Insurers Profit When Hurricanes Hardly Happen
Each quarter newswires do their traditional “earnings prewrite,” quoting analysts on how an industry is faring. Not surprisingly, this quarter’s prediction for property and casualty insurers is positive. And, if anyone needs reminding, it’s because there weren’t any hurricanes troubling our coastline, defying the prediction by the National Oceanic and Atmospheric Administration that four to seven major storms would hit this season. Bloomberg News has done a comprehensive job of explaining what’s happening, and pinpointing the company that will profit the most by this good news: struggling American International Group. Others that will benefit include Allstate, Chubb and Travelers, all of whose primary focus is insuring homes and businesses. Bloomberg also quotes an analyst with another intelligent point; property insurers,…
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