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The Insurance Information Institute is reporting that insurance companies expect record profits that may reach $ 60 Billion in 2006. Strong investment returns and higher premiums charged especially along the coasts have combined to make it a record-breaking year for profits. The insurers also had high profits on liability insurance like automobile, workers’ compensation, and general liability insurance.
These record profits follow a 2005 that brought payouts of $ 61 Billion for hurricane and storm damage, including Katrina’s devastating damage to the Gulf Coast. But even with 2005 being one of the worst years for natural disasters in recorded U.S. history, the year was a good one for insurance companies who made $ 43 Billion in profits with good investment results, profits on liability insurance premiums, and declining claims under homeowners’ policies on homes away from coastlines.