The Consumer Federation of America (CFA) released a new study says it found that insurers have "substantial and methodical" dropped their financial responsibilities for weather disasters such as hurricanes, tornadoes and floods in recent years. The group says that in turn is shifting much of the risk and cost for these events to consumers and taxpayers.
(Insurance Institute, disputes the findings, more look at the bottom of this article.)
The report will be released as insurance in eleven states have sought large homeowners insurance increases by 18 percent or more. "Insurance commissioners to block many of these still do not rise, because they place an unfair financial burden on homeowners, many of which deal with serious economic difficulties in a bad economy," says J. Robert Hunter, CFA Director of Insurance and former federal insurance administrator and State Insurance Commissioner. "In the last twenty years, insurance companies have been so successful in switching costs for consumers and taxpayers that they are currently overcapitalized and can not justify higher homeowners' rates."
CFA says insurers leaders often remind the public and the authorities in the frequency and severity of catastrophic events. His study found that some of the savings insurance companies have been legitimate, resulting from use of reinsurance and risk diversification rules wise strategies. But the study found that the majority of the savings that insurers have realized have been through the relocation costs for taxpayers and consumers.
CFA says insurers have eroded the coverage they offer to homeowners by increasing deductibles and capping the amount they will pay if the home is damaged or destroyed. These cover reductions expose taxpayers to higher disaster relief payments, because homeowners have less money available to help themselves. Additionally, insurance companies have significantly raised rates over the years, sometimes using dubious computer "rate models" developed by other companies. Insurers have also used small tricks such as "anti-concurrent causation clause" which allows insurers to refuse to pay for wind damage, if any flood damage occurs at roughly the same time, although the wind losses occurred first. Finally, insurance companies have moved the coverage of homes in high risk areas for government insurance pools.
CFA says the bottom line is that once when insurers do not pay, consumers do. His study says insurance companies today is significantly overcapitalized, says insurers now have about double the desired profit.
"Insurers surplus would have increased by $ 15 billion in 2011 even with the tornadoes and floods that caused heavy losses if they had not paid stockholders dividends," Hunter said.
The study concludes that the insurance industry has moved from its historic role as a calculated risk-taker to one of a risk-avoider, exposing consumers and taxpayers to much higher costs. CFA says states should examne data and be on guard for "unwarranted attempt by insurers to use catastrophe losses as part of their reason for jacking up rates."
On 17 February, Insurance Information Institute released the following press release:
American insurance companies have paid billions of dollars in Disaster Risk requirements for the past two decades, the insurance industry's financial strength has proven to be an asset, as evidenced by the events of 2011 "
U.S. property / casualty (P / C) insurers cumulatively paid 408 billion dollars in disaster-related demands on their auto and homeowners and business owners policyholders between 1990 and 2011, but the overwhelming majority remain well capitalized in 2012, according to Dr. Robert Hartwig, CPCU , an economist and President of the Insurance Information Institute. "I am convinced the residents of Tuscaloosa, Alabama, and Joplin, Missouri, as well as other disaster-stricken communities are happy with their insurance companies had the resources last year to meet their financial obligations," Dr. Hartwig stated.
In addition to causing a significant loss of life. The Tuscaloosa / Birmingham tornadoes in april 2011, and the one that hit Joplin in May 2011, generated insurance claims total about $ 2 billion in each case The Joplin Tornado launched the largest insurance event in Missouri history, according to Missouri Insurance Director John Huff. The I.I.I. quoted the following U.S. historical data on insurance and natural disasters in challenging claims made today in a report by the Consumer Federation of America:
Natural disaster caused claims payouts to the U.S. P / C policyholders grew seven times as a proportion of total claims payments between 1960 and 2010. The trend has accelerated over the past two decades, with hurricanes and tropical storms accounted for 44 percent of natural disaster-caused insurance claims payments going back to the early 1990s to today, and tornadoes generate 30 percent of disbursements.
The extraordinary spring tornado season in the U.S. in 2011, combined with severe winter weather and Hurricane Irene, reduced P / C insurance industry's total policyholders' surplus-the amount remaining after an insurer's liabilities subtracted from its assets to $ 538.6 billion as 30 September 2011. 3.3 percent lower than $ 556.9 billion policyholders' surplus at the end of 2010
P / C insurers is risk management company. As such, insurance companies have with the approval of state lawmakers and regulators who set up hurricane deductibles in recent years to allow them to write policies in the most hurricane vulnerable parts of the U.S. This has allowed the private sector coverage more accessible and affordable in coastal areas than would otherwise be the case.
"The prize, an auto, home or business insurance fees shall correspond to the risk they assume on behalf of the policyholder," Dr. Hartwig said. "Insurance companies remained solvent, fulfilled their financial obligations, and some even grew their businesses under one of the most challenging economic downturn since the Great Depression. Industry's business model was put to the test and passed with flying colors."
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