New Brunswick Car Accident Claims – Did Auto Insurers Make “Enormous” Profits By Overcharging Consumers in N.B.?
I noticed this report today and I thought I would pass it along.
New Brunswick’s Insurance Board is holding hearings investigating whether Pembridge Insurance – owned by All State Insurance, has overcharged consumers.
Paula Elliot, an actuary hired by the province to review rates charged by the insurance company, suggested Pembridge made enormous profits in New Brunswick between 2004 and 2008 and would make too much again last year unless its rates are reduced by at least 3.6 per cent and a rebate offered on the difference.
Michael Hines, a lawyer with the Department of the Attorney General, argued that Pembridge overcharged New Brunswick consumers last year by overstating expenses and understating income in filings with the board.
It is no surprise that Pembridge executives deny that they have done anything wrong.
What do you think? Are consumers in N.B. (or anywhere else) being overcharged by insurance companies?