I cant find the definition for this anywhere in the Wiki or the BattleCards but it lists it as a "must know" from the FCT paper... What is the definition?
The definition of social inflation can be found in 2017.Fall #22 b), 2015.Spring #29 c).
One of the accepted solutions in the 2017 exam was: Social inflation is the increase in costs because of change in the likelihood of claimants bringing suit, change in awards and change in attitude toward settlement. It increases claim liabilities for the lines subject to go to court.
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The definition of social inflation can be found in 2017.Fall #22 b), 2015.Spring #29 c).
One of the accepted solutions in the 2017 exam was: Social inflation is the increase in costs because of change in the likelihood of claimants bringing suit, change in awards and change in attitude toward settlement. It increases claim liabilities for the lines subject to go to court.