Report: Insurers fleece public

January 12, 2008

I love the St. Pete Times. Here is a report that it did on how the big insurance companies have ripped off their policyholders.

The property insurance industry not only racked up near-record profits in 2007 – about $65-billion after taxes – but overcharged American homeowners an average of $870 per household over the last four years, says a new report from major consumer groups.

That study’s conclusion – insurers systematically overcharge consumers and underpay claims – was released Thursday by the Consumer Federation of America, Consumers Union and several other consumer groups. The findings blasted a powerful industry about to be challenged anew in Florida on several alleged price-gouging fronts by the state government.

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