Insurers add support to tort reform

The US insurance industry has been vocal in its support for tort reform in the US at the recent Risk & Insurance Management Society (RIMS) conference in Chicago. Maurice Greenberg, president & chief executive of American International Group ( AIG) called on RIMS delegates to join his crusade for tort reform at state and federal level. At the conference, Brian O’Hara, head of Bermudian insurer XL Capital, told Insurance Day: ‘The casualty market in the [hard market of the] mid-1980s was pretty hard for five to seven years, until tort reform lowered prices.’