07 Nov Increasing Greed from Insurance Industry
Recently the Law Times posted an article titled “Insurance Issue Leaves Government Exposed”. This article featured quotes from Charles Gluckstein, President of the Ontario Trial Lawyers Association (OTLA) and Gluckstein Personal Injury Lawyers.
Since the Government has decided that they will no longer be fulfilling their promise of a 15 percent drop in insurance premiums within the next year, it appears that Insurance Companies again have the upper hand. Charles Gluckstein, quoted in this article stated;
Things have shifted way too far in favour of the insurance companies, and now the industry is asking for more. How dare they? Theyre making huge profits and the pendulum has to swing back the other way. The limit now of $3,500 for soft-tissue injury is not enough to get most victims back to health.
Since the changes to the Insurance Act in September 2010, accident victims are continually facing insurance benefit cuts, while profit margins for insurance companies continue to rise. This article stated,
“The OTLA has long argued that only about one percent of all cases fall into the definition of catastrophic injury and that the handful of people affected by any change would face devastation while the insurance companies would realize meagre savings.
When will this be an even playing field? The Insurance Industry has received everything they have requested, however, they continue to ask for more. A change must be made!
R E F E R E N C E S l
1. Law Times Article September 6, 2013