The upward climb continues. Previous posts such as October 27, 2006 noted the news that profits for all sectors of Insurance were up greatly, including but not limited to the Catclaims-laden Property-Casualty sector. This same news continues to be released and predicted by Catclaim Insurers all across the face of our globe.
Yesterday, Allianz Group posted a press release reflecting its greater operating profit including an increase in the Property-Casualty sector operating profit of nearly 75%, a stated increase in net income of more than 100%, better return on investments, and a steadily improving combined ratio in the Property-Casualty sector which reflects more premiums than Catclaims in broad terms. Allianz's press release reflects that its good reported results are dependent in large part on the absence of natural catastrophes, or on a low number of Catclaims. Allianz Group Worldwide Web Site and Press Release of Thursday, November 2, 2006.
The lack of Hurricanes in 2006 is a large force for Insurance Industry improvement in profitability across the planet and not just in the United States. Allianz is the largest Insurance Company in Europe, and one of the largest in the world, based on income earned from premiums.
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