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Tillinghast-Towers Perrin has issued its 2003 Update on the cost of tort litigation in the United States. According to that report, the U.S tort system cost $233 billion in 2002, a 13.3% increase over 2001, which in turn was 14.4% greater than in 2000. The report states, further, that less than 50 cents on the dollar is returned to the injured parties, and only 22 cents is returned as compensation for actual economic loss. As of 2002, U.S. tort costs accounted for 2.23% of the Gross Domestic Product (GDP) of the country.
The report can be accessed at:
http://www.tillinghast.com/tillinghast/publications/reports/2003_Tort_Costs_Update/tort_exec_sum.pdf
Should you have any questions regarding this matter, please call or e-mail John P. Davis, III at (412) 261-6400 or jpd@jpcg.com.
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