Insurers' Profits Increased for First 9 Months Of 2006
Personal Injury News Items
For the first 9 months of 2006, the property and casualty insurance industry has again reported record profits. The results from ISO and PCI show that the insurers' profits increased from $29.8 billion in 2005 to $44.9 billion in 2006 - an eye-popping increase of $15.1 billion. These profits look particularly absurd when the actual purpose of insurance companies is examined. Insurance companies were created in order to share risk through a pooled fund. Their only utility arises from paying out claims. Yet claims paid per premium dollar has been dropping for years. The insurance industry is simply a "middle man" who is keeping more and more of the funds that it handles each year.
Some accidents happen and the victims don't know who hit them. In such cases, a negligent driver can sometimes be found through law enforcement, video cameras, and investigation. See, Woman Settles for $3 Million After Being Run Over by School Bus. In addition, in other cases, the injured parties may be able to pursue insurance coverages that are designed to fill in such gaps - such as Uninsured Motorist Insurance and/or Underinsured Motorist Insurance.
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