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Property Insurers Income Still Up

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Property and Casualty Insurers' Income and Surplus Rise Despite Record Catastrophe Losses - December 28, 2005 (Source: Insurance Journal - PCI, ISO, III) - Including losses from Hurricanes Dennis, Katrina, Ophelia and Rita, insured property losses due to catastrophes through nine-months of 2005 totaled $47.6 billion - nearly double the $27 billion in direct insured property losses due to catastrophes through the first nine months of 2004. Hold your tears though, because the industry's net income after taxes still rose 4.4 percent, or $1.2 billion, to $28.8 billion in the same nine months of 2005. As a result the industry's surplus (statutory net worth) increased 5.2 percent, or $20.4 billion, to $414.3 billion at September 30, 2005 from $393.8 billion at the end of 2004 according to ISO and the Property Casualty Insurers Association of America (PCI). "Given the massive catastrophe losses absorbed by insurers in nine-months 2005, the increase in income and surplus during the first three quarters of the year is a testament to the underlying financial health of the industry" said Gregory Heidrich, PCI senior vice president for policy development and research. Isn't it comforting to know that the insurance business is so profitable that even when disaster strikes, profits still go up?

 

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Accident Lawyer Hawaii

Law Offices of William H. Lawson
Kahala Avenue
Honolulu, HI 96816
(by appointment only)

Law Offices of William H. Lawson
Century Square
1188 Bishop St. Suite 2902
Honolulu, HI 96813

New client hotline:
(808) 671-7600

Pearl City, Aiea and Waipahu:
(808) 671-7600

Main business phone:
(808) 528-2525


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Recent Personal Injury and Car Accident News


Some accidents happen and the victims don't know who hit them. In such cases, a negligent driver can sometimes be found through law enforcement, video cameras, and investigation. See, Woman Settles for $3 Million After Being Run Over by School Bus. In addition, in other cases, the injured parties may be able to pursue insurance coverages that are designed to fill in such gaps - such as Uninsured Motorist Insurance and/or Underinsured Motorist Insurance.





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