Insurance industry profits at record highs in all sectors

Recently released data showed that insurance company profits for 2006 are approaching record highs. This trend applies to all lines of coverage, including auto insurance. For example, in New York state, a report stated that state automobile insurers are experiencing unprecedented profitability with motorists paying historically high premiums despite lower payouts by insurers in automobile accidents. Unfortunately, while insurers celebrate, consumers continue to suffer with oppressive premiums.

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