Liberty Mutual Posts Big Losses – Impact on Disability Claims?
The website businessinsurance.com is reporting that the parent company of Liberty Life Assurance Company, a company known as Liberty Mutual Holding Co. Inc., has suffered big losses in its catastrophe division. Liberty’s fourth quarter income was down by over 25% from the previous year. Of course, they still made $411 million dollars that quarter. For the year, Liberty’s income dropped to total of $514 million, down over 71% from the year before.
One cannot predict how this will impact individual claims, but it rarely bodes well for individual disability claimants when the insurance company is not making the kind of money across all of its divisions that it wants to make. Often, we see claims denials and terminations increase in these situations. After all, they are a for-profit corporation, and their duty to their shareholders is to make money.
To see the story at its source, visit Liberty Mutual Net Income Down in 2015