Insurance Industry Overcharging Consumers

Beth Janicek

Attorney
(866) 735-1102 Ext 395

0 CommentsPrint ArticleSubscribe

According to the Consumer Federation of America's report, the U.S. property/casualty insurance industry systematically overcharges policy holders and underpays on claims. The Consumer Federation of America is a composed of consumer activists. In 2006, The insurance industry reported $63.7 billion in profits which was a 19 year record high. The 2007 report should be in soon.

"A major reason why insurers have reported record-high profits and low losses in recent years is that they have been methodically overcharging consumers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of the tab for risks the insurers should cover," said Hunter the director of the federation.