Insurance
- The p/c insurance industry made a record $88 billion in profits in 2023, even as companies jacked up rates for policyholders.
- The $88 billion profit was more than double the profits of the previous year and marked the industry’s most profitable year in history.
- In Q1 2024, profitability continued to surge, reaching $39 billion in one quarter, putting the industry on pace to shatter 2023’s record profits.
- Despite this, insurance executives continue to complain that they’re not making enough money because of lawsuit abuse and need to limit Americans’ access to the courts.