Insurance Industry Posts Record Profits In 2006

The insurance industry made record profits in 2006, and a new report out Monday said it’s at customers’ expense. Some consumer groups said companies are paying out lower claims and charging higher premiums than in the last 50 years. After the Florida hurricanes of 2004, consumer groups said the insurance industry made record profits. After Katrina in 2005, the industry broke that record in how much it took in. And in 2006 — with no major disasters — the industry made $60 billion in profits. For more details, follow the link below.

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