Amazon Music, Tuneln, Alexa, Apple Podcasts, and the iHeartRadio app.

For more information about "Insurance Hour" and its programming, please contact Lara Starr at pr@insurancehour.com

This episode of "Insurance Hour" hosted by Karl Susman on February 16, 2024, dives deep into the nuances of insurance, focusing on social inflation, classic car insurance, pet insurance, and advice for tech startups and mechanics regarding insurance needs. Karl explains social inflation as the rising costs of insurance claims driven by societal attitudes towards litigation and responsibility, not natural disasters or accidents. The show features engaging discussions with callers seeking advice on topics like Errors & Omissions insurance for startups, the benefits of long-term customer loyalty to insurance companies, specifics of garage insurance for mechanics, and the considerations for classic car insurance. Additionally, Karl touches on the emotional and financial aspects of pet insurance for older dogs.

Insurance Hour is hosted by renowned insurance expert Karl Susman. Karl is a frequent guest on television stations such as ABC, CBS and FOX, and now his popular radio program is syndicated across several key radio stations throughout California.

Listeners can now tune in to Insurance Hour on:
-- KMET 1490 AM & 98.1 FM
-- KALZ 1400 AM
-- KZSB 1290 AM
-- KFIV 1360 AM
-- KSTE 650 AM
-- KTIE 590 AM

In addition to traditional radio, Insurance Hour has embraced the digital age. The program is available on several popular streaming platforms, ensuring that listeners can access the show at their convenience.

Audiences worldwide can now enjoy Insurance Hour at InsuranceHour.com, on YouTube, Amazon Music, Tuneln, Alexa, Apple Podcasts, and the iHeartRadio app.

For more information about "Insurance Hour" and its programming, please contact Lara Starr at pr@insurancehour.com

Episode 605: Host Cathy Imus talks with Chris Turney, Chair of the DRI Center for Law and Public Policy’s Social Inflation Task Force, about social inflation and ways insurers can combat legal system abuse. 

Check out the new policy paper from NAMIC and DRI here.

Episode 509: On today’s Unscripted, NAMIC CEO Neil Alldredge sits down with GenRe’s Glenn Frankel to discuss how insurers can address the key drivers behind this troubling trend.

Episode 411: NAMIC President and CEO Chuck Chamness talks with GenRe’s Ridge Muhly about how social inflation is affecting the property/casualty insurance industry and how to identify and respond to shifting trends. 

Episode 410: NAMIC President & CEO Chuck Chamness talks with Colorado State University research scientist Dr. Phil Klotzbach about his forecast for the 2021 hurricane season and the impacts of increasingly severe weather patterns. 

Episode 304: Chuck talks with NAMICO President and CEO Tim Sullivan about what’s driving the social inflation trend, and what insurers can do to withstand its effects. Plus, the renewed push to promote safety and accessibility of autonomous vehicles.