[Video] Commercial Auto Insurers Wait on Impact of Litigation Reforms

Many commercial auto insurers are in a holding pattern, waiting to see how some states’ litigation reforms are enacted and enforced. However, there seems to be some positive signs for buyers.

Insurance Journal’s Andrea Wells spoke to Jennifer Nuest, transportation practice leader at Amwins Group, at the Wholesale Specialty & Insurance Association (WSIA) annual conference in San Diego.

Nuest said insurers are “caution around making changes,” but the tort reform “does help [insurers] have more appetite to write business in [states that have enacted tort reform].” She said she has seen signs that some insurers increasing risk per miles driven in states like Florida.

New laws to require the disclosure of litigation financing in some states like Indiana and Georgia have yet to produce tangible impacts but it is early days.

“It will be interesting to see,” Nuest said. “I think it will take a couple of years before we really understand what the impacts are going to be there but it’s good progress.”

Watch this interview with Insurance Journal’s Andrea Wells as well as others from WSIA.

Topics
Lawsuits
Carriers
Auto
Commercial Lines
Business Insurance