Shalin Johnson contributes article to Industry Today
Insurance costs have been rising over the past few years, partially in part to an increase of nuclear verdicts – or legal disputes that surpass $10 million. This trend of rising insurance costs due to increased litigation, plaintiff-friendly judgments, and skyrocketing jury awards is now known as “social inflation.” So, how does social inflation impact manufacturing professionals?
Senior Risk Consultant at Marsh McLennan Agency Shalin Johnson weighed in on what is causing today’s social inflation and what leaders in the manufacturing industry need to know as they navigate this tricky issue. There are unprecedented settlement costs as claims are finally hitting the courtroom floor after being stalled due to COVID-19, while a renewed scrutiny of insurance contracts and supply chain partnerships compound the issue.
