Greed and Profits
August 28, 2007
While the insurance industry enjoys record profits and bulging bank accounts, too many people in the Gulf region are left waiting for the settlements that will help them get back on their feet. As this report relates, the insurance industry has made a practice of collecting billions of dollars from policyholders over the years and then abandoning them in their time of greatest need. </n>
Like Katrina and Rita, victims of other natural disasters, including past hurricanes, tornadoes and earthquakes have found themselves bullied by the insurance industry into accepting less compensation than they deserved or had their claims rejected for apocryphal reasons, all in an effort to boost the insurance companies’ bottom line. In fact, insurance companies continue to increase their profits, posting a record industry-wide profit for the second year in a row of more than $60 billion in 2006 – an increase of $20 billion from 2005’s record profits.
With all that money handy, the industry still can’t make equitable payments to compensate for the damaged dreams of the people of the Gulf Coast.
Full Report from American Association for Justice (.pdf).