Courier Times Burlington County Times The Intelligencer Baseball Football Basketball Hockey... Insurers reap, consumers suffer.
Ridgeway, a 52-year-old public health worker, is frustrated that she's still living on the property in a trailer provided by the Federal Emergency Management Agency. Tenants are back in just two of the units.
Industry experts argue that the property-casualty insurers did amazingly well in handling Katrina — the most costly catastrophic event ever in the United States — and the other hurricanes in 2004 and 2005.
Rating agency A.M. Best estimates that the property-casualty industry earned $68 billion in 2006, up from $49 billion in 2005, and that profits could total $62.2 billion this year if the storm season is relatively benign.
As a result, the policyholder surplus — essentially reserves to cover future claims — grew to a record of nearly $500 billion in 2006, A.M. Best estimates.
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