Consumers see their insurance rates, risks rising

Insurers post record profits as companies hike rates and shift more risk to customers, a consumer group says.

Although the insurance industry has posted record profits in the past three years, home insurers have been overpricing policies and shifting risks to consumers, a new study released Monday by the Consumer Federation of America found.

Insurers have been systematically overcharging for insurance and shifting costs to consumers, the report found. Profits in the past three years have risen to record levels despite the increased hurricane activity of 2004 and 2005.