Tort Costs Slowing, Still up 5.4%

U.S. tort costs reached a record $246 billion in 2003, or approximately $845 per person, according to U.S. Tort Costs: 2004 Update from the Tillinghast business of Towers Perrin. This represents a 5.4% increase in tort costs from 2002 -- a much slower growth rate than the prior two years (13.4% increase in 2002; 14.7% increase in 2001). The 2004 Update analyzes tort costs from 1950 through 2003, with projections into 2006. The 5.4% rate of growth in tort costs in 2003 slightly exceeded overall economic growth (as measured by gross domestic product -- GDP) of 4.9%. "The moderation in tort cos...