With millions out of work and the unemployment rate at record levels everyone seems to be affected or suffering from the weakened/depressed economy. Or are they? CEO’s of top health and auto insurance companies seem immune. Let’s take a look at the salaries of CEO’s in the health and auto insurance industries. The last reported data is from 2007.
CEO Salaries, Bonuses, Stock Options
9,425,341 Allstate Corp.
7,343,408 Unum Group
19,781,031 Travelers Companies, Inc.
2,529,992 State Auto Financial Corp.
6,013,752 Safeco Corp.
3,828,496 Selective Insurance Group Inc.
4,994,121 Progressive Corp.
13,164,529 Unitedhealth Group Inc.
16,650,000 Heath Net
10,312,557 Humana Inc.
While looking at the statistics of the average auto insurance CEO salary may be staggering, realizing that we’re paying for it and not seeing the benefits that we pay for, is inexcusable. The unfair and often unlawful tactics insurance companies use in the treatment of their policyholders can’t be rectified by the number of cases that they fight to keep insureds from getting what they deserve: the right to their benefits.
Auto insurance coverage is required for drivers. It’s important to know and understand what is in your policy and understand your rights when/if an accident occurs. Insurance companies have their own best interest at heart. When you don’t know or understand your policy, you’re at a disadvantage. Consider how the CEO’s of insurance companies are able to get high salaries and bonuses: because the money you’re not getting in good faith from your settlement (what you’re entitled to) is going to them. Put the money back in your pocket. Know what’s in your policy. Contact an attorney immediately following an accident and do not give a recorded statement to an insurance adjuster.