Utah Personal Injury Firm Publishes Auto Insurance Infographic
Utah Lawyers publish infographic to reveal auto insurance companies’ astronomical 2010 earnings.
May 23, 2011 – Attorneys Kenneth L. Christensen and D. Russell Hymas of the Christensen Law Firm, PLLC created a new infographic to raise public awareness of insurance company profits. The graphic presents the 2010 earnings of the 7 largest auto insurance companies, a list containing figures as staggering as $1,800,000,000.
State Farm tops the list as 2010′s most profitable auto insurance company, bringing in $1.8 billion, closely followed by Farmers Insurance Group’s $1.686 billion and Mutual Liberty’s $1.678 billion. Geico, Progressive, Nationwide, and Allstate also make the list with annual earnings ranging from $1.117 billion to $959 million. These statistics are all incredible in their own right, but become especially disturbing when compared to the amount these companies pay out to claim holders: the average incurred annual loss for filed claims is roughly $112 million or around 16% of annual profits. Only 7.5% of policyholders file claims each year and the average payment for those claims is approximately $4,100 (http://www.iii.org/media/facts/statsbyissue/auto/). However, the American Association for Justice reported in its recent study that the insurance industry as a whole takes in $3 trillion in paid premiums every year.
The infographic attempts to put $1.8 billion in real world perspective, demonstrating that one could purchase a $90 million dollar yacht 20 times or purchase Oprah’s California home 36 times. But, the staggering reality of it all hits home when they explain that it would require the average American 36,116 years to earn as much money as the top insurance company in 2010.
Auto insurance companies have tried to make the process of receiving the money claim holders deserve difficult and complex. A personal injury lawyer can help an injured victim obtain more compensation for damage to their automobile, lost wages, medical expenses, and pain and suffering than these individuals could receive on their own. Without the help of a personal injury lawyer, the auto insurance industry will continue to pay out the minimum and retain its tremendous profits.
The Utah based Christensen Law Firm, PLLC specializes in personal injury cases and works with insurance companies to help accident victims get the money they need. The infographic was released to inform the public of what they are up against.
