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Study: Insurers create “crises” to increase profits, push for tort reform

The Raleigh (NC) News & Observer (12/19, Jarvis, Frank) reported, “A new study produced by consumer and public-interest groups claims insurance companies create periodic crises to drive up profits. The Americans for Insurance Reform study says these crises, where coverage becomes unaffordable or unavailable, are known as ‘hard markets,’ sending premiums sky-high.” In addition, the study’s authors “claim the insurance industry uses these supposedly manufactured crises to support their calls for ‘tort reform’ — asking legislators for new laws making it more difficult to sue.” But the Insurance Information Institute disputes the study’s conclusions.