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Old 01-20-2007, 07:52 AM
 
Location: Central FL
1,683 posts, read 7,440,003 times
Reputation: 831

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December 27, 2006

The property/casualty insurance industry reported an annualized statutory rate of return on average surplus of 13.4 percent through the first nine months of 2006, up from 9.8 percent for the first nine months of 2005. The results were released by ISO and the Property Casualty Insurers Association of America (PCI). Profitability in this range, if maintained, would lead insurers to their best financial performance in nearly 20 years. Notably, however, industry margins may still fall short of those realized by the Fortune 500 group of companies, which is expected to turn in an average return on equity of about 14.5 percent in 2006. For the calendar year 2005—a year of record catastrophe losses—the property/casualty insurance industry recorded a return on average surplus of 10.4 percent, well below the Fortune 500 group’s return of 14.9 percent.


2006: Profitability Peak for the Property/Casualty Insurance Industry

The financial performance of the property/casualty insurance industry during the first nine months of 2006 was generally excellent. Profits (net income after taxes) increased by $15.1 billion, or 50.1 percent, to $44.9 billion in the first nine months, from $29.7 billion during the same period in 2005. While the ebb in catastrophe losses is commonly cited as the primary reason for the surge in profits, strong underwriting results are being reported in virtually every key line of insurance, including those not significantly affected by catastrophic loss such as automobile insurance, workers compensation and commercial liability coverages. Consequently, as noted above, profitability measured in terms of return on average surplus is up sharply to 13.4 percent for nine-month 2006, compared with 9.8 percent a year earlier.
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Old 01-20-2007, 06:25 PM
 
Location: Living in Paradise
5,702 posts, read 21,842,070 times
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We should get a 50% reduction or credit towards the next year policy.....
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Old 01-20-2007, 06:47 PM
 
Location: Living in Paradise
5,702 posts, read 21,842,070 times
Reputation: 2968
I found the following info in CNN, look at the coastline and population, add the rest of the state and $$$$ money to the insurance companies.


Coastline: 1,350 miles, we are the 2nd large coastline after Alaska
Coastal population: 13.3 million, look at the shelter capacity
Hurricane strikes (1851-2004): 110 (add a few more for 2005)
Shelter capacity: 716,000
Army and Air National Guard personnel: 12,000 (8,000 available for emergency response) Most deployed in Iraq
Coast Guard assets: 16 stations, 2 air stations, 35 cutters (great support from the Coast Guard)
State emergency management budget: $1.42 billion (Is this sufficient)
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Old 01-20-2007, 07:12 PM
 
Location: So. Dak.
13,495 posts, read 33,311,593 times
Reputation: 15039
OK I'm confused again. It appears that the insurance companies are NOT losing money so why is the government proposing to raise taxes in order to help the insurance companies?
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