A Reversal of Fortune in the Accident Insurance Industry
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  • Reversal of Fortune?

    On behalf of The Frickey Law Firm on Monday, June 4, 2012.

    According to Webster, insurance is “the business of insuring persons or property; a means of guaranteeing protection or safety.” That sounds great in theory, but is the industry truly living up to its “definition”?

    Insurance – accident insurance, to be precise – came to the U.S. in the mid 1800s to protect those working in hazardous conditions. It evolved into disability and then into what we now know as mutual insurance, which was created to serve the public interest. Basically, the original idea was to create incentive (in the form of dividends) for policyholders to remain healthy, and to contribute to the betterment of the community. Insurance companies invested in workplace safety initiatives and returned the savings back to their policyholders.

    How things have changed.

    Premiums are skyrocketing, insurers are dropping high-risk clients, and executives are pocketing profits originally intended for their customers – a complete reversal of the original intent. Driven by greed, insurance companies have turned away from the best interests of the consumer. Where is the assurance in insurance?

    Consider the example of Workers’ Compensation insurance. Employers are required to pay in to the system, therefore their employees should be entitled to their fair compensation if they follow the proper procedures. Seems pretty cut-and-dried, right? Well, unfortunately the insurance companies wield an enormous amount of power, and often delay or deny benefits as long as possible for their own monetary benefit. It’s the same with every form of insurance, including disability, auto, and health – the policyholders pay their premiums and still have to fight for their benefits. It’s just not fair.

    At The Frickey Law Firm, we support and fight for the rights of the insured. We are able to assess your policies to assure that you have proper coverage, and, in the case of personal injury or illness, we will represent you and work to recover the compensation. We feel it’s time to make the insurance companies accountable for their actions and to protect the health and safety of those they are meant to serve- the people.