INSURANCE INDUSTRY ENJOYS RECORD HIGH PROFITS

The Insurance Services Offices, Inc. and the Property Casualty Insurers Association of America recently reported the U.S. property casualty insurers’ profits were $29.988 billion in 2003, almost ten times the $3.05 billion profit the insurers reported in 2002. The huge increase is primarily due to an 85% drop in underwriting losses and a 3.9% investment income increase. Net premiums written increased 9.8% to $405.86 billion as well.

Don’t let the insurance industry brainwash you. Don’t let the insurance company pull the wool over your eyes. Lawsuits are at an all-time low. Jury verdicts are at an all-time low. Now ask yourself, if insurance company profits are at an all-time high, why aren’t insurance premiums at an all-time low, or at least less than what they’ve been over the past 5 years?