EARNINGS
FOR INSURERS ARE SOARING
Insurance companies are expecting record profits in
2006 after predictions of another year of devastating hurricanes have so far
come to naught. Industry experts are estimating that profits may reach $60
billion on a combination of higher premiums along the coasts, no major payouts
for natural disasters, and strong investment returns. The insurers also have
high profits on other lines of coverage like auto insurance, workers
compensation and general liability. Re-insurance companies are also expected to
do exceptionally well in 2006. Overall, the insurers are expecting profits on
their fundamental business of collecting premiums, underwriting, to jump from a
loss of $5.9 billion last year to a profit of $27 billion this
year.
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