A day before the two-year anniversary of Hurricane Katrina's arrival in New Orleans, a plaintiff lawyers group issued a report charging that insurance companies after that mammoth storm systematically denied paying policyholders "fair and just claims."
The 15-page study from the American Association for Justice in Washington was titled: "Pattern of Greed 2007: How Insurance Companies Put Profits over Policyholders."
Robert P. Hartwig, president of the Insurance Information Institute, called the report "a great piece of fiction," adding "the notion that insurers are greedy is absurd." He noted that, in fact, "the insurance industry performed admirably in the wake of Hurricane Katrina, paying $41 billion in insured losses on 1.7 million claims."
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