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Market Report: US - US to tackle tort costs from both sides.
(From Reinsurance)
US tort costs reached a record $246bn in 2003, or approximately $845 per person, according to 'US Tort Costs: 2004 Update' from Tillinghast.
This, it argues, represents a 5.4% increase in tort costs from 2002 - which while a considerable increase is still a slower growth rate than the prior two years (13.4% increase in 2002; 14.7% increase in 2001).
The 5.4% rate of growth in tort costs in 2003 slightly exceeds overall economic growth (as measured by gross domestic product - GDP) of 4.9%.
Commercial tort
The report finds that growth in commercial lines tort costs dropped significantly from 20% in 2001 to 5.5 % in 2003, which slowed total tort costs growth.
Recognised direct insured asbestos losses increased by $9bn in 2003, slightly less than the $10bn increase in 2002, but still significantly higher than the $2bn increase in 2000 and the $5bn increase in 2001. The 2003 decline relative to 2002 was partly the cause of the dampening effect on the percentage growth of total commercial tort costs.
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