The latest insurance company data reveals that industry cycles–not losses–determine the rates that insurers charge, a consumer advocate announced today

J. Robert Hunter, Director of Insurance for the Consumer Federation of America, said industry figures "provide continuing evidence that the skyrocketing insurance rates of 2000 to 2003 have led to record industry profits, but commercial insurance rates have stabilized or dropped in almost every sector, including medical malpractice."

Mr. Hunter, a co-founder of Americans for Insurance Reform and former Texas insurance commissioner and federal insurance administrator, said the drop in prices has been underway for three years as the country experiences a sustained soft market.

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