The consequences of these reviver statutes extend to the insurance carriers themselves
In recent years, social inflation has emerged as a significant force impacting the insurance landscape, particularly for nonprofit organizations. According to Eric Beck, senior and national nonprofit practice leader at Marsh McLennan Agency, claims frequency and severity has been increasing, particularly when it comes to “abuse-type claims and allegations.”
This shift has led to a shrinking marketplace, particularly in sensitive areas like child welfare and foster care. Insurers are responding by limiting coverage and raising deductibles, making it increasing