20241017PAC to Staff 97-2 Attachment - Chubb 2024 Liability Limit Benchmark & Large Loss Profile Report.pdf

CHUE3
Liability Limit Benchmark
& Large Loss Profile by
Industry Sector 2024
Navigating an ever-escalating
liability landscape
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Chubb Bermuda

Navigating an ever-escalating liability landscape
2023 was yet another eventful year, with devastating
natural disasters, increasing geopolitical unrest and
catastrophic man-made events dominating the headlines.
Without a doubt,the world today is a very risky place.Against this in 2014-and it's worth noting that$1 USD in 2014 would have the
backdrop of heightened risk and ever-escalating volatility,businesses purchasing power of$1.32 in 2024.1
must"expect the unexpected"and put protections in place to mitigate
The current business environment is more volatile than ever.
their risks.
Catastrophic losses are no longer a rare occurrence,they are
One such protection is determining how much liability insurance to commonplace.New exposures are emerging all the time.Advancements
purchase and why it is a more important decision today than ever in technology and science,forever chemicals,climate change and the
before.This is our 16th annual Liability Limit Benchmark&Large Loss legal environment are all increasing liability risks and must be prepared
Profile by Industry Sector report,which provides data on liability limits for.This is something we understand keenly at Chubb.
purchased,overlaying ISO loss trends,and large losses to support well-
We have built our entire infrastructure around helping our clients
informed insurance-purchasing decisions.
adeptly navigate risk.Our underwriters partner with our clients and
This information is critical for building adequate liability towers that distribution partners to build programs that address their unique
can adequately protect clients and their businesses,especially in the exposures and insurance coverage needs.Our risk engineers leverage
face of economic and social inflation,litigation funding,and nuclear the latest research and technology to develop best-practice loss
verdicts,all of which continue to drive elevated liability-related loss mitigation solutions.Our claims professionals are deeply experienced
costs.The number of nuclear jury verdicts-that is,verdicts for awards and service oriented.Our long tenure in the insurance industry gives
of more than$10 million-is rising rapidly as cases that had been us access to decades of historical data and knowledge and we use all
pending due to the pandemic continued making their way back into the tools in our toolbox to make sure we understand the full picture
court.In 2022,nuclear verdicts totaled more than$18.313,a significant when developing insurance solutions.Our reputation in the industry
jump from$4.913 in 2020.1 That number continues to trend upwards. is strong,in fact,P&C Specialist recently reported that Chubb was the
most recognized large market insurer in our peer group.3 And,as a
The frequency of severity of liability losses continues to worsen-and world leader in insurance,Chubb is in the position to provide consistent,
yet the data in this year's Liability Limit Benchmark&Large Loss Profile financially strong and large-block liability capacity to our clients.
report shows little change to the limits purchasing trends we have
seen over the past several years. The delta between liability loss cost As always,our aim with this report is to help answer the question at the
trend and median limits purchased continues to widen at an alarming core of all insurance purchases:
pace.This is true across all 10 sectors spotlighted in this year's report,
although it is more pronounced in some industries than others. In the How much liability
Healthcare sector,for example,the median limits purchased are the
lowest we've seen in the last 10 years,nearly 32%lower than they were limit is enough?
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Our 161h Annual Liability Limit Benchmark & Large Loss Profile by Industry
Sector report highlights liability exposure and loss data on 10 industry sectors.
•
s .. .. . .
For each sector, And new to the report this year is a
the report shows: deep dive into the punitive damages
i liability landscape (page ls), including key
P. A sampling of large losses seen in the industry insights from Chubb Industry Experts '
► Median liability limits purchased over a 10-year period across several market sectors.
based on Chubb's 2023 year-end portfolio data "
► ISO loss cost trends compared to median liability limits To access further resources related to this year's report,visit
chubb.com/benchmarkreport. 1j
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Companies engaged in the research, development,manufacturing, marketing,
Life Sciences I distribution or sale of pharmaceuticals,biologics and medical products/devices,
including biomedical research/technology.
Sample Large Loss
Date of Loss Loss Details Incurred
Amount
Various Patients with alleged personal injuries from defective metal-on-metal hips USA $941M
Various Opioid litigation USA $48B+
Various Hernia mesh litigation USA $241M
2019 Laboratory technician developed mesothelioma from exposure to biopharmaceutical equipment containing asbestos USA $70M
2020 Class action alleging injuries associated with transvaginal mesh devices Canada $21.5M CAD
2020 Class action alleging injuries from coil birth control device USA $1.613
2021 Opioid litigation brought by NY state USA $1.1813
2021 Opioid public nuisance litigation USA $200M
2021 Defective batteries in implantable heart devices and false statements to the FDA regarding the same USA $27M
44 2022 Diagnostics company copied screening method for genetic abnormalities from fetal DNA test maker USA $272.5M
2023 Defendants willfully infringed on medical device patents USA $59.5M
2023 Competitor infringed endoscopic-clip patents USA $158.1M
IF 2023 Company infringed on DNA sequencing patent USA $83AM
2023 Plaintiff alleged infringement of medical tech patents. USA $42M
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Navigating an ever-escalating liability landscape
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Life Sciences // Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
0
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400
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$260M $270M $300M $254M $250M $233M $226M $236M $237M ,I
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*Loss Costs are trended using the •trend circular and. i
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Navigating an ever-escalating liability
..-
Organizations including hospitals,teaching universities/medical schools, long-term
Healthcare care/assisted living facilities, managed care organizations and clinical trial/contract
research organizations.
Sample Large Losses '
Date of Loss Loss Details Incurred
Amount
2020 Alleged sexual battery by university physician USA $73M
2022 Brain injury stemming from multiple doctors mistreating severe hyponatremia USA $68.6M
2022 Wrongful death against addictive treatment center for abrupt discharge of patient USA $77.2M
2022 ER doctors fail to provide immediate treatment to stroke victim causing paralysis USA $75M
2022 Hospital caused plaintiff to be born prematurely and with developmental disabilities USA $80M
2022 Medical malpractice stemming from broken leg from playing soccer USA $111M
2022 Birth injury USA $97.4M
2023 Lawsuit claimed defendants placed foster child with known abuser USA $485M
2023 Hospital staff imprisoned,battered child patient USA $261.5M
2023 Delayed treatment led to baby's cerebral palsy USA $182.4M
2023 Jail failed to provide medical care to inmate USA $82M
2023 Mismanaged labor,delivery caused injuries to newborn USA $55.5M
2023 Locked-in syndrome caused by medical negligence USA $47M
2023 Doctor failed to prescribe prophylactic antibiotic USA $44.5M
2023 Nurse fired as retaliation USA $41.5M

Navigating an ever-escalating liability landscape
Over 30% decline in median limits purchased over the last 10 years.
Healthcare Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
450
400
350
300
U)
z
0 250
J
J
200
150
100
50
:0
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
`Loss Costs are trended usingthe ISO trend circular and are indexed to 2014limits

Navigating an ever-escalating liability a c
Consumer Companies engaged in the manufacturing,marketing distribution,and sale of
Products consumable goods,food and beverages,including food service providers.
Sample Large Losses
Date of Loss Loss Details
2018/2019/20201 Talc litigation USA $51B
+' 20192 Grocery store's failure to provide adequate security led to mugging injury USA $70M
20203 Concealment of cell phone throttling and battery degradation USA $310M-500M+potential$113M
2021 Contamination of property and groundwater by chicken plant USA $205M
2021 Class action alleging defective design of microwaves resulting in smoke damage USA $103M-$113M
2022 Cable television/internet provider held liable for murder by cable field technician where it USA $1.147B
ignored red flags and forged service agreement
2022 Hearing damage stemming from defective earplugs(three separate suits) USA $50M-$110M
2023 Company aware product caused cancer USA $332M
2023 Plaintiff argues motorcycle maker knew of defect USA $161.M
2023 Decedent not warned of asbestos in product USA $107.3M
2023 Exercise machine caused injury which hospitalized senior. USA $40M
2023 Exploding oven caused severe blast injuries. USA $30.5M
2023 Child died of asphyxia after becoming stuck in a bunk bed USA $787M
Date of verdicts Disposition date 3 Date of settlement
1

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More than 25% decline in median limits purchased over the last 10 years.
Consumer Products Limits Purchased
Median Limit - Loss Cost*
900
800
700
U-' 600
z
O_
J 500
J
400
300
200
100
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014 limits

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Real Estate & I Companies engaged in the ownership,operation or management of all types of
HospitalityI Premises/occupancies,including commercial and residential buildings,hotels
I and arenas/stadiums.
Sample Large Losses
Date of Loss Loss Details Location Incurred
Amount
20191 Property association liable for bicyclist's crash into improperly place pole USA $41M
u
20192 Apartment's substandard living condition led to death T USA $125M
2019 Hotel settlement to victims of 2017 mass shooting that killed 58 people and injured others USA $800M
20203 Event worker suffered brain injury at concert venue USA $53.7M
2021 Convenience store employee's lack of training and security resulted in escalation of robbery causing traumatic injury to plaintiff USA $91M
2022 Defamation claim brought against radio personality for lies about elementary school shooting USA $965M
2022 Environmental cost recovery suit against developer for contamination in residential neighborhood USA $133.3M
2022 Woman died from cerebral aneurysm rupture in hotel room and failed to investigate after call from spouse USA $60.5M
. . 2022 Negligent serving of alcohol against bar that served inebriated driver causing fatal automobile accident USA $95.5M
2023 Neighboring facility failed to install adequate erosion control USA $135.5M
2023 Insurers acted in bad faith in processing damage claim relating to flooded manufacturing plant USA $112.2M
'Disposition date 2 Disposition date 'Verdict reduced from$102.1M
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landscape
Real Estate & Hospitality // Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
800 �
700
600
Z 500
O_
J
400 - --`
300
rw
200
100
.0
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014limits
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Transportation Companies engaged in the transportation of passengers
Road I and/or products by roadway.
Sample Large Loss.
Date of Loss Loss Details Incurred
Amount
2021 College student killed as a result of two crashes caused by truck drivers'negligence USA $11B
' 2021 Multiple-vehicle crash caused by tractor-trailer resulting in extensive injuries to plaintiff USA $43M
2021 Airline employee suffered paralysis after being hit by truck USA $352M
2022 Retaliation verdict against transportation company that fired employee complaining of discrimination USA $366M
2022 Lawsuit against truck driver and employer for traumatic brain injury caused by roadway collision USA $52.3M
2023 Under the influence driver kills nurse USA $745M
2023 Truck driver was high at time of fatal crash USA $409.1M
2023 Road worker injured by sleep-deprived driver USA $103.5M
2023 Hit-and-run crashes left plaintiff with severe injuries USA $100.6M
2023 Father and son killed in collision with 18-wheeler USA $83.9M
2023 Drunk driver caused physical and psychological injuries USA $77.5M
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Navigating an ever-escalating liability landscape
Transportation — Road // Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
500
450
400
350
I I I
00150
I I I I I I
I I I I I I I I I
0050
I I I I I I I I I
$250M I $250M I $248M I $250M I $255M I $260M I $200M I $183M I $175M ' $170M
*Loss Costs are trended using the
•trend circular and.
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Transportation
� Companies engaged in the transportation of passengers
and/or products by rail.
Rail
Sample , . . , .
Date of Loss Loss Details Incurred
Amount
2017 Train derails on newly opened route killing three and injuring about 100 USA $31.7M
2019 Train derails into a river,killing three crew members Canada Pending
20201 Train derailed at curve,killing three passengers and injuring about 80 USA $10M
2022 Remote control operator in rail yard sues employer after falling leg amputated from falling off train USA $21M
2023 Plaintiff claimed she suffered severe injuries after being hit by train USA $557.1M
2023 Broadside by train led to injuries and fatality USA $13M
2023 Train engineer collapsed due to excessive heat in cab USA $11.6M
2023 Man shot and killed on Amtrak train USA $158M
'Juryverdict
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Median Limit Loss Cost*
1,600 —
1,400
V)
1,200
z
0 1,000
J
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800
t
600
400
200
$540M $513M 7$415M
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014limits

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Digging Deeper Into
Punitive Damages
Much has been written about the rise of nuclear verdicts and the social and
economic causes that contribute to juries awarding punitive damages,from I�alr:
increased social consciousness and the desire to punish corporations for
perceived negligent behavior to ideological divides and desensitization to '
awards in the billions of dollars.
Chubb periodically reviews the U.S.punitive damages liability landscape to
spotlight trends in this space. Punitive Damages are"intended to punish the
defendant for its outrageous,wanton,or willful conduct and to deter the
defendant from engaging in similar behavior in the future."'However,the
objective measures that dictate the amount of compensatory damages awarded
to a plaintiff(such as actual medical costs,lost wages,etc.)are non-existent in
the assessment of punitive damage.'As such,and as our most recent report
shows,the risk,the prevalence and the quantum of punitive damage awards
continue to increase.'
With the number of punitive damages awards increasing,many organizations 0 .' p �R,1 ❑
and businesses are looking to mitigate risk via their insurance coverage. , 1J
Unfortunately,there are many states in which punitive damage insurance is 14.1 r16
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restricted. In California,Colorado,New York,Rhode Island,and Utah,one p .gyp"`. 'a
cannot purchase insurance that protects against punitive damages.'The states
where insurance for punitive damages is restricted or unavailable are also the
states where the majority of U.S.economic activity occurs and where nearly all p 0
punitive damage awards are made.' '
However,there are solutions available for organizations looking to mitigate Read the Most recent
the risk of punitive damages,even in areas where punitive damages insurance edition of A Review of the
is restricted.Organizations can seek out punitive damage wrap(puni-wrap)
policies,which are separate,standalone policies procured and issued outside Liability
ility an Damages J
of the United States.A puni-wrap provides more certainty of coverage for an Liability Landscape by
insured looking to protect against the unknown. scanning the QR Code.
SOURCE , Xj
lhttps://www.chubb.com/content/dam/chubb-sites/chubb-com/microsites/global/global/documents/pdf/
ChubbBermuda_PuniDamagesWhitePaper_061322_Digital_ilH Ez4.pdf
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Expert Insights
Factors contributing to punitive damages across industries
Different market segments each have their own unique exposures and risk factors that contribute to the risk of nuclear
verdicts and punitive damages.Three Chubb experts weighed in on the factors impacting their industries.
Construction Healthcare Life Sciences
"One of the factors driving nuclear "Plaintiffs used to shy away from the "In the Life Sciences industry,it is
verdicts in the Construction industry is complexities of medical malpractice especially important that jurors receive K
the sheer size of the projects.Theyjust cases,but over the past several years the full,factual scientific picture when it
keep getting bigger.The cost of materials have become very practiced in bringing comes to product liability cases. In both
is increasing,the amount of labor needed complex medical cases and explaining state and federal cases,standards have
to complete the project is increasing,and the care and treatment in such a way that been established through case law,and
there are more and more projects out inflames the jurors,opening a potential codified in rules of evidence that makes
there that cost multiple billions of dollars. for very large awards.They're organized, judges the gatekeepers of scientific
From a liability perspective,if something sophisticated,and they're learning information and its admissibility in court.
goes wrong or there's a catastrophic from each other.At Chubb,our claim In many instances,it is difficult for judges
event,there is a lot of money on the line. handling expertise provides a strong to decide what should be admissible,and
When jurors see the amount that goes response in the face of these well-funded that could lead to the admissibility of
into a project,that can color the amount and organized opponents. It takes new junk science. In those cases,jurors could
that they believe a plaintiff is entitled to" methods to combat the rising severity we be taking a paid expert's opinion as fact,
are seeing in the marketplace." leading to excessive jury verdicts:'
Lyndsey Christofer,Construction and Real Caroline Clouser,Healthcare Industry Lee Farrow,Life Sciences Industry Practice
Estate&Hospitality Practice Leader,Chubb Practice Leader,Chubb Leader,Chubb
20

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an -escalating liability landscape
Construction Companies engaged in project design, engineering,
development and construction.
Sample Large Losses
Date of Loss Loss Details Incurred
Amount
20181 Expansion of airport runway and related roadway construction caused flooding,loss of access and other USA $42M
damage to property
2019 Individual paralyzed after riding bicycle into open construction trench USA $20M
2019 Construction workers dropped subway beam,crushing spine of cyclist USA $110M
2020 Class action alleging misstatements regarding"clean coal"power plant construction project USA $87.5M
2021 Mason suffered spinal injuries after falling from scaffolding USA $26.6M
2021 Worker backed up construction vehicle on highway,causing collision and brain injuries to truck driver USA $18.9M
2022 Death from being hit with falling tree while on dirt bike due to excavator improperly on track USA $22M
2022 Spinal injuries to worker who fell due to improperly placed temporary wooden staircase USA $48M
2023 Improperly set crane led to woman's death USA $860M
Date of settlement
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Navigating an ever-escalating liability landscape
Construction Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
800
700
600
Z 500
O_
J
J 400
37
300
200 T
f ,
100
00 00 :0 .0
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014limits
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i Companies engaged in the design,development,assembly,manufacturing,
Manufacturing 1 marketing,distribution and sale of industrial equipment,motor vehicles and
i component parts used in various industries.
Sample Large Losses
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Incurred
Date of Loss Loss Details Amount
20191 Vehicle accident caused by safety defect resulted in paralysis USA $151M
20192 Refinery explosion resultingfrom alleged manufacturing defects USA $317M3
20194 Engine defect litigation USA $758M
20201 Consumer safety suit brought by multiple states over defective frontal air bags USA $96M
2021 Class action alleging underlying defect in failure-prone engines that could catch fire USA $889.6M-$1.313
2021 Faulty batteries for electric vehicles increased risk of fire USA Up to$1.913
2021 Failure to warn of faulty boat design,resulting in death of child USA $200M
2022 Cancer caused by exposure to ethylene oxide plant emissions USA $363M
2022 Engine defects that caused problems including stalling and premature breakdowns USA $102.6M
2022 Faulty propulsion systems made by electrical equipment manufacturer that failed on cruise ships USA $158.8M
2022 Warehouse worker injured by a toppled load of lighting equipment USA $100M
2022 Defect in truck's roof caused deaths of two people USA $1.713
2023 Defective restraint system caused driver's quadriplegia USA $976.5M
2023 Plaintiff claimed crane should have been used to lift AC unit USA $53.5M
'Disposition date 2 Date of settlement 3 Reduced to$195M by settlement prior tojuryverdict
4 Date of proposed settlement 5 Date of settlement

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Manufacturing // Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
500
• 400
00
00
00
$40 $400M $375M $350M $355M $350M
*Loss Costs are trended using the ISO trend circular and are indexed to 2014 limits
25

Companies engaged in the exploration,production, refining, processing,marketing
Oil & Gas I and distribution of natural gas, oil,liquids and derived products, including contract
drilling and other oilfield products and services.
ample Large Losses
�\ Date of Loss Loss Details Location Incurred Amount
2019 Natural gas pipeline built in the 1950s exploded USA Pending
20191 Coastline damage allegedly caused by oil and gas drilling USA $100M
20192 Alleged willful misconduct in management of oil processing facility and gas well drilling USA $74AM
20203 Oil spill from pipeline closed beaches and damaged environment USA $60.6M
Q 2021 Additional environmental damage from 2006 oil spill USA $ 7M i (in addition to
_ $97M in earlier fines)
2021 Groundwater contamination by gas additive MTBE USA $25M
2021 Pipeline wastewater spill resulting from hydraulic fracturing(fracking) USA $35M
2021 Failure to investigate multiple leaks of natural gas storage facility USA $1.113
2022 Employee gas turbine technician was killed after he was struck by a fuel filter cover that blew off the USA $150M
equipment he was working on
1 Date of settlement 2Verdict date.Judge declined to reduce verdict in 2019.Pending appeal in 2020. 3 Date of settlement
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-escalating liability landscape
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Oil & Gas // Limits Purchased vs. Loss Costs
Median Limit — Loss Cost*
1,400
1.200
1,000
z
O
800
cJ
G
600
400
200
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014limits
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Navigating an ever-escalating liability landscape
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Utilities Companies engaged in the generation,transmission and distribution of electricity,
including transmission or distribution of gas.
Sample Large Losses
Date of Loss Loss Details Incurred
Amount
2019 Three individuals injured by electric ground box shock USA $25M1
20202 Individual injured by falling utility pole USA $125M
20203 Wildfire allegedly caused by unmaintained trees that damaged power lines due to negligent tree trimming USA $20M
2021 Child struck and killed by garbage truck USA $38.8M
2021 Piping maintenance company failed to repair faulty relief valve resulting in scalding death of worker USA $220M
2022 Workers at electricity supply company forced out of jobs complaining about sexual and racial harassment USA $464M
2022 Garbage collector struck by car and seriously injured while crossing street to collect a can USA $14M
2023 Tree trimming near power lines led to severe electric shock USA $54M
2023 Negligence of cement company caused worker's death USA $50.5M
` 2023 Department failed to maintain electrical equipment USA $38M
2023 Laborer disabled in negligent demolition project USA $12.2M
'Demand 2 Date of settlement s Date of settlement
•

Navigating an ever-escalating liability landscape
Utilities // Limits Purchased vs. Loss Costs
Median Limit
Loss Cost*
:11
T p.
I/
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I/
•
411
I/
11
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11
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$343M I $350M I $350M I $345M I $333M I $370M I $373M I $371M I $385M I
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*Loss Costs are trended using the •trend circular and are indexed to 2014 limits
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Companies engaged in research, development, manufacturing,marketing
Chemical and distribution of petrochemicals,basic and specialty chemicals,
agricultural chemicals and chemical intermediates.
Sample Large Losses
Date of Loss Loss Details Incurred
Amount
20191 Private citizen's lawsuit alleging illegal pollution discharge into waterways USA $50M
-- 20192 Groundwater contamination alleged from application of pesticide fumigants USA $63M
Various Potential class action from thousands of claimant allegations that an agrichemical causes personal injuries USA $11.2133
20204 Crop damage resulting from third party use of herbicides USA $75M
2022 Exposure to dangerous and long-lasting chemicals(PCBs)at local school USA $82M
2022 Students and teachers exposed to PCBs caused neurological injuries USA $275M
2022 Dry cleaning chemicals contaminated city's soil and groundwater USA $56.3M
2023 PCB exposure caused brain damage,cancers USA $165 M
2023 Homeowner unaware land was previously chemical pit USA $63M
2023 Mesothelioma death linked to products by man's estate USA $40.6M
2023 Company accused of knowingly exposing worker to asbestos USA $40M
2023 Students and parents exposed to PCBs USA $857M5
1 Date of settlement 2 Disposition date 3 Disposition of settlement offer °Disposition date.Court modified punitive damages to$60M and upheld$15M compensatory damages in Nov 2020
5$73M compensatory damages,$784M punitive damages
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Chemical // Limits Purchased vs. Loss Costs
Median Limit Loss Cost*
11
111
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0 li
400
tiff
11 a
$500M $500M $475M $488M $475M $465M $410M $400M $350M
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2014 20151 118 2019 20201 12023
*Loss Costs are trended using the ISO trend circular and are indexed to 2014 limits —7
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Contact Us
For additional information about Chubb's
insurance products, please contact your
Chubb Bermuda representative.
https://www.chubb.com/bm-en/Chubb-bermuda-benchmark-report.html
1
The verdict and settlement amounts referenced in the report are pulled from various publicly available case
summaries and news sources.
Chubb Bermuda's insurance products are available through non-US-based brokers only.The information
contained in this document is intended for general marketing purposes and information only.For terms and
conditions of coverage,please refer to the specific policy wording.Chubb Bermuda Insurance Ltd.is regulated by
the Bermuda Monetary Authority.It is not licensed in the U.S.as an admitted insurer,nor is it an eligible excess
and surplus lines insurer.
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