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Law and Economics

Torts

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Full-Text Articles in Insurance

How Liability Insurers Protect Patients And Improve Safety, Tom Baker, Charles Silver Jan 2019

How Liability Insurers Protect Patients And Improve Safety, Tom Baker, Charles Silver

Faculty Scholarship at Penn Law

Forty years after the publication of the first systematic study of adverse medical events, there is greater access to information about adverse medical events and increasingly widespread acceptance of the view that patient safety requires more than vigilance by well-intentioned medical professionals. In this essay, we describe some of the ways that medical liability insurance organizations contributed to this transformation, and we catalog the roles that those organizations play in promoting patient safety today. Whether liability insurance in fact discourages providers from improving safety or encourages them to protect patients from avoidable harms is an empirical question that a survey ...


Liability Insurer Data As A Window On Lawyers’ Professional Liability, Tom Baker, Rick Swedloff Jan 2015

Liability Insurer Data As A Window On Lawyers’ Professional Liability, Tom Baker, Rick Swedloff

Faculty Scholarship at Penn Law

Using the best publicly available data on lawyers’ liability claims and insurance – from the largest insurer of large law firms in the U.S., the American Bar Association’s Standing Committee on Professional Liability, and a summary of large claims from a leading insurance broker–this article reports the frequency of lawyers’ liability claims, the distribution and cost of claims by type of practice, the disposition of claims, and lawyers liability insurance premiums from the early 1980s to 2013. Notable findings include remarkable stability over thirty years in the distribution of claims by area of practice among both small and ...


The Shifting Terrain Of Risk And Uncertainty On The Liability Insurance Field, Tom Baker Feb 2011

The Shifting Terrain Of Risk And Uncertainty On The Liability Insurance Field, Tom Baker

Faculty Scholarship at Penn Law

Recent sociological and historical work suggests that insurance risks often are not reliably calculable, except in hindsight. Insurance is “an uncertain business,” characterized by competition for premiums that pushes insurers into the unknown. This essay takes some preliminary steps that extend this insight into the liability insurance field. The essay first provides a simple quantitative comparison of U.S. property and liability insurance premiums over the last sixty years, setting the stage to make three points: (1) liability insurance premiums have grown at a similar rate as property insurance premiums and GDP over this period, providing yet another piece of ...


The Relation Between Regulation And Class Actions: Evidence From The Insurance Industry, Eric Helland, Jonathan Klick Mar 2009

The Relation Between Regulation And Class Actions: Evidence From The Insurance Industry, Eric Helland, Jonathan Klick

Faculty Scholarship at Penn Law

Standard law and economics models imply that regulation and litigation serve as substitutes. We test this by looking at the incidence of insurance class actions as a function of measures of regulatory enforcement. We also look specifically at whether states with clear regulatory standards regarding the use of OEM parts experience less litigation over this issue. We find no evidence of substitution between regulation and litigation. We also examine the possibility that litigation is more frequent in states where regulators are more likely to be captured by industry interests, finding no support for this hypothesis either. Instead, litigation is more ...


Teaching Real Torts: Using Barry Werth's Damages In The Law School Classroom, Tom Baker Jul 2002

Teaching Real Torts: Using Barry Werth's Damages In The Law School Classroom, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


Reconsidering Insurance For Punitive Damages, Tom Baker Jan 1998

Reconsidering Insurance For Punitive Damages, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


Conflicts And Defense Lawyers: From Triangles To Tetrahedrons, Tom Baker Jan 1997

Conflicts And Defense Lawyers: From Triangles To Tetrahedrons, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.


On The Genealogy Of Moral Hazard, Tom Baker Jan 1996

On The Genealogy Of Moral Hazard, Tom Baker

Faculty Scholarship at Penn Law

No abstract provided.