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.
Mediation works - so we use it regularly. In Providence, R.I., in 2014 eight female aerialists doing a hair-hang act 20+ feet above the ground were severely injured when the metal frame supporting their act collapsed hurtling them to the floor. They recently obtained a total combined settlement of $52.5-million through mediation of their claims See, Eight severely injured aerialists recover $52.5-million settlement through mediation.
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