The property-casualty industry has “dramatically” increased profits and surplus in recent years, in part by “systematically overcharging for insurance and shifting costs to consumers and taxpayers,” the Consumer Federation of America charged in a report released last week that was blasted by insurers.

The report–first revealed in the Jan. 8 edition of National Underwriter–drew immediate fire from industry trade groups and a securities analyst who characterized it as misleading because it seeks to lump all product lines together, which the critics said is inappropriate.

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