The American Association for Justice says insurance companies continue to rake in the dollars.On Wednesday, the Insurance Information Institute announced a near-record $61.9 billion 2007 profit for the industry. Insurance companies have reportedly made an unprecedented $169 billion profit since Hurricane Katrina.
"Insurance companies are making record profits while raising premiums, stiffing policyholders, and refusing insurance to those who need it most," American Association for Justice CEO Jon Haber said. "Never has the industry taken in more and handed back less. Insurance CEOs have forgotten they have a duty to their policyholders, as well as shareholders.
"Look no farther than mega-insurer Allstate, forced to release documents last week that detail its unfair treatment of policyholders. Only after Florida suspended their ability to write new policies in the state did Allstate agree to publicly release details of its controversial tactics, such as its 'boxing gloves' strategy.
"In their 2004 report, the Insurance Information Institute lamented over what they saw as poor profits, a then record $38.7 billion profit, by asking, 'Can this decade be saved?' With over $235 billion in profits in the last five years, the better question is, 'Can this decade be saved for consumers?'"
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