While the facts demonstrate that the argument is baseless, the allegation continues.
Insurance is now generally available and well-priced.
While insurance costs did increase in the mid-1970s, insurance premiums exceeded 1 percent of the total sales for only three industries. Skyrocketing premiums and policy cancellations were the result of bad investment strategies spurned by the insurance cycle and high interest rates of the late 1970s and early 1980s. The source of the crisis was not, as is claimed, lawyers and jury awards. This practice of cash flow underwriting was linked directly to the current crisis. In fact, the insurance industry has been a very profitable enterprise over the past decade.