Carlton Fields Class Action Survey Highlighted in Life Annuity Specialist: “Carriers Warn the Skyrocketing Cost of Lawsuits Will Lead to Premium Hikes”

Carlton Fields was featured in Life Annuity Specialist, in an article titled “Carriers Warn the Skyrocketing Cost of Lawsuits Will Lead to Premium Hikes.” The article discusses an uptick in verdicts that are driving larger damage awards, which are in turn eating into insurers’ earnings and could make their products more expensive.

The piece references Carlton Fields’ 2024 Class Action Survey, emphasizing a particular concern for insurers: the massive damage awards that can arise from class action litigation.

Jack Clabby was interviewed for the piece, highlighting a rise in consumer fraud-related lawsuits, such as those arising from alleged misrepresentations in product illustrations and sales presentations, as top risks for carriers. He also mentioned the growth of data privacy and cybersecurity-related class actions, which has become an increasingly urgent issue for carriers following a flood of class action litigation last year stemming from data breaches.

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