The Nation - News from April 22, 1987

The insurance industry defended itself against charges of reaping unreasonably high profits while boosting premiums. Mavis Walters, senior vice president of an industry group, Insurance Services Office, told the House commerce, consumer protection and competitiveness subcommittee that the insurance industry only slightly out-performs other industries in good years, while dramatically under-performing them in bad years. But William J. Anderson of the General Accounting Office said that from 1976 to 1985 the industry earned $81.1 billion.