Saturday, April 08, 2006

Insurance Companies grow fat on Hurricane Coast

One of the myths of the Hurricane Coast is that the insurance companies have taken disastorous losses in places like Florida and the Gulf Coast.

Wrong. They want you to think they have, because they would rather grow even richer by only writing policies for people who never file claims. But as the linked post on Da Po Blog shows, the idea that the insurance companies are struggling because of Katrina or the Florida hurricane season of 2005 is a myth, to put it kindly. The only stuggle they are having is deciding how to spend the money.
The companies that provide Americans with their homeowners and auto insurance
made a record $44.8-billion profit last year even after accounting for the
claims of policyholders wiped out by Hurricane Katrina and the other big storms
of 2005, according to the firms' filings with state regulators.

One again, Da Po Blog proves himself a one-man Daily Kos and Bureau of Governmental Research rolled into one.



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