While millions of individuals and small businesses continue to struggle to try and make ends meet, corporate america continues to profit. One such industry that realized large profits in 2006 was the insurance industry. Many insurance companies regularly deny coverage to those that are forced to pay large premiums. The insured is left to wonder why they have been paying premiums, while the insurer profits. In the first nine months of 2006, profits of the property/casualty insurance industry totaled $44.9 Billion, a new record for the industry.
It is time that the insurance industry be held accountable. Recent catastrophic events have left millions of insureds with substantial losses. When the losses have been submitted to the insurance company, many times, the insurance company denies coverage for a number of reasons, sometimes in bad faith. When this happens, an insured has a right to challenge the insurance company’s decision and should do so. Don’t let corporate america profit over people!