2002 Tort Costs at Record $233 Bln
Thursday, December 11th, 2003 LiabilityThe U.S. tort system cost $233 billion in 2002, a $27.4 billion increase over 2001, representing the largest dollar increase in U.S. history. Current costs translate into $809 per U.S. citizen, $87 more than in 2001 and $797 more than in 1950. "NAMIC is not surprised by this continuing trend of runaway costs, which are, in effect, a tax imposed on Americans," said NAMIC Vice President - Federal Affairs David Winston. "This again emphasizes the urgent need for meaningful tort reform." These findings were reported by Tillinghast – Towers Perrin (Tillinghast) in U.S. Tort Costs: 2003 Update — the only study that tracks the cost of the U.S. tort system from 1950 to present and compares the growth of tort costs with increases in various U.S. economic indicators.
