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Last updated on May 20th, 2017 at 07:29 am
Insurance companies have lately sought to cash in on climate hysteria:
Many coastal property owners in North Carolina have seen their insurance rates increase 25 percent since May …
“I know everybody on the coast is suffering from high insurance rates,” said William Baggett, an owner of the oceanfront Blockade Runner hotel in Wrightsville Beach. He said his rates have quadrupled since 2005. “I don’t think they are quite justified.”
That report from last year. But things have since turned around:
Lloyd’s of London warned yesterday that an absence last year of natural disasters or man-made accidents was putting pressure on firms to reduce premiums in 2008.
The world’s oldest and biggest insurance market said that though the lack of major disasters had allowed firms to push up profits 5% in 2007, underwriting margins were being squeezed … two years of relatively few claims for environmental damage have increased competition in the sector.