Wireless Wednesday Live: Robert P. Hartwig is Clinical Associate Professor of Risk Management, Insurance... on legal reforms

Rick talks with Dr. Robert Hartwig about the possibility of new legal reforms.

Robert P. Hartwig - Clinical Associate Professor of Risk Management, Insurance and Finance in the Darla Moore School of Business at the University of South Carolina and Director of the school’s Center for Risk and Uncertainty Management.

The cost of doing business, owning a home or driving a car, is increasing, and inflation isn't the only culprit. The misuse of the legal system, fueled by attorney advertising, frivolous lawsuits and claims funded by financers, has wrought a litigious culture, ultimately burdening every consumer and business with increased costs. Misleading litigation advertising and other questionable tactics pose a serious threat, necessitating swift legislative action to help curb costs for consumers and businesses, while also protecting state economies.

Last year, plaintiff lawyers spent $2.4 billion on more than 26 million local legal services ads. This is an increase of more than 5 percent since 2022.

Investments in U.S. litigation funding increased to $15.2 billion in 2023. Hidden investors see someone else’s lawsuit as a profit center.

There has been a 319% increase in typical injury awards due to legal tactics that manipulate juries.

Leading commercial and personal umbrella insurers—who provide high-limit liability coverage—are seeing more and larger claims, pushing liability insurance costs upward.

Robert P. Hartwig is Clinical Associate Professor of Risk Management, Insurance and Finance in the Darla Moore School of Business at the University of South Carolina and Director of the school’s Center for Risk and Uncertainty Management. He teaches courses in risk management, insurance and corporate finance, mentors students, pursues a variety of research interests and works with insurers, regulators, legislators and many other insurance industry stakeholders, including media. Dr. Hartwig is also a member of the Federal Reserve Board’s Insurance Policy Advisory Committee. Dr. Hartwig serves as a media spokesperson for the property/casualty insurance industry and is quoted frequently in leading publications such as The Wall Street Journal, The New York Times, USA Today, Washington Post, Los Angeles Times, Financial Times, BusinessWeek, Newsweek, U.S. News & World Report, CFO, Fortune, Forbes, The Economist and many others throughout the world. Dr. Hartwig also appears regularly on television, including programs on ABC, CBS, NBC, CNN, CNBC, Fox, PBS, Univision and the BBC.