Calif. auto group raises insurance companies of overcharging
SAN JOSE, Calif. _ insurance companies excessive self Californians $ 800 million last year, hitting an average of 28 per cent of their profits in the auto insurance business _ twice as high as the maximum profits by Publicly insurance Commissioner, Consumers Union said Tuesday in a study on the Top 10 insurers.
But while Consumers Union calls for rate cuts, Insurance Commissioner argued that prices are falling, after years of rate cold under his predecessor.
The report was written by Bill Ahern, a former deputy commissioner of insurance, CU occurred three months ago. “ Since 1990,”Ahern said, “ claims decreased costs, but remained the same phrases, so that the benefits are dramatic.
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