Insurance | August 1, 2008 |
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Fear of Catastrophes Waning as Lost Business Sends Insurers Back to Coast
By Laura Shreier
Up and down the U.S. coastline, many insurers have stepped back from the waters, refusing to write new homeowners policies in the wake of catastrophic hurricanes in 2004 and 2005. But that retreat didn’t just leave many states’ consumers feeling abandoned – it left insurers without a large chunk of business.
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The Hartford Down Big
Hartford insurer The Hartford Financial Services Group reported net income for the first half of 2008 of $688 million, a 54 percent year-over-year decrease compared to the same period in 2007.
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