UPDATED April 05, 2004

PRESS RELEASE FROM THE FED ON EXCESSIVE INSURANCE PROFITS

-After complaining about how bad 2003 was going to be for the the Canadian Insurance Industry , duping several provincial governments into reducing payouts to injured car crash victims, and increasing premiums by large amounts, the Canadian Insurance Industry announced a record $2.63 billion profit in 2003. A 673% increase over 2002.

-The Federation felt this was ridiculous and sent out this press release to Island media. The release appeared in the Saturday, March 20, 2004 edition of the Guardian.

-"The recent announcement of record profits by Canadian insurance companies is just disgraceful" stated Carl Pursey, President of the PEI Federation of Labour

-These enormous profits will hopefully show Canadians how much control business has over all levels of government in Canada and how easy it is for business to dupe governments into decreasing protection for the public while allowing companies to gain excessive profits off them.

-"We feel that the excessive profiteering that has occurred in the insurance industry illustrates so perfectly why a public run insurance system is so desperately needed on PEI. At the very least, we urge the provincial government to take strong action against all companies offering insurance on PEI to make sure that Islanders are paying a fair rate for their insurance and are getting the kind of coverage they need and deserve.." says C. Pursey

-We hope that this embarrassment for the government makes them realize that it is their job to make sure Islanders are treated fairly and not to make sure that companies make big profits.

PRESS RELEASE MAIN

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