The United States has recently witnessed an explosion of personal
injury lawsuits involving medical malpractice, unsafe products, and
widespread environmental hazards. Jury awards and out-of-court
settlements have escalated in many cases to hundreds of thousands
of dollars. At the same time, premiums for liability insurance have
skyrocketed. As a result, physicians have cut back services and
some municipalities and businesses have been denied liability
coverage altogether.Some experts claim that only fundamental reform
of the nation's civil justice system will end this ""insurance
crisis."" But critics of such wholesale judicial reform contend
that the insurance industry has launced a ""tort reform"" campaign
to cover its own past underwriting mistakes. Liability brings
together economists and experts in liability law and the insurance
industry to assess the merits of the conflicting positions and to
formulate sound public policy. Led by Robert Litan and Clifford
Winston, the contributors describe the major changes that have
contributed to the insurance crunch and set forth a methodological
framework for evaluating the debate over the current liability
system. They conclude that increases in premiums and cutbacks in
coverage have been real but selective; that the forces in the
judicial system responsible for rising liability costs are not
readily subject to change; and that we know too little about the
cost and benefits of the current tort system to replace it with an
alternative compensation program.
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