Insurance companies are expecting record profits in 2006 after predictions of another year of devastating hurricanes did not happen. Industry experts are estimating that profits may reach $60 billion.
The record profits expected this year come after a terrible 2005, when insurers paid out $61 billion for damage from Hurricane Katrina and other storms. Even so, the insurers ended up with a profit of $43 billion for the year because of exceptionally good results on investments, declining claims on policies on homes away from the coast and profits on other lines of coverage.
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