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posted on Dec. 18, 2007
U.S. Tort Costs Down in 2006, According to Towers Perrin Study
First decrease in tort costs since 1997, but signs indicate trend will not continue.
U.S. tort costs totaled $247 billion in 2006, which is approximately $825 per person and $57 less per person than in 2005, according to the 2007 "Update on U.S. Tort Cost Trends" from the Tillinghast insurance consulting practice of Towers Perrin. Tort costs declined by 5.5 percent in 2006, which is significantly lower than the growth rate of 0.4 percent in 2005, 6 percent in 2004 and 5.5 percent in 2003. The $13.4 billion decrease over tort costs in 2005 marks the first downward trend since 1997. The 2007 report analyzes U.S. tort costs from 1950 through 2006, with projections through 2009.
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