The topic of nuclear verdicts took center stage at this year’s Target Markets Annual Summit in Scottsdale, Arizona, where a panel of carriers and reinsurers discussed rising settlement costs amidst an uncertain litigation environment.
Panelists representing Lloyd’s, Markel, MunichRe and TransRe shared how the insurance industry can combat social inflation through early identification of potentially severe claims and working together to share settlement data.
Nuclear verdicts, which are defined by the industry as a verdict of at least $10 million, reached an all-time high in 2023 with a median average value of $44 million, according