Tuesday, October 17, 2006

Insurance Companies Expect Record Profits in 2006

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.

For more go here.