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Insurance Companies Post Record Profits

HeadlineApr 06, 2006

In other news, the Los Angeles Times is reporting US insurance companies posted records profits last year — despite the huge damage caused by Hurricane Katrina. In total, the insurance industry pulled in a record $44.8 billion profit — an 18% percent increase over the year before. The Los Angeles Times says the profits reflect a broader trend of “a shift of financial risks from business and often government to individual households.” Fred Cripe, the Vice President of insurance giant AllState said: “If last year’s hurricane season had occurred 10 years ago, it would have been devastating for the company. Last year, it was merely disappointing.”

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