“Tort Costs” Decline

Towers Perrin has released its 2007 Update on U.S. Tort Costs Trends, which is available here.  “Tort costs” are defined as:  1. benefits paid or expected to be paid to third parties, 2. defense costs, and 3. administrative expenses.  Tort costs in 2006 declined by 5.5% from the previous year, the first decline since 1997.

–CJR