Robert Farnam's questions to ProAssurance Corp (PRA) leadership • Q1 2024
Question
Robert Farnam of Janney Montgomery Scott asked what non-rate actions ProAssurance can take to address social inflation in the Specialty P&C segment and whether any geographic areas are showing progress on this front.
Answer
President and CEO Edward Rand detailed a multi-faceted approach beyond pricing. Internally, this includes refining claims strategies and careful risk selection by territory. Externally, he pointed to broader industry efforts like public education on the value of insurance, recapturing the narrative around healthcare safety, and pursuing comprehensive tort reform, including litigation funding disclosure and new rules for life care planners. He noted that while some markets are more stable, the unpredictability of large verdicts is now more widespread than a decade ago.