Saturday, January 12, 2008
Risk management
It has apparently been raised to a science by the insurance companies. The new science involves shifting the risk burden back to the shoulders of those who thought they were paying to remove some of that same risk. The only thing removed were your premium dollars from your account.
U.S. insurance companies systematically overcharge customers and underpay home and auto claims to pad their already-fat bottom lines, a consumer group said Thursday.The motto of the insurance industry seems to be, "If you ain't screwing your policyholders, you ain't in the right business".
The Consumer Federation of America's insurance director, J. Robert Hunter, said insurance companies have enjoyed robust profits and contained losses largely by "methodically overcharging consumers, cutting back on coverage, underpaying claims and getting taxpayers to pick up some of the tab for risks the insurers should cover."
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