A.M. BestTV: Ralph Nader: How Tort Law and the Insurance Industry Changed Our World

OLDWICK, N.J.--()--This A.M.BestTV episode from the American Museum of Tort Law (AMTL), developed by consumer activist Ralph Nader, highlights how plaintiffs' attorneys and insurers work from different starting points to create new safety standards and coverages. Click on http://www.ambest.com/v.asp?v=tort816 to view the entire program.

The American Museum of Tort Law showcases the law of wrongful injury in the American civil justice system. Many high-stakes cases have involved tort law, which has often left insurers liable for the costs. This has led to an expanded role for casualty insurers, as coverage providers and advocates for safety.

“AMTL is dedicated to the right of freedom to contract and the right of freedom to sue in court, to hold the perpetrators of wrongful injuries accountable for their actions,” said Nader.

With three purposes of tort law being compensation for the victim, disclosure of wrongdoing and deterrence of wrongdoing, tort law and insurance have become intertwined over the years.

“Everybody in the insurance industry is talking about asbestos & environmental issues, product liabilities, medical devices, terrorism and cyber risk. Throughout these discussions corporate risk managers look for ways to mitigate the loss to the insurance industry, which has found different ways and coverages to avoid any financial implications to those organizations in the future,” said A.M. Best Group Vice President Anthony Diodato.

Nader added that he believes all insurance companies should recognize that tort law is “quality control.”

Other people that appear in this episode:

  • Richard L Newman, curator, American Museum of Tort Law.

Recent episodes of A.M.BestTV include:

  • China Looks to Captives for Insurance Growth: A host of new captive insurance organizations is emerging in China as the country’s insurance regulator seeks sector growth: http://www.ambest.com/v.asp?v=chinacaptives816.
  • Captive Feasibility Studies Reveal Changing Risks, Says Milliman Consultant: Michael Meehan, a consultant at Milliman Inc., discusses how cyber risk and medical stop-loss coverages are becoming more common risk topics as sponsors conduct feasibility studies for potential captive coverage: http://www.ambest.com/v.asp?v=meehan816.
  • Soaring Prescription Drug Costs Drive Insurer Expenses: Prescription drug costs are rising, fueled by new and generic drugs and by increased usage, at the same time that medical costs are trending down: http://www.ambest.com/v.asp?v=prescription816.
  • Analysts Review the State of Rated Captives: The aggregated financial results for the subset of captive insurance companies followed by A.M. Best are better than results for the broader U.S. commercial insurance sector: http://www.ambest.com/v.asp?v=captivepanel816.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2016 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com

Contacts

A.M. Best
Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com