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Published on January 13, 2025
4-minute video
In this insightful video, Jamie Carsey, Chief Claims Officer at Markel Specialty, unpacks the growing impact of nuclear and thermonuclear verdicts on the insurance market.
Jamie helps break down the challenges posed by these escalating trends and offers actionable insights for brokers to better serve their clients in this evolving landscape.
Key insights:
Understanding Nuclear Settlements
The threat of astronomical jury awards often pressures insurers and insureds into agreeing to inflated settlements, creating a ripple effect that drives up costs across the market.
Evaluating Claims Thoughtfully
Each claim should be judged on its own merits. Inflated settlement demands often reference unrelated high verdicts, but insurers should focus on evidence-based compensable damages.
The Importance of Strategic Litigation
When settlements aren’t achievable, defense teams need robust trial strategies and early involvement of appellate counsel to counter tactics designed to sway juries.
Proactive Underwriting and Risk Management
Rising litigation costs highlight the need for accurate pricing and risk evaluation. Brokers can help guide clients toward carriers that offer tools like loss control services to enhance safety standards and reduce exposure.
This video highlights the importance of brokers educating insureds about rising claims costs while advocating for meaningful tort reform to address long-term challenges. Watch the full video for actionable insights to protect your clients and adapt to industry trends.
