The American Association for Justice (AAJ) is out with a research report on the egregious ways insurance companies make money at the expense of consumers. Despite being an industry with trillions (yes, trillion with a “t”) in assets, and billions in profits, insurance companies engage in time-honored tricks of the trade to avoid paying claims.
In this report, the AAJ lists how some of America’s largest insurance companies such as Allstate and AIG have denied valid claims for the sake of profit, including employment practices where employees are given incentive bonuses to deny claims or make low-ball offers. It also includes instances of insurance carriers delaying claims in the hope the claimant will give up, or, in the case of long-term care insurance, die.
Anyone who has had to make a claim for insurance benefits is probably not surprised by these findings. Occasionally you’ll find people who are totally satisfied with their experience, but by far most people come away upset, confused, and angry. In fact, many of our auto accident clients come to us after a bad experience with the adjuster assigned to the claim. They feel they have no choice but to involve a lawyer.
Click here (.pdf) to read the entire report.
The accident and injury attorneys Walton Law Firm LLP represent individuals and families who have been involved in auto and motorcycle accidents, bicycle accidents, and most other accident claims.