We all have seen the ads and jingles. There is a reason why there are so many insurance company ads on TV and radio — it’s BIG BUSINESS, and business is booming!
Just look at some of the reported revenue of the big insurers from 2013:
- State Farm (“Like a Good Neighbor”) – $64.3 billion
- MetLife – $52.717 billion
- Liberty Mutual Group – $36.9 billion
- Allstate (“You’re in Good Hands”) – $32.654 billion
- Nationwide (“On your Side”) – $30.6978 billion
- Travelers – $25.740 billion
- Progressive – $15 billion
- GEICO – $9.212 billion
Your insurance company is a business, not a friend. They make money by collecting premiums and by underpaying (or not paying) valid claims. You may or may not have heard the term “tort reform” thrown around in the past. This was an effort by the insurance companies to effectively lobby both state and the federal government to pass laws that were unfriendly to the consumer or plaintiff.
For example, in 2010 here in Florida the legislature and governor passed into law a highly anti-plaintiff and pro-insurance slip-and-fall statute. The lobbyists for the insurance companies made the government believe that frivolous claims were being filed and that it was raising insurance rates on the great citizens of Florida. This was and is simply untrue. Take, for example, the recently overturned cap on medical malpractice damages this year. Prior to this Florida Supreme Court case, persons injured by the medical negligence of doctors had a statutory cap on the amount they were able to collect, no matter if they lost a finger or died on the operating table. When the cap was initially passed, both then-Governor Jeb Bush and House Speaker Johnnie Byrd vowed in a joint statement that the bill would “reduce ever-increasing insurance premiums for Florida’s physicians… and increase physicians’ access to affordable insurance coverage.” However, insurers shortly after requested premiums for malpractice insurance to increase as much as 45%!
The attorneys at the LaBovick Law Group have years of experience in taking on insurance companies. We fight for people that have been injured due to the negligence of another. If you have been injured, call today for a free consultation.