Top Insurance Stories in 2007 in Southeast

December 31, 2007

  • January 3, 2008 at 10:53 am
    Top Insurance Stories in 2008 says:
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    The debate over whether to renew the PIP requirement focused attention on some of its shortcomings such as the number of fake crashes and fake injuries that are submitted as PIP claims. Due to the fraud problem, some insurance companies lobbied to kill no-fault. But hospitals and health care providers argued that without mandatory PIP lots of people wouldn’t have anyone to pay for their health care if they were in an accident. That means the hospitals would get stuck with the bill. They pushed for the system to be restored and prevailed. The legislation does, however, include measures backers hope will reduce fraud. Stop the FRAUD BY THE BIG DOG!!!! tell real story…

  • January 4, 2008 at 1:44 am
    Anonymous says:
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    When there’s a disaster, the companies homeowners count on to protect them from financial ruin routinely pay less than what policies promise. Insurers often pay 30-60 percent of the cost of rebuilding a damaged home–even when carriers assure homeowners they’re fully covered, thousands of complaints with state insurance departments and civil court cases show.

    Paying out less to victims of catastrophes has helped produce record profits. In the past 12 years, insurance company net income has soared–even in the wake of Hurricane Katrina, the worst natural disaster in U.S. history. Property- casualty insurers, which cover damage to homes and cars, reported their highest- ever profit of $73 billion last year, up 49 percent from $49 billion in 2005, according to Highline Data LLC, a Cambridge, Massachusetts-based firm that compiles insurance industry data.

    The 60 million U.S. homeowners who pay more than $50 billion a year in insurance premiums are often disappointed when they discover insurers won’t pay the full cost of rebuilding their damaged or destroyed homes. Property insurers systematically deny and reduce their policyholders’ claims, according to court records in California, Florida, Illinois, Mississippi, New Hampshire and Tennessee. The insurance companies routinely refuse to pay market prices for homes and replacement contents, they use computer programs to cut payouts, they change policy coverage with no clear explanation, they ignore or alter engineering reports, and they sometimes



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