Insurance Industry Posts Record Profits
Looks like delay, deny, defend is really working for the insurance industry.
"(AP) - State Farm Insurance, the nation's largest insurer, said Thursday that profits climbed 65% in 2006 as claims dipped amid a relatively tranquil year for hurricanes and other natural disasters. The Bloomington-based insurer posted earnings of $5.3 billion, up from $3.2 billion the year before when payouts soared after a flurry of hurricanes including Katrina, the costliest disaster in U.S. history. State Farm said catastrophe losses dipped by $4.1 billion from 2005, when the company paid out a record $6.3 billion for claims and expenses in the aftermath of Katrina, Rita and other tropical storms." Read the full article in Crain's Chicago Business.
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