Are Insurance Companies Shedding Their Role As Risk-Bearers In An Effort To Become Profitable Financial Institutions?

There have been numerous news headlines documenting the record profits being earned by insurance companies in recent years. These record profits come on the heels of many natural disasters such as Hurricane Katarina and California forest fires, in which many policy holders are being denied coverage or being offered less than full value for their replacement costs. Given the record profits being earned by insurance companies, do you believe that they are failing to meet their obligation to bear the risk for the losses of its insureds? Do you believe that these profits are coming at the expense of insureds whose claims are being unjustly denied or undervalued?
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