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Insurance: Unfair Insurance Claim Practices

1/26/2008
Thomas Pleasant
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Insurance Law: Allstate Would Rather Pay $25,000 PER DAY than Release McKinsey Documents
The AAJ News digest recently reported that Florida has banned Allstate from even writing any new business in that state, due to Allstates defiant refusal to turn over the infamous "McKinsey Documents" that tend to show institutional insurance bad faith at Allstate. These are the documents that show how McKinsey, hired as consultants to improve Allstate's financial performance, showed Allstate how to save money by systematically and improperly, in the opinion of many, by cutting insurance claim payouts and treating claimants unfairly. Clearly, Allstate realizes that North Carolina insurance lawyers (and other insurance lawyers throughout the country) will benefit dramatically from having these documents in insurance unfair claims practice and insurance bad faith cases. These documents show the "why" behind the unfair insurance claims practices in many cases, and are apparently explosive enough to justify to Allstate (financially) not only paying a huge daily fine; but also to lose the revenue and profits from selling new policies in Florida. If these documents are available to insurance lawyers in other insurance claims cases, jurors may be more likely to punish Allstate for what can be perceived as corporate greed at the expense of its policyholders.
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