In the final episode of Zurich North America's "Future of Risk" podcast miniseries on social inflation, James Beal, Executive Director at Georgians for Lawsuit Reform, and Rebecca Fozo, Claims Judicial & Legislative Affairs, at Zurich North America, delve into premises liability. They discuss the legal responsibilities of property owners to ensure safety and explain how jury verdicts impact businesses and strain the economy. The conversation emphasizes the need for tort reform to provide stability and fair legal processes to combat fraudulent claims.

In this miniseries, other episodes include:

January 15: 2025 Legislative outlook: Reforming legal system abuse

January 29: Wide implications of third-party litigation funding

February 12: Nuclear verdicts: The drivers, impacts and solutions

February 26: Social Inflation: Missing The role of claims fraud

March 12: Plaintiffs’ tactics: Fueling legal system abuse

Zurich North America's, “Future of Risk” podcast, delivers another eye-opening episode of the social inflation podcast mini-series, underscoring the need for a unified response to the escalating challenges posed by plaintiffs’ tactics and the significant impact it is having on businesses and consumers alike.

Zurich North America’s, Lisa Bellino, VP, Claims Judicial & Legislative Affairs and Allen Kirsh, SVP, Head of Claims Judicial &Legislative Affairs, discuss what factors are driving the rise in insurance claims and litigation costs. Listen as the guests tackle challenges that are playing a role in maximizing jury awards, offering optimism for positive change through continued advocacy and legislative efforts.

In this miniseries, other episodes include:

January 15: 2025 Legislative outlook: Reforming legal system abuse

January 29: Wide implications of third-party litigation funding

February 12: Nuclear verdicts: The drivers, impacts and solutions

February 26: Social inflation: The role of claims fraud

March 26: Premises peril: unpacking legal risks

In this eye-opening episode of the social inflation miniseries, Zurich North America’s Delpha DiGiacomo, Head of Claims Investigative Services and Lynne Grinsell, Vice President and Head of State Affairs, Government & Regulatory Relations, and Kristin Thorne, an Emmy Award-winning investigative reporter, discuss the alarming reality of claims fraud and its contributing role in social inflation. Listen as the guests share real-world examples of organized fraud schemes that are unethical and can be detrimental to innocent parties and costing approximately $308 billion a year for businesses and consumers.

In this miniseries, other episodes include:

January 15: 2025 Legislative outlook: Reforming legal system abuse

January 29: Wide implications of third-party litigation funding

February 12: Nuclear verdicts: The drivers, impacts and solutions

February 26: Social inflation: The role of claims fraud

March 12: Plaintiffs’ tactics: Fueling legal system abuse

March 26: Premises peril: unpacking legal risks

In this crucial discussion, guests explore the pressing issue of nuclear verdicts and the massive jury awards that can drive up costs for businesses and consumers. Join Rachelle Mortimer, Senior Director of the U.S. Chamber of Commerce Institute and Lisa Bellino, VP, Claims Judicial & Legislative Affairs, Zurich North America, as they highlight the urgent need for stakeholders to collaborate in developing effective strategies to mitigate these impacts and to protect the economy.

In this miniseries, the episodes include:

January 15: 2025 Legislative outlook: Reforming legal system abuse

January 29: Wide implications of third-party litigation funding

February 26: Social inflation: The role of claims fraud

March 12: Plaintiffs’ tactics: Fueling legal system abuse

March 26: Premises peril: unpacking legal risks

Discover how outside investors impact lawsuits, while examining whether their involvement is a game changer for plaintiffs, a controversial practice or filled with unknown risks. Learn about the challenges, the impact on businesses and the financial toll on everyday consumers. Join Sherman “Tiger” Joyce, President of the American Tort Reform Association (ATRA) and Keith Daly, Chief Claims Officer at Zurich North America, as they explore the complex world of third-party litigation funding.

In this miniseries, the episodes include:

January 15: 2025 Legislative outlook: Reforming legal system abuse

February 12: Nuclear verdicts: The drivers, impacts and solutions

February 26: Social inflation: The role of claims fraud

March 12: Plaintiffs’ tactics: Fueling legal system abuse

March 26: Premises peril: unpacking legal risks

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Discover the staggering costs of the U.S. tort system and its impact on businesses and households. Join Deirdre Manna, Senior Vice President, Head of Government and Regulatory Relations Zurich North America and Adam Shores, Senior Vice President, State Government Relations, American Property Casualty Insurance Association, as they delve into social inflation on Zurich North America's "Future of Risk" podcast. Learn about legal system abuse, the role of plaintiff attorney tactics, and how these issues drive up insurance costs, strain the economy, and affect everyday consumers.

In this miniseries, the upcoming episodes include:

January 29: Wide implications of third-party litigation funding

February 12: Nuclear verdicts: The drivers, impacts and solutions

February 26: Social inflation: The role of claims fraud

March 12: Plaintiffs’ tactics: Fueling legal system abuse

March 26: Premises peril: unpacking legal risks 

www.futureofrisk.com

Please note that this episode was recorded prior to Hurricanes Helene and Milton. 

In the final episode of the “Market in Transition” miniseries on the Future of Risk podcast, Eric Cittadino, Head of Programs at Zurich North America, and Dawn Hiestand, Head of Group Captives at Zurich North America, explore specialized insurance segments: Programs and Captives. With Programs, Cittadino explains that Zurich grants underwriting authority to Program Administrators to cater to underserved markets, focusing on mid-tier and small to medium-size businesses. Dawn Hiestand discusses Captives, through which companies form their own insurance company to manage their own risk and carriers provide fronting services. She outlines various captive structures such as single-parent captives and member-owned group captives. Both guests delve into the shifts in customer profiles and capacity challenges that are making Programs and Captives less alternative and more mainstream in today’s risk management landscape.

Recorded 9/13/24

www.futureofrisk.com

Please note that this episode was recorded prior to Hurricanes Helene and Milton. 

In the third episode of the “Market in Transition” miniseries, guests Toby Cushing, Technical Director of Casualty at Zurich North America, and David Strickland, Head of Casualty Risk Engineering with Zurich Resilience Solutions, discuss the rising frequency and severity of auto accidents and what is being done to address the concerning risk trends. This episode delves into key issues such as driver speed and distractions and the positive impact that technological and infrastructure investments could have on road safety. Cushing and Strickland also emphasize the importance of driver qualifications and safety standards.

Recorded 9/13/24

www.futureofrisk.com

Please note that this episode was recorded prior to Hurricanes Helene and Milton. 

Recent moderation in property insurance rates, after 26 consecutive quarters of increases, coincided with increased severe convective storm activity through last spring and predictions of a hyperactive hurricane season. In the second episode of the “Market in Transition” podcast miniseries, guests Joffre Mishall, Head of Large Property for U.S. National Accounts; Grace Ries, Head of Middle Market Property; and Adam Hurley, VP of Property Risk Engineering for Zurich Resilience Solutions, discuss the delicate balance between rate moderation and extreme weather risks. Listen as they provide guidance on how businesses can build resilience for the long term. They discuss key strategies for investing in risk management, maintaining updated valuations, engaging with underwriters and leveraging risk engineering support. 

Note: This episode was recorded prior to Hurricanes Helene and Milton. In the days since those hurricanes, Joffre Mishall has shared additional insights on the interplay of hurricanes and the rate environment, adding: “The 2024 hurricane season is living up to predictions, as we had Helene and Milton impact Florida and beyond just a couple of weeks apart, with Milton also causing spinoff tornadoes that inflicted heavy damage. Are these market-changing events? It’s too soon to tell. We will have a better idea at the start of January, a key renewal date. We also still have several weeks to go in hurricane season. But these storms prove one thing: The commercial property insurance market is fragile, and the risks are increasingly volatile.” 

Recorded: 9/19/24

https://www.futureofrisk.com

Please note that this episode was recorded prior to Hurricanes Helene and Milton. 

“Much like the stock market day-to-day, people are looking for signs of what's going to happen into the future and markets respond accordingly. So, a hailstorm in Texas can have an immediate impact on some carriers thinking about where that's going to go and where the results are going to be. So, it doesn't take a lot to move the market right now.”

In the first episode of Zurich North America’s “Market in Transition” podcast miniseries, Alex Wells, Head of U.S. Middle Market, and Al Orendorff, Chief Communications Officer, discuss the fragile balance between rate moderation in some lines of insurance and the reality of intensifying risks such as extreme weather. The discussion delves into key dynamics in Property, General Liability and Auto coverages, including social inflation, and unique concerns for Middle Market companies.

01:02 Property dynamics

02:21 Evolving weather patterns

04:16 Unique middle market challenges

06:01 Mitigating Risk

08:18 Supporting growth

11:25 Auto fleet risk

16:38 Impact of social inflation

Record date: 09/03/24