NU Online News Service, April 22, 8:52 a.m. EDT
Consumer watchdogs are urging a closer look at insurers' estimation of post-catastrophe material and labor price increases, citing a study questioning demand surge figures used to set insurance rates.
Citing a March 20 National Underwriter article, Birny Birnbaum, executive director for the Center for Economic Justice, urged the nation's insurance commissioners to review the use of demand surge in premium pricing, saying it unnecessarily adds 20-to-30 percent, if not more, to the cost of insurance.
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