Insurers have record profits

The Pensacola News Journal reports that insurers area worried about 2008 hurricane season. Allstate and the Hartford companies want major rate hikes that they claim are needed to get through the 2008 hurricane season/ They are challenging state denials in administrative court appeals.

Allstate had record profits in 2006 – $5 billion! Its third quarter revenues for this year are down 16% – but only because they canceled so many homeowner policies along the Gulf Coast.

Hartford made $2.745 billion in 2006. Its third quarter net income for 2007 is $851 million – up $97 million from last year.

Allstate and Hartford should be giving refunds