How Insurance Company Profits Compare to Payouts
North Carolina insurance disputes might occur if a policy holder does not receive as much as the amount outlined in their policy. However, the North Carolina Department of Insurance sets forth standards that insurance companies must comply with on the state-level, while at the same time these companies must comply with federal law. Even with these laws, not all insurance companies practice properly. The NC Department of Insurance reported nearly $300,000 was paid out in 2014 to consumers in recovery payments through their Market Regulation division.
The Insurance Information Institute compiled data on insurance company profits. At the same time, the organization studied reports of payouts made my the same insurance companies to victims who suffered property damage.
|Year||Premiums Paid||Amount Paid Out|
* Only Q1-Q3 of 2014 available at the time of this writing. This figure reflects the first 9 months of the 2014 calendar year of property insurance industry profit.
One of the many ways insurance companies increase profits is to underpay claims. Studies and court cases reported by Bloomberg over the past decade have shown that insurance companies paid out 40%-70% less than actual rebuilding costs for homeowners' property damage claims.
Homeowners who find themselves with damaged property and insufficient compensation from insurance companies--or an unreasonably delayed claim--are protected by laws that govern bad faith insurance. North Carolina insurance dispute attorney Brent Adams explains more in his book, which state residents may receive for free by filling out the box to the right. Our lawyers also offer free case reviews in our offices, your home, a hospital, or wherever you may be recovering after suffering property loss.
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