Jim Desmond, supervisor at San Diego County, criticized California’s insurance rules applied to ‘The Bottom Line’ before the Los Angeles County Wildfire.
Americans’ home and auto insurance rates have been increasing for years, with inflation, increasing losses from natural disasters, and increasing repair and construction costs all play a role.
But the industry points to an important driver behind speeding up the premium that often ignores: growing cases and payments that cost insurers.
APCIA says that the average pays $ 4,200 “torture” due to increasing costs associated with misuse of the US legal system. (Istock / istock)
American Property Casual Insurance Association (APCIA) President and CEO David Sampson told Fox Business that even with all the pressures, the industry is currently facing huge loss due to storm and wildfire, in some states Insurance regulator dysfunction, and the cost of advancing the danger tariff, “Our number one priority is still addressing the misuse of the legal system, as it is the major cost driver who is having a major negative impact on insurance availability and strength. “
APCIA says that the US domestic domestic domestic country pays more than $ 4,200 “torture” due to unnecessary and derogatory litigation across the country that increases the cost of products and services such as grocery goods and gas.
Car insurance rates increased in 2024; In these states, drivers pay the most
The insurance trade group shows that the average individual injury decision indicates that there is a balloon of more than a decade or more, with an increase of more than $ 39,300 to 2020 in 2010 to more than $ 125,300 to 319%.
APCIA reflects data showing more than the average in the US over the past decade. (Apcia)
Sampson said that nuclear decisions have been defined as a jury decision of $ 10 million or more – this also continues to grow, the top 100 decision increased by 350%, which has increased by 350%, which has $ 64 million in the last six years Growing from $ 225 million to 350% from $ 225 million, which they said they show that they are. “Fully out of the ratio of any valid loss that is out of there.”
He provided examples of everyday of legal abuses.
State Farm asks California to approve the rate hike after a wildfire
A jury is anchoring, where lawyers attempt to affect injuries by throwing astronomical numbers for awards. He said that when the lawyers advertised the billboard that they had won $ 20 million for an auto accident to their customer.
Ted Gens, a former state representative from California, discussed why the rules and regulations are excluding some insurance providers from the Golden State on ‘The Bottom Line’.
Another legal misconduct is Phantom Damage, where the plaintiff’s lawyers are only able to show how much a bill was given to a victim for medical services, as the health insurance company actually paid for its contract with the hospital Was opposed to low amount.
The liability of the campus has been one of the largest sources of legal misuse, so many states have implemented reforms to ensure that property owners and businesses are only responsible for things they can directly control.
Will storms and wildfires cause nationwide growing?
The practice of the lawyers of the plaintiffs who brought external investors to influence and influence the litigation process through Third Party Litigation Funding (TPLF) have also increased the cost of litigation, amid growing concerns that the use of foreign anti -foreign paths amidst increasing concerns We do. Against American companies.
According to ApCia, legal abuses are increasing, accelerating the increase in insurance rates. (Joe Redal / Getty Images / Getty Images)
Sampson says that in those examples, the victim is no longer under the control of his own trial, which means they cannot compromise without the permission of those who are investing and financing in these cases.
He said, “You have basically turned into a casino, where these major investors are expecting it to enrich it on these suits and whenever they do so, they pay most income. ”
Get Fox Business when you click here
“A lucky strike at these major cases, and then, not only you see on some of these personal personal injuries, but even more problematic – as is tragic – for the country’s economy is that you have institutions Are supported by foreign parties and others who are supported by foreign parties, especially against major American industries, (Chinese Communist Party), and they Use Discovery Process.
