another new record..imagine that...surprise..
In 2007, with no major hurricane activity coupled with premium increases..profits projected at an additional 88 BILLION! in 2007 alone...wow..what a SCAM!
2006/2007...STATE INSURANCE REGULATORS FAIL TO PROTECT CONSUMERS FROM EXCESSIVE PROPERTY INSURANCE RATES BASED ON DISCREDITED HURRICANE PROJECTIONS .......
--another new record.........
In 2006, with no major hurricane activity coupled with premium increases, the industry set yet another profit record, estimated to be $ 68.1 billion.
Oh, by the way....TALLAHASSEE - A state audit released Thursday blasted Citizens Property Insurance as being poorly managed and wholly unprepared to handle thousands of hurricane claims the past four years.
Citizens, the state-run insurer for those who cannot find property coverage on the open market, has been repeatedly derided for ethical and management shortfalls in recent months.
But the 47-page report by the Florida Legislature's auditor general marks the first official condemnation by a government agency of a lax operational system ripe for exploitation by insiders.
The audit repeated many previous criticisms, including calling inappropriate the hiring of a vendor to audit claims processed by a sister company.
It also painted the clearest picture yet of a systemic management problems at Citizens, including:
Citizens never formalized any contracts with 23 adjusting firms it hired in the wake of the 2004 hurricanes.
this into perspective the $157.4 billion in profit over the last three years....
equates to roughly $524 for every American, or $1,574 per household."
Property/Casualty Insurance in 2007:Overpriced Insurance, Underpaid Claims, Declining Losses and Unjustified Profits
the insurance industry has demonstrated a clear pattern of greed with record profits. In fact, insurance companies continue to increase their profits, posting a record profit of more than $68 billion in 2006 – an increase of $28 billion over their record profit of $40 billion in 2005.
again, the Bush administration has chosen to side with corporate CEOs and powerful corporations against the interests of hardworking Americans. This fall the Supreme Court will hear arguments for Stoneridge Investment v. Scientific-Atlanta. The Securities and Exchange Commission (SEC) recently recommend that the government file a “friend of the court” brief on behalf of investors in the case. Despite the SEC’s recommendation, George Bush decided to defend his cronies and pressure Solicitor General Paul Clement not to intervene on behalf of investors.By directing the Solicitor General not to file a “friend of the court” brief with the Supreme Court, President Bush is essentially electing to grant a pardon to the criminally liable executives; the corporate fat cats who have gotten rich off of exploiting hardworking investors.Bush Backs Corporate Cronies Against Defrauded Investors