Is Liberty Mutual a Good Company to Get a Settlement From.
Liberty Mutual is an enormously profitable American insurance company. Baltimore personal injury and car accident lawyers Attorney Eric T. Kirk have also seen that the major auto insurers employ different methods to generate enormous profits. While paying less out in claims is perhaps a business model, or part of a larger model, it is certainly not the only path to profit. Insurance companies that take in billions in premiums have the opportunity to invest those billions on an institutional level, and earn mammoth returns. Former Liberty Chairman Edmund F. Kelly noted that catastrophic storms, and resulting damage claims made 2011 a tough year for Liberty Mutual, but that Liberty did ok. How well?
Liberty posted a net profit in that “tough” year of 365 million dollars.
Liberty seems to want some sympathy. “The Boston Globe reported that the insurer posted profits of $514 million, “down” from 2014’s $1.8 billion.1″ The reason offered, then, was apparently another tough year, this time from losses in Venezuela. Liberty seems to struggle through adversity, and still post enormous profits. How are they doing now? [2021] “Liberty Mutual Holding Co. Inc. on Thursday reported first-quarter net income of $856 million, up 64.7% from last year’s first quarter.” 2 Still doing very well, it would seem. Liberty employs many of the same methods used by the insurance industry generally. Claims are denied. Many injury victims contend wrongfully so. Claims are discounted. Many injury victims contend they are offered only a small fraction of their actual losses.
When these claims end up in court, Liberty relies on its team of highly skilled and experienced attorneys to defend the claim in court. Liberty also uses the “in-house” counsel model, believed to be an effort to save additional money on attorneys fees and litigation costs, allowing it to litigate denied claims more inexpensively. The personal injury claimant should not be fooled, though, by Liberty’s efforts to save money on its attorney fees. Although considered “in-house” the team of attorneys are ferocious litigators, who advocate Liberty’s claim denials in court on a daily basis.
I’ve had a great many cases with Liberty Mutual. The attorneys they have on staff are widely regarded as some of the best personal injury and accident lawyers in Maryland. If you have a personal injury claim with Liberty that has been denied or discounted, feel free to call me for a complimentary case review. 410 591 2835.
FN1 http://www.ibamag.com/news/northeast-news/liberty-mutuals-profits-plummet-more-than-70-29211.aspx
FN 2 https://www.businessinsurance.com/article/20210506/NEWS06/912341678/Liberty-Mutual-reports-sharply-higher-Q1-profit-despite-cat-losses
