U.S. personal and commercial auto insurer liability claim payouts combined were $96 billion to $105 billion higher between 2013 and 2022 because of social and economic inflation, according to a new Insurance Information Institute (Triple-I) study.
“For personal auto liability insurance, increasing inflation drove loss and DCC (defense containment costs) higher by $61 billion,” the study, Impact of Increasing Inflation on Personal and Commercial Auto Liability Insurance stated. “For the same period (2013-2022), increasing inflation drove commercial auto liability loss and DCC higher by $35 to $44 billion.”
Liability insurance covers what the policyholder is legally obligated to pay because
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