Insurance companies for a long time have put profits ahead of their insured’s best interests. It seems to this experienced bad faith insurance lawyer that claim denial rates have been increasing to the point where government regulation of the insurance industry is more critical and necessary. It would be helpful for the average consumer to know the rate at which his or her selected insurance company denies claims when purchasing the policy. Most insurance companies do not release this information and they are not required to release this information by law.
To identify the worst insurance companies for consumers I suggest that one review The American Association for Justice report entitled “ The Ten Worst Insurance Companies of America .” According the AAJ report, Allstate was named the worst insurance company in America. The report claimed “There is no greater poster child for insurance industry greed than Allstate.” The report further concluded that the company publicly touts its “good hands approach” while it privately instructs agents to employ a hardball boxing glove strategy against its own policyholders.
It appears to this experienced bad faith and unfair insurance practices claims lawyer that insurance companies are clearly acting beyond reason when they reject many claims and the improper denial of such claims is increasingly used to boost the financial bottom line of insurance companies so that the fat cat executives can continue to take big bonuses. The recent healthcare debate has focused on insurance companies rejection of valid claims and noted multiple confrontations held by insurers against their company. Many state authorities fail to battle the insurance companies’ unfair practices and even as recently as October 22nd, a house committee voted to improve a consumer financial protection agency bill and to exempt insurance companies and insurance products from CFPA oversight.
The insurance industry is one of the wealthiest industries in the world, and in the United States the insurance industry takes in over $1 trillion in premiums annually. The insurance industry has $3.8 trillion dollars in assets, more than the GDPs of all but two countries in the world. Over the last ten years, the property and casualty insurance industry has enjoyed average profits of over $30 billion dollars a year. So then the question begs: What is one to do when his or her insurance claim is wrongfully denied by the insurance company who took his or her hard earned dollars for the policy?
...Philadelphia Car Insurance 1411 S Penn Square, Philadelphia, PA 19107 (267) 702-3227 myphiladelphiacarinsurance.inf o
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