In 2008, torts cost an average of $838 per year for every American. The 2011 update from Towers Watson yielded the following key findings.
- U.S. tort costs increased by 5.1% in 2010. The increase is attributable to the April 2010 Deepwater Horizon drilling rig explosion and resulting oil spill in the Gulf of Mexico. Absent the cost from this event, tort costs would have shown an overall decrease of 2.4% in 2010.
- The U.S. tort system cost $264.6 billion in 2010, which translates to $857 per person, versus $820 per person in 2009.
Are tort cases costing too much? Are Americans too litigious? Is it time for tort reform? What do you think? Remember to give reasons for your opinions.