Excessive litigation and abuse of the U.S. legal system are effectively imposing a tax on the U.S. economy and causing a surge in liability insurance costs, according to John Doyle, president and chief executive officer of Marsh McLennan.
“The U.S. already has the highest liability insurance rates in the world and escalating costs will only make it harder for companies to decide to invest and grow here,” he said during an analysts’ call to discuss the company’s second quarter results.
And for those companies that do invest in the U.S., they will have to pass