On Monday, January 8, the Consumer Federation of America says it will release new data demonstrating that “auto and home insurers dramatically increased profits and surplus in recent years, in part by systematically overcharging for insurance and by shifting costs to consumers and taxpayers.”
CFA said it will provide detailed information on the strategies that insurers have used to, as it claims, “inappropriately shift costs and on how state and federal policymakers can prevent these practices.”
The report is being released as many insurers are increasing premiums for homeowners insurance and in some cases reducing or eliminating coverage in coastal areas.
CFA said its data will show that insurers are offering the “lowest payouts to consumers in over 50 years, in part because policy coverage cutbacks have made insurance less valuable.”
CFA is also criticizing insurers for asking Congress to continue taxpayer subsidies for terrorism losses and to create a federal catastrophe insurance program that could also involve taxpayer subsidies.
The news conference is scheduled for 10 am at the National Press Club in Washington, D.C.
The speakers will be J. Robert Hunter, director of insurance for CFA
and Travis B. Plunkett, legislative director for CFA.
Source: CFA
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