The Top Executives of Insurance Companies Had a Banner Year in Terms of Financial Compensation – Why Is It That In Regard to Claimants, They Continue to Deny, Delay, and Defend Against the Payment of Legitimate Insurance Claims?
As a consumer, I am quite frankly annoyed every time I get an insurance bill with an increase in premium. I am even more aggravated in my capacity as a catastrophic injury lawyer when a sterling client with no prior claims history has a legitimate catastrophic injury claim involving absolute liability and is unfairly denied benefits that are clearly owed.
As a catastrophic injury lawyer who has handled a number of bad faith insurance claims and thousands of injury claims over the last three decades, I have been able to pull back the curtain somewhat to reveal how many insurance companies systematically and deliberately squeeze out America’s customers particularly in a time of economic crisis. When you buy insurance whether it be a homeowner’s policy or an automobile policy, you have every right to expect that the insurance company will be bound by the promise to pay you when benefits are due rather than engage in a path of deception by throwing every financial hurdle or obstacle in your path.
I recently had dinner with a gentleman who in a “past life” was a top executive in one of the nation’s largest insurance companies. He bragged to me how his adjusters would routinely deny claims and call for unnecessary peer reviews of those in unequal bargaining positions who had average or below average lawyers representing them, if any lawyer whatsoever. He claimed that his company would make interest on the money float of funds not timely paid.
With most families struggling to hang on these days and employers struggling to stay in business as healthcare, healthcare insurance rates, and automobile insurance rates continue to rise, we now notice that the executives heading the insurance companies have been giving themselves huge raises. Certainly this is not reflected in their effort to improve healthcare, yet it is clearly reflected in their effort to affect the bottom line profitability of the company which still to this day remains diametrically opposed to claimant satisfaction.
As we enter a new year, it is my hope that the pendulum may swing from an era of extreme greed and to one of a more reasonable methodology.