AIR Accuses P&C Insurers of Manufacturing Hard Insurance Markets

side note: Below is a press release from Americans for Insurance Reform, a coalition of consumer groups that work to strengthen state oversight of insurance industry practices, announcing the release of a study titled “Repeat Offenders: Insurance Industry Creates Insurance Crises Harming Their Policyholders.”

The study argues that the property and casualty (P&C) insurers (which include medical malpractice insurers) collude to create hard markets in order to maximize corporate profits. The study further argues that since early 2011, P&C insurers have been trying to push the country into a new hard market.

On the same day that Americans for Insurance Reform released the “Repeat Offenders” study, the Insurance Information Institute, an insurance industry group, released a statement condemning the study as “oblivious.” According to the statement, “the property/casualty insurance industry is a financially strong, highly competitive, resilient and essential industry in the United States and around the world. Buyers have the ability to choose from a wide range of products offered by a multitude of competing carriers while having the confidence that their insurer will be there for them in their time of greatest need.”

For a copy of the Insurance Information Institute’s reply to the “Repeat Offenders” study, please click here.

Americans for Insurance Reform (AIR), a coalition of nearly 100 consumer and public interest groups representing more than 50 million people, has produced a major new study called “Repeat Offenders: How The Insurance Industry Manufactures Crises And Harms America.”  The study exposes how the property/casualty insurance industry creates periodic crises where insurance becomes unaffordable or unavailable for everyone from doctors to small businesses to local governments.  These crises are known as “hard markets.”

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