For Immediate Release: April 9, 2009
Contact: Ray De Lorenzi
202-965-3500, ext. 369
AAJ Statement On Insurance Industry 2008 Financials
Policyholders will likely face hardball tactics, skyrocketing premiums as industry refills coffers
Washington, DC–Today, the insurance industry reported a profit of $2.4 billion in 2008, a decrease from $61.9 billion in the prior year.
The following is a statement from American Association for Justice spokesperson Ray De Lorenzi:
“Despite the insurance industry generating a profit while the entire economy collapsed, insurers will likely use the financial downturn as an excuse to raise policyholders’ premiums and deny just claims to pad their bottom lines.
“This financial crisis started inside an insurance company: AIG. And while AIG claims their insurance business is sound, the behavior that drove the economy to the brink of collapse is endemic of the entire industry. Insurance companies have habitually stiffed consumers and refused coverage to those who need it most.
“The insurance industry is being put on notice. These companies should pledge an allegiance to policyholders, not shareholders. Any attempt to use this economic crisis to unfairly raise premiums or systematically deny just claims will not go unnoticed.”