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Insurance Industry Embarrassed to Release Record Profits?


March 15, 2006, According to recent figures released from Statistics Canada, insurance industry profits reached over $6 billion in 2005, a whopping $2 billion or 50% increase over last year. However, Canadians have not heard that story from the insurance companies.
The insurance industry, through people such as George Cooke of Dominion whose company raked in a record 139 million or 66.7% ahead of Dominion’s 2004 profit of 83.7 million, likes to use a much lower figure that remains unconfirmed by the industry’s main lobby group.
Commenting on the confusion, Bruce Cran, President, Consumers’ Association of Canada says, “To date, industry has ignored calls from consumers to release and comment on its record profits in 2005. Consumers have the right to know because at the end of the day it is their money. I guess it begs the question - Have insurance profits reached the stage that the industry is too embarrassed to release or comment?”


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