What happened: A new report by the U.S. Chamber of Commerce found that Texans are paying almost $38 billion a year, or an extra $4,594 per Texas household, to compensate for astronomical tort costs in the form of skyrocketing insurance premiums and higher prices of most goods and services in the state.

Remind me: Tort costs include litigation expenses, claimant payouts and administrative fees.

• Texas has one of the highest growth rates in tort costs, largely due to multimillion or nuclear verdicts.

By the numbers: Lawsuits cost Texans more money every year; with the cost increasing at a rate of 9.7% a year from 2016-2022.

TLR Thoughts: The growing cost of lawsuits is putting Texas families and businesses under increasing financial strain. With insurance settlements and nuclear verdicts driving up costs, companies face higher operating expenses and consumers pay more for insurance and everyday goods. TLR is working to address the issue through the Lone Star Economic Alliance (LSEA)—a coalition of more than 900 Texas job creators, citizens and business associations from across the state.

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