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“I think it just starts with people just being desensitized to these numbers,” he said.
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Claims department investment is needed to compete with the plaintiffs’ bar.
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The all-items CPI has increased 3.3% over the last 12 months.
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The number of nuclear verdicts rebounded to pre-pandemic levels by 2022, USCC data shows.
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Loss picks for other liability are at a 23-year high, but that still may not be enough.
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The H2 rate predictions mark a slight moderation from those in H1.
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The discrepancy between rising claim counts and favorable reserves is cause for concern.
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He will oversee management of the P&C loss adjusting business.
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The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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The executive’s experience centers on program design for complex risk.