Lars Powell on Rising Liability Insurance Costs in Alabama
ICLE Academic Affiliate Lars Powell was quoted in a Yellowhammer article regarding a new Alabama Department of Insurance report finding increased lawsuits and large jury verdicts are driving up liability insurance costs across Alabama:
Lars Powell, executive director of The University of Alabama’s Center for Risk and Insurance Research said, “The Alabama Liability Insurance Data Call report demonstrates that liability costs in Alabama are substantial (about $880 per household in 2024) and increasing faster than inflation. The patterns observed in the data are consistent with an association between higher levels of litigation and increased claim severity across multiple lines of insurance. It is important for Alabama policymakers to have this information as they consider potential approaches to address rising insurance costs.”
Read the full piece here.