Insurance Company Profits Soar to $60 billion
October 16, 2006
My friend Mike Daisley, a great lawyer in Charlotte, NC with Wells, Daisley & Rabon, P.A., passed on this story to me today. In addition to being a trial lawyer, Mike is also a radio host on a local Charlotte station, WBT News Talk Radio.
Not a day goes by that I don't read or hear about Trial Lawyers getting blamed for "the high cost of insurance" but the reality is that insurance companies traditionally take as much as they can. The insurance industry is thriving, and yet, rates keep increasing across the board.
The entire article from the New York Times can be read here. Here is an excerpt:
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 had high profits on other lines of coverage like auto insurance, workers compensation and general liability.
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.
I know that insurance is a business, and thus profits are the goal, yet at the same time, insurance companies are constantly poor mouthing to everyone who will listen. When I represent someone who has a serious injury and the insurance company for the negligent driver wants to "nickle and dime" us to death, I can't help but think about $60 BILLION dollars and wonder how much of that money is owed from the blood sweat and tears of my clients.
-Chris Nichols
www.NicholsTrialLaw.com
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