The New York Times reported in October that insurance experts expect industry profits to hit $60 billion ($60,000,000,000.00) in 2006 because of increased premiums for customers on the coasts,smaller payouts for natural disasters and larger investment returnss, as well as increased profits in the areas of auto insurance, workers compensation and general liability.
"The insurance industry has made excuses for its premium increase by making scapegoats out of individuals who have been harmed by the fault of another ," said Rhonda Davis, President of the Ohio Academy of trial lawyers. " By their own admission insurance companies are recording incredible profits.
According to the article, Robert Hartwig, chief economist of the insurance information institute, said "we think we're going to have some good numbers."
"How is that for an understatement" says Anthony Castelli attorney.
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