A historic US$73 million settlement with gun-maker Remington Arms over the fatal Sandy Hook shooting will likely to drive up the prices of insurance

According to firearms reporter Stephen Gutowski the price of insurance will likely rise following the major settlement with the gun maker, which was reached this week.

Remington Arms is set to pay $73 million to the families of victims killed in the Sandy Hook Elementary School massacre.

In December 2012, 20 students and six adults were killed by a gunman brandishing a Remington Bushmaster AR-15 rifle at a school in Connecticut after killing his mother at home.

The families of five children and four adults will receive a sum of the money, with the firearms company also releasing all the discovery and disposition material to the public.

After years in courts trying to hold Remington accountable, the settlement will finally be paid through insurance policies.

One victim’s mother has marked the day as an “inflection point”.

Gutowski says it’s the gunmakers who will cop the price hike, as this settlement will likely hold a precedence which will hold them responsible for fatal events such as the 2012 shooting at Sandy Hook.