Ep14: Current Trends Increasing Insurance Loss Ratios
Ryan Young joins us in this episode of the Litigation Management Podcast. Ryan leads the Specialty Risk Services division at Gramercy and has extensive industry knowledge with helping clients manage claims litigation and loss ratios.
Together, Wes and Ryan discuss the current state of the market and three trends increasing loss ratios. These key areas include inflation (not to be confused with social inflation), the backlog of cases affected by COVID, and ongoing staffing issues at many industry companies. These factors collectively drive up case cycle times and increase claim volume.
Another important topic discussed is the ongoing need to close the gap between claims and underwriting. The lack of data in litigated claims signifies a gap in underwriting’s ability to see the larger picture and understand the pressures that are driving losses.