Consumer group accuses P/C insurance industry of foul play in new report

The Consumer Federation of America (CFA) and the property/casualty insurance industry are clashing. Late last week, the CFA released a report titled “The Insurance Industry’s Incredible Disappearing Weather Catastrophe Risk.” The report accuses the P/C insurance industry of “overcapitalizing” and making no effort to cover the risks of floods and terrorism. The CFA is urging state and federal insurance regulators to take action and prevent insurers from imposing any more costly rate hikes. Insurers have a different perspective. As a whole, the industry is decrying the report. They are arguing…

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