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Dear Editor,
Since Hurricane Katrina devastated the Gulf Coast and the
lives of hundreds of thousands of families, we’ve seen
an amazing outpouring of support and help from all Americans.
As the residents of the Gulf Coast begin to rebuild their
lives, we need to make sure they are not victimized once again
by the insurance industry or unscrupulous scam artists.
The insurance companies can afford to keep their financial
commitments to those affected by Katrina. The insurance industry
has record surpluses right now; in total, the industry's surplus
is six times the amount of the estimated liability for the
clean-up. As well, the industry has experienced increased
profits over the last three years. They have more than the
necessary financial means to fulfill their obligations to
the victims of Hurricane Katrina.
But instead, the insurance companies are trying to avoid
responsibility for paying valid claims. The insurance industry
has announced it doesn’t intend to pay for the majority
of storm damage, and the state of Mississippi has had to sue
five insurance companies for trying to trick hurricane victims
out of millions of dollars in claims. With powerful insurance
companies working to increase their profits at the expense
of their policy-holders, it is clear that any presidential
relief plan must include strong and concrete steps to protect
policyholders from insurance industry fraud and abuse.
Sincerely,
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