Understanding The Inner Workings of Liberty Mutual Insurance
Trumpeting a slogan, “Responsibility, what’s your policy,” Liberty Mutual Group (also known as Liberty Mutual) has lived up to its own words by responsibly building a large and stable business. Founded in 1912, this Boston, Massachusetts insurance company has amassed one of the largest policyholder bases in the industry.
In fact, it is the third largest insurer of casualty and property insurance in the country. To reach these heights, Liberty Mutual has assembled a team of over 50,000 employees in nearly a thousand offices around the world. Currently, it holds over $100 billion in combined assets and generates almost $40 billion in revenue annually. Liberty Mutual also effectively utilizes several subsidiary companies it has acquired, such as America First Insurance, Golden Eagle Insurance, Ohio Casualty, and Safeco.
Liberty Mutual has four main lines of insurance products: personal, commercial, international, and specialty. Liberty’s personal line offers individuals insurance for to cover their automobiles, homes, boats, and life insurance. Liberty stays competitive and offers decent rates by leveraging its network of subsidiary companies and thousands of independent agents. Liberty also offers products and services to companies of all sizes (but distinguishes between those with more than 1,000 employees and those with less than 1,000 employees).
These companies can purchase insurance for property, casualty, and group benefits. Liberty’s international line offers most of the same domestic services worldwide but primarily caters to private individuals with automobile coverage. Finally, its specialty line provides insurance for unique items and circumstances including airplanes, ships, and professional liability.
A Glimpse into Liberty Mutual Litigation
Not every customer and passerby has found that Liberty Mutual acted responsibly or accommodatingly. Many victims, distressed over Liberty’s actions or inactions, have argued their cases in courtrooms to compel the company to right a wrong and pay out according to their insurance plans. The listed review of litigated actions taken against Liberty below occurred between 2005 and 2015. This analysis of jury awards and settlement amounts provides insight of how some plaintiffs have been successful in holding Liberty’s feet to the fire.
By far, litigated cases against Liberty involved insurance, especially related to subrogation (transferring the rights of one person to another in an insurance claim). However, employment and property concerns were spread out across many cases as well. The range of Liberty’s caseload returns for awards and settlements was within the range of the average litigation bell curve against other insurance providers. For instance, approximately a quarter (23%) of cases were closed without the plaintiff receiving any compensation. Forty-three percent (43%) settled or were award an amount between one dollar ($1.00) and one hundred thousand dollars ($100,000.00). The rest recovered more than that amount, with roughly eight percent (8%) receiving figures above one million dollars ($1,000,000.00).
Plaintiffs were much more successful against Liberty Insurance in cases that involved on insurance issues. For example, a lower percentage of plaintiffs (about 19%) recovered nothing compared to the group as a whole. Also, a high number of insurance case plaintiffs, almost forty percent (40%), received more than one hundred thousand dollars ($100,000.00). Conversely, a relatively low number of them won an award or negotiated settlement between zero and one hundred thousand dollars ($100,000.00).
These atypical results were also manifest in the cases against Liberty Mutual in Illinois, where only about sixteen percent (16%) of plaintiffs recovered nothing; only about thirty-three percent (33%) recovered between zero and one hundred thousand dollars ($100,000.00); and a high number of plaintiffs recovered more than one million dollars (almost 13%)! Summarizing some key facts about litigation against Liberty Mutual includes:
- Almost one in four plaintiffs lost against Liberty Mutual (i.e. received no compensation).
- Illinois cases represented a small percentage of Liberty Mutual’s overall caseload.
- On average, insurance cases generated higher awards and settlements than those involving other subjects.
Receiving Justice from Liberty for Your Illinois Motor Vehicle Injury Case Against Liberty Mutual Insurance
While Liberty Mutual markets their product by questioning responsibility, the company fails at being flexible in resolving claims and lawsuits. After a plaintiff files a claim for damages after an auto accident to recover their medical bills, property damage, and other damages, Liberty will usually make an offer quickly to close the case. However, their offers are normally rigid and low in recompense. Because of that, it is critical after an Illinois car incident to hire a competent and zealous attorney to ensure your legal rights are protected to maximize your monetary recovery. Contact Rosenfeld Injury Lawyers LLC today to hear about how we can help you at each stage of the process, from the claims handling to arguing your case in the courtroom in front of a judge and jury.