In March, Claims Magazine gave J. Robert Hunter from the Consumer Federation of America (CFA) the chance to explain some of the negative observations he made about the property/casualty industry in a 37-page report called Property/Casualty Insurance in 2008: Overpriced Insurance and Underpaid Claims Result in Unjustified Profits, Padded Reserves, and Excessive Capitalization, a report that was published earlier this year.
In the interest of balance and fairness, Claims' Eric Gilkey spoke with the insurance industry's biggest proponent, the president of Insurance Information Institute's Robert Hartwig, to get his rebuttal and address concerns about the report's accuracy.
You said that the Consumer Federation of America's study is "fatally flawed and grossly distorts the financial position of auto, home and business insurers." How so?
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