Infographic: Excessive Lawsuits are Driving Up Insurance Costs
As insurance lawsuits hit record levels, a new survey from the Independent Insurance Agents & Brokers of America (the Big “I”) reveals growing concern that excessive and abusive litigation is driving up costs for consumers and reforms are needed.
80% of consumers believe the legal system is used in ways that unfairly drive up insurance costs, and 40% are unfamiliar with “third-party litigation funding,” a growing practice where outside investors finance lawsuits for profit.