Can you guess how much money was awarded in some of the biggest claims? The amount will shock you.

The National Law Journal recently released its Top 100 Verdicts of 2022, and the numbers are staggering. The total amount of money awarded in these cases was over $10 billion, with an average verdict size of over $100 million.

One of the most notable trends in this year’s verdicts is the rise of “nuclear verdicts,” or awards of $10 million or more. A nuclear verdict refers to an exceptionally high jury award. In 2022, there were 32 nuclear verdicts, up from 24 in 2021. This increase is likely due to a number of factors, including the rising cost of healthcare and the increasing willingness of juries to award large sums of money in cases involving serious injuries or deaths.

Another trend that is evident in this year’s verdicts is the growing number of large-scale losses by corporations. In 2022, there were 10 verdicts against corporations that exceeded $1 billion, up from just 4 in 2021. These losses are often the result of class action lawsuits or mass tort cases, in which large numbers of plaintiffs are seeking compensation for injuries or damages caused by a defective product or dangerous drug.

The National Law Journal’s Top 100 Verdicts provide a glimpse into the high-stakes world of civil litigation. These cases involve complex legal issues, high-priced lawyers, and often life-changing amounts of money. The verdicts in these cases are having a significant impact on the lives of the plaintiffs and defendants, as well as the businesses and industries involved. 

The state of Georgia has observed a significant increase in lawsuit cases, leading Governor Kemp to collaborate with business owners to address the rising costs of insurance.  These lawsuits have resulted in substantial monetary awards, which have subsequently driven up insurance premiums for business owners. This escalating financial burden poses a considerable challenge for businesses across the state, potentially impacting their operational costs and overall financial stability.

These substantial payouts have a cascading effect that extends beyond businesses and directly impacts individuals. When insurance companies are forced to disburse large sums of money to settle legal cases, they are often compelled to offset these losses by raising insurance premiums for their customers. This means that individuals, families, and even small business owners may find themselves paying significantly more for their insurance coverage, straining their budgets and potentially forcing them to make difficult financial choices.

Here is a link to read more about the top 100 verdicts: The Top 100 Verdicts | Travelers Insurance

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