Another valid question. A few years ago, a lawyer’s group, now known as the American Association for Justice, put out a fascinating publication called the ’10 Worst Insurance Companies in America’.
It’s a safe bet to say that most people know many insurance companies are massive and profitable. It’s probably a safe bet to say that most people don’t really understand just how much money the major insurance companies actually make.
The American Association for Justice puts that figure at 30 billion dollars annually for US property/casualty insurers. [citing information from the Insurance Information Institute].
The profits are in part the result of taking in more in premiums, or earning more on investment income from those premiums collected, than is paid in claims and other overhead. Put simply, the less paid out in claims, the higher the profits. A seasoned Maryland car accident lawyer may play a vital role in ensuring that your claim receives full compensation. According to the American Association for Justice, the 10 worst, in descending order are Allstate, Unum, AIG, State Farm, Conseco, WellPoint, Farmers, UnitedHealth, Torchmark, Liberty Mutual. [https://www.justice.org/news/allstate-ranks-worst-insurer-consumers].