The Economic System as Catalyst for Evolving Liability Regimes
Tóm tắt
The article makes a case for the evolving system of liability regimes being driven by fundamental changes in our socio-economic fabric. The evolution of increasing liability costs, especially prominent in the U.S., can easily spread to other countries as the same preconditions are found there and systemic contagion takes place. This will pose important challenges to the insurance industry, which will have to better comprehend the key drivers and fundamental mechanisms involved. Provided informed and cautious underwriting takes place, this development represents an interesting opportunity.
Tài liệu tham khảo
Baker, T. (2004) ‘Insuring liability risks’, The Geneva Papers on Risk and Insurance – Issues and Practice 29(1): 128–149.
Council of Economic Advisors (2002) Who pays for Tort Liability Claims? – An Economic Analysis of the US Tort Liability System, April 2002.
Giarini, O. and Liedtke, P.M. (1997ff) The Future of Work and the Employment Dilemma: An Analysis of Employment in the New Service Economy, (various editions in several languages), Geneva: The Geneva Association.
Giarini, O. and Stahel, W. (2000) Die Performance-Gesellschaft – Chancen und Risken beim Übergang zur Service Economy, Marburg, Germany: Metropolis Verlag.
Shavell, S. (2000) ‘On the social function and the regulation of liability insurance’, The Geneva Papers on Risk and Insurance – Issues and Practice 25(2): 166–179.
Swiss Re (2004) The Economics of Liability Losses – Insuring a Moving Target, Sigma 6/2004.
Tillinghast-Towers Perrin (2003) U.S. Tort Costs: 2003 Update – Trends and Findings on the Costs of the U.S. Tort System, London: Tillinghast Towers Perrin.
Tunc, A. (1974) Introduction to the International Encyclopedia of Comparative Law, Leiden, NL: Brill Academic Publishers, chapter 1, vol. 11.