Why do insurance companies deny bodily injury claims?
The answer is simple, because it increases the bottom line. For a perfect example, let's look at State Farm and its recent earning release. In the year 2009, State Farm was able to increase its combined net worth an additional $4.8 billion to $58.1 billion. Holy cow that's a lot of money! The insurance giant noted the primary reason for the increase (improvement) were gains in its unaffiliated stock portfolio. Really? Isn't the stock market in a two-year slump? Let's take a closer look at why insurance claims for personal injury are denied or minimized by adjusters.
Insurance companies generally survive off of their investments, typically in the form of annuities and stocks. However, these investments are funded by insurance premiums collected from policyholders. So what reduces the amount of funds available to populate insurance company's investments? Personal injury and property damage claims, plain and simple. So you see, automobile insurance companies such as State Farm may attribute growth based on stock gains, but the bottom line is this: denied claims and low-ball settlement offers are one, if not the primary, means of making an insurance carrier more "profitable."
As an injury lawyer in St. Louis, Mo, I face State Farm, and other large car insurance companies each day in my law practice. The experience is never pleasant. These insurance companies retain expensive defense lawyers and instruct them to drag out, delay, and potentially deny legitimate accident injury claims that result from car accidents, motorcycle accidents, slip and fall, and other incidents that involve negligence and legally-recognized harm.
Remember when you are involved in a crash or other incident that results in an injury, that ultimately you will be dealing with an insurance company that has but one goal, to be as profitable as possible. These companies have gone so far as to use claims computer software that completely removes the human element of reviewing an injury. It's unfortunate because many claims involve horrific injuries or fatalities that require the empathy and sympathy of someone with a brain. You only have one opportunity to receive fair and just payment for your injuries from that at-fault party's insurance company. Contact an experienced accident injury lawyer and obtain free advice on the best approach in your specific case.
Insurance companies generally survive off of their investments, typically in the form of annuities and stocks. However, these investments are funded by insurance premiums collected from policyholders. So what reduces the amount of funds available to populate insurance company's investments? Personal injury and property damage claims, plain and simple. So you see, automobile insurance companies such as State Farm may attribute growth based on stock gains, but the bottom line is this: denied claims and low-ball settlement offers are one, if not the primary, means of making an insurance carrier more "profitable."
As an injury lawyer in St. Louis, Mo, I face State Farm, and other large car insurance companies each day in my law practice. The experience is never pleasant. These insurance companies retain expensive defense lawyers and instruct them to drag out, delay, and potentially deny legitimate accident injury claims that result from car accidents, motorcycle accidents, slip and fall, and other incidents that involve negligence and legally-recognized harm.
Remember when you are involved in a crash or other incident that results in an injury, that ultimately you will be dealing with an insurance company that has but one goal, to be as profitable as possible. These companies have gone so far as to use claims computer software that completely removes the human element of reviewing an injury. It's unfortunate because many claims involve horrific injuries or fatalities that require the empathy and sympathy of someone with a brain. You only have one opportunity to receive fair and just payment for your injuries from that at-fault party's insurance company. Contact an experienced accident injury lawyer and obtain free advice on the best approach in your specific case.
