April 1st, 2020 – Kate Smith, from A.M. Best Review interviewed Bob Reville, CEO of Praedicat, on the shifting litigation landscape and the recent 4th party litigation on opioids.
In this article, Bob talks about how casualty insurers are catching up to the newest shift in the litigation landscape and warns that there could be similar suits against other chemical agents on the horizon.
“If you look at the opioid litigation, the plaintiffs are a lot different than in previous litigation that was like opioids,” Bob Reville, CEO of Praedicat, said. “Opioids is part of a longer line of litigation that goes back to tobacco. In the tobacco litigation, you had only states who were the plaintiffs and only six tobacco companies that were the defendants. That resulted in a $250 billion settlement to be paid out over 25 years. “In years after that, one thing that emerges is that other levels of local government that have faced expenses from tobacco public health issues have not had access to the tobacco settlement fund. With the opioids litigation, you have not just states involved in litigation, but local governments, tribal nations and even recently, school districts.
Read Full Article: Here
Over the next year, Praedicat will begin to expand our model across multiple lines of insurance including D&O, workers comp, and environmental liability. Reach out to an account manager to learn more.
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