The importance of claims in a changing world: Moving from the backroom to the boardroom?
When what was first dubbed the “sub-prime crisis” hit, many insurance market commentators (and plenty of lawyers), anticipated a “tsunami of claims” that would shift the market. Although certain lines of business have seen an increase in the volume of recession-linked claims, it is fair to say, despite the crisis having deepened into a prolonged global economic downturn, the shift over time in claims volume and severity has been met by remarkable resilience on the part of the insurance industry.