A Hiscox Press Release on “Super Losses” in the Healthcare Industry has been circulating and is being cited by many media sources.
We’ve added links to their list with relevant information on the cases (many of which will be reduced on appeal or had high/lows in place).
|March 2010||New York||$60.9m||Negligence at birth|
|July 2010||California||$670m||Inadequate staffing at assisted-living facilities|
|July 2010||Florida||$114m||Wrongful death suit against a nursing home|
|May 2011||Connecticut||$58.6m||Negligence at birth|
|August 2011||West Virginia||$91.5m||Nursing home negligence|
|October 2011||Michigan||$144m||Negligence at birth|
|January 2012||Florida||$168m||Brain damage following surgery|
N0t listed is the recent $900M judgement against a bankrupt Florida nursing home.
These recent verdicts are knocks to the industry who had stabilized verdict amounts in recent years, largely due to the change in heart about trying cases. These verdicts make insurance carriers much less likely to take a case to court and risk a bad faith claim. It also sets a new standard for ambitious plaintiff attorneys. Calculated Risk Advisors has developed a number of new strategies for clients to protect themselves against “Super Losses” in this changing litigation environment.