Katrina "Most expensive storm in history." To whom?

[Atman]

CNN began the day reporting about the record profits of the insurance industry. Yes, you heard right...2005 (Katrina year) was the most profitable year the insurance industry ever had. During the year of the most expensive storm in American history.

Can someone please, please explain to me what I'm missing? Am I, in fact, missing anything? Or are these record profits simply the result of holding onto all the premiums and not paying out any benefits? I'm fucking baffled.

[nosillies]

1. And yet they cancel policies in FL all the time

becuase they're just too broke.

[Name removed]

2. Deleted message

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[Syncronaut Seven]

4. 110B? Curious. That's about what the war cost last year.

Claimed, not actual cost.

If LA received 110B, it bypassed it's citizens completely and went straight in to the coffers of halliburton and Blackwater security.

Mercenaries are expensive, dont'cha know.

110B? Sure your not thinking of Bushes bloody abortion, Iraq?

[ChairmanAgnostic]

3. think Noah.

I'd bet that cost a shekel or two.

[annabanana]

5. The insurance racket is probably THE most

under-regulated industry in the country. They take in big bucks, year after year, then make you sue to get what they promised to supply.