The insurance industry is no stranger to litigation. International law firm Fulbright & Jaworski LLP’s annual U.S. Litigation Trends survey found that 93% of insurance companies faced at least one new lawsuit in 2007. As part of that number, 33% of insurers faced more than 20 new suits, and 54% reported enduring at least one $20 million suit. In addition, the report states that 79% of insurance companies filed at least one suit themselves in 2007 acting as plaintiff, with 28% of the suits seeking in excess of $20 million.
A new TowerGroup Inc. report says the financial meltdown represents unprecedented interdependencies and negative forces that insurers and distributors must be prepared to deal with in new ways when it comes to litigation.
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