Once regarded as predominantly a US issue, social inflation is transcending borders and creating challenges for organizations operating in other jurisdictions, often resulting in increased litigation risks and higher claims costs.
The extent of the risk is also increasing. Aside from the growth in the number of so-called nuclear verdicts, jury awards above US$10 million, there is also a rise in the number of thermonuclear verdicts, jury awards above US$100 million.
The potentially prohibitive costs associated with social inflation are generally leading to increased underwriter scrutiny and impacting organizations’ insurance programs, contributing to increased costs and stricter terms. This underscores the importance of preemptive action to identify potentially challenging claims and mitigate losses.
In this episode of Risk in Context, Chetna Gulati, Marsh’s Global Claims Advocacy Leader, speaks with Catherine Osborne, Chief Claims Officer for Marsh’s Pacific region, Teri Solomon, Head of Claims Advocacy for Marsh Africa, and Paul Hutchinson, UK Commercial and Corporate Claims Leader. They discuss the evolving social inflation risk landscape, address some of today’s most pressing risks and the challenges that are likely to evolve, and share actionable insights to help organizations minimize the risk of social inflation and prepare for potential high-value claims.
Global Claims Advocacy Leader
United Kingdom
Chetna Gulati-Kapoor is Marsh’s Global Claims Advocacy Leader. Based in London, she provides technical assistance on complex claims across various regions and lines of business. She is also responsible for developing and driving claims initiatives and fostering closer relationships between claims, broking, and advisory colleagues.
Chief Claims Officer, Marsh Pacific
Australia
Catherine Osborne is the Chief Claims Officer for Marsh’s Pacific region. Based in Sydney, she works with both local and global colleagues and the insurance market to ensure the delivery of the best possible claims experience to Marsh’s clients. Prior to joining Marsh, she was a Partner in a leading Australian insurance law firm, where she worked for more than 20 years.
Head of Claims Advocacy, Marsh Africa
South Africa
Teri Solomon is the head of claims advocacy for Marsh Africa, where she focuses primarily on the oversight and management of large complex losses. She is an insurance lawyer with 28 years of insurance industry expertise. Specializing in directors and officers liability coverage and all financial lines classes, she led FINPRO Africa for eight years prior to taking on her claims role. She is a member of the Marsh Specialty Practice Exco, a fellow of the IoD SA, and of the Insurance Institute of South Africa.
UK Corporate and Commercial Claims Leader
United Kingdom
Paul Hutchinson is the UK Corporate and Commercial Claims Leader. Based in London, he works with a large range of clients, overseeing claims service delivery to help mitigate claims risk and loss exposure. Prior to joining Marsh, he worked at a large global insurer, overseeing claims service to a large global client base.
