Tort reform and insurance markets

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<title>Tort reform and insurance markets</title>
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<title>Risk management and insurance review</title>
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<namePart>Viscusi, W. Kip</namePart>
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<dateIssued encoding="marc">2004</dateIssued>
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<abstract>Proposed tort reforms have focused on punitive damages and noneconomic damages, each of which pose problems for jury decision making. The U.S. Supreme Court decision in State Farm v. Campbell will greatly limit very large punitive damages awards, and wiil affect smaller punitive awards to a lesser degree. Noneconomic damages caps enacted by state legislatures have greatly enhanced insurance market performance. Insurers operate within the context of a highly imperfect, regulated market in which this substantial price rigidity induced by regulation. Reform efforts should strive to stablish greater predictability and stability in these awards components rather than simply being concerned with imposing specific numerical caps</abstract>
<note type="statement of responsibility">W. Kip Viscusi</note>
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<topic>Indemnizaciones</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<topic>Seguro de responsabilidad civil</topic>
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<topic>Derecho de seguros</topic>
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<title>Risk management and insurance review</title>
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<publisher>New York : The American Risk and Insurance Association</publisher>
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<text>Vol. 7, nº 1 Spring 2004 ; p. 9-24</text>
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