Washington – A new study claims that the property/casualty insurance industry continued in 2007 to systematically overcharge consumers and reduce the value of home and automobile insurance policies, leading to profits, reserves and surplus that are at or near record levels. Not surprisingly, the study drew a sharp rebuke from members of the insurance industry.
The study, conducted by the Washington-based Consumer Federation of America (CFA), estimates that insurer overcharges over the last four years amount to an average of $870 per household.
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