"Allstate Rebounds With Storm-Free Summer" is the title of a news article written by Joseph B. Treaster, who also wrote the article on CatClaims Payments, Premiums and Insurance Profits that was the subject of my post on October 15, 2006. The new article is available for public access including here and it is published in the New York Times, page C2, column 1 (Nat'l Ed. Thursday, October 19, 2006). This news article also reports, as was noted in yesterday's post about a news report in the Wall Street Journal concerning Property and Casualty insurance, that the predicted industry profit for 2006 is a record $60 Billion.
The current New York Times article also reminds everyone that the sector of Property and Casualty Insurance includes a vast array of different types of Insurance Coverages. These different kinds of "P/C" Coverages can include results from Auto policy premiums, Workers' Compensation policy sales, General Liability (and "CGL" or Comprehensive or Commercial General Liability) policy premiums, and also premiums charged for Homeowner's Coverage in policies issued to homeowners located far away from the Gulf Coast not to mention far away from the Atlantic and Pacific Ocean coastlines. That being said, the article reports that property insurers (apparently shorthand for the property casualty or "P/C" insurance industry) paid $61 Billion for Hurricane claims in 2005 and also that the property casualty insurance industry made a profit in 2005 of $43 Billion.
As I pointed out in yesterday's post, it should also be remembered that all these current newspaper reports of "profits" for insurance companies, which are the subject of my posts here since October 15, 2006, include investment income, not simply income from premiums paid. Successful investments do not necessarily depend on higher premiums.
REMINDER: THE CONTENTS OF THIS BLOG DO NOT MAKE AN ATTORNEY-CLIENT RELATIONSHIP. ALWAYS CONSULT THE CASES AND LAWS OF EACH PARTICULAR JURISDICTION AND AN ATTORNEY IN AND FAMILIAR WITH THE PARTICULAR JURISDICTION AND ITS LAWS, WHENEVER YOU TRY TO ADDRESS OR RESOLVE ANY LEGAL QUESTION.
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