The Insurance Hoax

View “The Insurance Hoax”, an investigative video exposé confirming and revealing more of the behind the scenes examples of controversial insurers bad faith home insurance practices”. Bloomberg Markets Magazine investigated tactics some insurance companies are using to lowball-reduce, delay, deny and not pay homeowners’ claims in an effort to boost their earnings. Property insurers use secret tactics to cheat customers out of payments as their profits break records. Paying out less or not paying out claims at all (zero) to victims of catastrophes has helped produce record profits. In the past 12 years, insurance companies net income have soared, even in the wake of Hurricane Katrina, the worst natural disaster in U.S. history. Property-casualty insurers, which cover damage to homes and cars, reported their highest-ever profit of $73 billion last year, up 49 percent from $49 billion in 2005. Companies mentioned: State Farm (the largest home insurer in the U.S.), Allstate Corp.(2nd largest), Farmers Group, (3rd largest), McKinsey & Co. Consulting, More. To this day because of these such dealings, many claimants have been wrongfully and illegally denied, not paid on their claim, are in litigation and/or yet to have been compensated. The video is being used with permission and is provided courtesy of Bloomberg Markets and we present it for educational purposes. FBIC is a 501(c)3 non-profit organization that works with the American Public in combination, support and/or association with media producer(s) investigations. Note that bad faith insurance can only be proven in a court of law … you be the Judge! This media is not to be used for commercial purposes without permission from the Producer. Transcript of “The Hoax” In Print (PBS/Bloomberg Markets, September 2007)