Vulture Culture: Dirty Deals, Unpaid Claims, and the Coming Collapse of the Insurance Industry

  • 3h 57m
  • Eric D. Gerst
  • 2008

The insurance industry is on the brink of collapse ... why do we need to care? And who should we blame?

We all dutifully write out checks for insurance coverage each month, assuming that if the worst should occur, we'll be protected financially. But what we don't know about the insurance business could—and most probably will—hurt us. Vulture Culture is a hard-hitting exposé of the sorry state of the industry, from tales of rampant, widespread corruption to inconsistent state regulations and the inability—and often unwillingness—of the federal government to protect the rights of denied claimants.

The book takes readers into a world of bid-rigging, fraudulent commissions, and secret payoffs, revealing shocking abuses and ominous new trends. Readers will hear about a rogue’s gallery of shady executives, including a CEO whose massive claim denial schemes eventually got him fired ... at great cost to consumers. From the Hurricane Katrina fiasco of unpaid claims, to a revolving door in which former insurance executives regulate their own industry before returning to it themselves, this is a shocking account of an industry on the brink of collapse, and what must be done to fix it before it’s too late.

About the Author

Eric D. Gerst (Newtown Square, PA) has practiced law nationwide for more than 25 years, with a specialty in insurance law. In addition to testifying before Congress on insurance industry abuses, he has represented corporations and individuals involved in the insurance business, as well as those outside of it.

In this Book

  • The Crisis—A Long Time Coming
  • How the Industry Got Where It Is—A Rogues' Gallery
  • How the Industry Got Where It Is Today—Unpaid Claims and the Storm After Hurricane Katrina
  • How the Industry Got Where It Is Today—Foreign Takeovers, Unregulated Reinsurers, Insurer and Claimant Fraud
  • The View from Outside—A Report Card on State Regulation
  • Trends—The Next Decade
  • The Public Uproar and a Crescendo of Distrust
  • Fifty Nonuniform State Fiefdoms
  • Winds of Change—How to Improve the Industry
  • The Solution—UFOIL—A Two-Step Process of Consumerization and Federalization