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Liability insurance crisis
The liability insurance crisis in the United States of America refers to a volatile economic period during the mid-1980s. During these years, until about 1990, rising insurance premiums and an unavailability of coverage for several types of liability insurance led to a crisis that has been attributed, among others, to the expansion of tort doctrines for insurer liability and the McCarran-Ferguson exemption from antitrust laws.
==The Impact of the Crisis==
During the period from 1984 to 1987, premiums for general liability increased from about $6.5 billion to approximately $19.5 billion.〔Gene C. Lai et al.“On Liability Insurance Crisis.” Proceedings of the Risk Theory Society, Revised October 1996. Based on data from the A.M. Best Company.〕 In addition to increases in premium, many insurers took the following measures to limit the number and cost of claims: 1) changed policy coverage from an occurrence to a claims-made basis; 2) expanded exclusions; 3) raised deductibles; and 4) lowered policy limits on a per-claim basis, and 5) introduced the notion of aggregate total exposure.
The resulting crisis adversely affected a diverse range of organizations, including municipalities, social service providers and pharmaceutical, aircraft, sports equipment, and medical device companies.〔George L. Priest.“The Current Insurance Crisis and Modern Tort Law.” (1987). Faculty Scholarship Series. Paper 578. http://digitalcommons.law.yale.edu/fss_papers/57〕 Many organizations in the nonprofit and government sector could no longer offer social, medical or recreational services due to the prohibitive cost or unavailability of liability coverage.
Reaction to the crisis was widespread in the public media.〔“Sorry, Your Policy Is Cancelled.” Time, Mar. 24, 1986; Various: N.Y. Times, Feb. 15,1986, at 1, col. 1; Toronto Globe & Mail, Feb. 21, 1986,at B2, col. 1; N.Y.Times, Feb. 1, 1986, at 1, col. 5; Wall St. J., Feb. 3, 1986, a t5, col. 1; 8. N.Y. Times, Mar. 26, 1986, at C12, col.4; 9. Wall St. J., supra note 1.〕 Public policy advocates expressed concern about the impact on human services. In California, for example, testimony was given before the California Assembly regarding the significant loss of human service programs such as foster care, group homes, and health services caused by soaring premiums and widespread policy cancellation.〔Testimony of Pamela Davis, Graduate Researcher, University of California at Berkeley. Interim Hearing of California Assembly Select Committee on Insurance, Sacramento, October 8, 1986.〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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