Practice Areas
- Medical Malpractice
- Car / Truck Accidents
- Birth Injuries
- Brain Injuries
- Spinal Cord Injuries
- Catastrophic Personal Injuries
Blog 
Car / Truck Accidents
News
- "Best Lawyers in America" recognizes all three Shevlin Smith attorneys
- Federal Court Strikes Down Dangerous Trucking Law
- Lives Saved in 2007 by Restraint Use and Minimum Drinking Age Laws
- World Health Organization Issues a Checklist to Make Operations Safer
- Experts Worry About Rise in C-Section Births
- FDA Believes That Heparin Contamination Was Likely Intentional
- Safety Alert Issued for Heparin
- FDA Identifies Potential Problem Drugs
- Virginia Super Lawyers recognize Thomas G. Smith and Michael J. Shevlin
- Virginia Supreme Court Denies Charitable Immunity For Doctors
Library
Old Firm News
- Virginia's Largest Verdicts of 2006
- Virginia's Largest Verdicts of 2005
- Tom Smith Named Super Lawyer
- Shevlin Smith Moves Office
Medical Articles
Significant Court Decisions
- Virginia Supreme Court clarifies the foundational requirements for the admissibility of medical literature
- Virginia Supreme Court addresses damages issue in truck accident wrongful death case
- Massachusetts Supreme Court Holds That A Doctor's Responsibility Goes Beyond Patients
- Virginia Supreme Court reaffirms mother's right to recover for her own emotional distress suffered as a result of an in utero injury to her fetus
- Virginia Supreme Court agrees with trial court's decision to fine defense attorney who raised groundless legal defenses
Car / Truck Accidents
- Speeding Triples The Chances of an Auto Accident
- Large-Truck Crash Causation Study: An Initial Overview
Tort Reform News
- The Ten Worst Insurance Companies in America
- Financial Statements From 15 Largest Medical Malpractice Insurers Show Increase In Doctor's Insurance Premiums Not The Result Of Medical Malpractice Lawsuits
- "To Err Is Human: Building A Safer Health System"
- Harvard School of Public Health study: "Claims, Errors, and Compensation Payments in Medical Malpractice Litigation"
- "The Fairness of Malpractice Settlements"
Shevlin Smith Blog
Shevlin Smith BlogCar / Truck Accidents
Is Insurance Company Greed The Reason For Higher Premiums?
Advocates for tort reform consistently claim that lawsuits are the reason that Americans face increasing insurance premiums. This claim has consistently been refuted by statistics that prove the number of lawsuits filed in the United States have been decreasing over the last 20 years, and that jury verdicts in favor of injured people have not been increasing over the last 20 years.Now, there is additional proof that lawsuits have nothing to do with the increase in insurance premiums charged by the insurance companies. J. Robert Hunter in his study entitled "Property/Casualty Insurance in 2008: Overpriced Insurance and Underpaid Claims Result in Unjustified Profits, Padded Reserves and Excessive Capitalization" discovered that insurance companies are paying 20% less in benefits to its own insureds now as compared to 20 years ago. He also discovered that insurance companies have earned unprecedented profits in each of the last four years, which is remarkable in the aftermath of Hurricane Katrina and the Florida hurricanes. Mr. Hunter concludes that the property/casualty insurance industry has been highly effective in maximizing profits through rate increases, coverage reductions, inappropriate claims practices and by shifting high risks onto taxpayers.
Of note, Mr. Hunter was a former Texas insurance commissioner charged with ensuring that insurance rates are fair, and that insurance companies are financially stable and able to pay claims as promised.
Anecdotal support for Mr. Hunter's findings can be found in Allstate Insurance Company's long-standing refusal to comply with court orders demanding the production of the "McKinsey documents", which allegedly show how the company profited at policyholder's expense. In an effort to protect these documents from production, Allstate Insurance has incurred millions of dollars in fines. Recently, the Florida Insurance Commissioner went so far as to ban Allstate from writing new insurance business because of its refusal to produce documents or testimony to clarify its procedures for paying claims.
Labels:
Comments
There are no comments.
Post a comment
Post a Comment to "Is Insurance Company Greed The Reason For Higher Premiums?"
To reply to this message, enter your reply in the box labeled "Message", enter your username and password, and hit "Post Message."
Let Us Help You
Shevlin Smith
3975 University Drive, Suite 405
Fairfax, VA 22030
Phone: (703) 591-0067
Fax: (703) 591-1877
FAQs
General Questions
- What are the expenses for bringing a medical malpractice or personal injury case?
- What is the likelihood of my case settling without having to go to trial?
- What should I do if I believe that I have been injured due to medical malpractice or the negligence of another person?
- What fee does an attorney charge for representing a client in a medical malpractice or personal injury claim?
Car / Truck Accidents
I have been injured in a car or truck accident and I am now receiving calls or letters from the insurance company of the person who caused the accident. What should I do?
What information can I provide to an attorney to assist the attorney in the review process of my case?
Birth Injuries
- What if I suspect that my child’s injury was caused by medical negligence at birth?
- What are the main types of birth injury cases?
- How is negligence proved in cases of birth injuries?
Medical Malpractice
- How does one know if he or she is a victim of medical malpractice or negligence?
- What experience should I look for in a medical malpractice attorney?
- Is a misdiagnosis or the failure to make a diagnosis always medical malpractice?
- When does a health care provider's failure to treat an infection become medical malpractice?
- Will my health care providers tell me if a mistake has been made?
Brain Injuries
- What are the symptoms of a subtle or mild brain injury?
- How is a brain injury diagnosed?
- What is the frequency of traumatic brain injuries in the United States?
- What is the prognosis for a person who has suffered a traumatic brain injury?