NU Online News Service, Dec. 16, 2:43 p.m. EST
A hard market now would be “purely for the purpose of price gouging buyers of insurance, particularly commercial-lines insureds,” according to an Americans for Insurance Reform report that says the industry's “little understood economic cycle” has been used to victimize policyholders for 35 years.
The report, “Repeat Offenders: How the Insurance Industry Manufactures Crises and Harms America,” authored by J. Robert Hunter and Joanne Doroshow, says insurers publicly deny the existence of market cycles and try to use rising prices during hard markets as a vehicle to pursue agenda items such as tort reform.
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