December 13, 2004
It's just different
Why are some large damage awards by juries treated differently than others? Read Dwight and find out.
Posted by Charles Kuffner on December 13, 2004 to Legal matters
The market for property and casualty insurance is a heck of lot bigger than for professional negligence but still.
What does he mean "but still?" The huge difference in market sizes does make a very big deal.
If I lost $10,000 and Bill Gates lost $15,000...well, I think it's obvious where I'm going with that. The $10K loss to me has far greater impact to me than $15K would have to a gazillionaire. Replace wealth with "revenue" or "earnings" or "market size" and the analogy is complete.
It's possible that the medical malpractice "crisis" is somewhat overblown but it is a very real concern to our medical system, and dismissing it by acknowledging yet ignoring the relative sizes of these two markets when throwing dollar loss figures around does no good and makes the author sound like a shill for the trial lawyers.