Liability Insurance: Effects of Recent 'Crisis' on Businesses and Other Organizations
GENERAL ACCOUNTING OFFICE WASHINGTON DC HUMAN RESOURCES DIV
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Since 1985, businesses and other organizations have reported problems in getting adequate, affordable liability insurance. Accounts of skyrocketing prices, policy cancellations or nonrenewals, and scarce or nonexistent coverage have become routine. Among the groups that have been the focus of attention in this insurance crisis are physicians, day care centers, nurse-midwives, directors and officers of corporations and nonprofit organizations, municipalities, and hazardous waste disposal operations. The plight of physicians and various kinds of hazardous waste operations in obtaining liability insurance have been the topic of three recent GAO reports. The purpose of this report is to provide information concerning the depth and breadth of the problems of securing liability insurance for broad range of businesses and other organizations. This report is one of several in response to a request for information concerning various aspects of the liability insurance market from the Chairman, Subcommittee on Commerce, Consumer Protection, and Competitiveness, and the Chairman, Subcommittee on Health and the Environment both Subcommittees are part of the House Committee on Energy and Commerce. Other reports in response to this request have dealt with changes in liability insurance policies and practices, insurer insolvency, and trends in industry profitability.
- Economics and Cost Analysis