Claims payments by homeowners insurers in Louisiana for the hurricanes of 2005--expected to top $12.4 billion--exceeded premiums collected by the insurers in the last 25 years, the Insurance Information Institute announced today.
Although the I.I.I. announcement did not provide the exact figure for aggregate premiums collected since 1981, the group said that every dollar of homeowners insurance profits ever earned there would be erased also.
The $12.4 billion claims total from Hurricanes Katrina and Rita is nearly 13 times the estimated $969 million in homeowners premiums paid last year, I.I.I added.
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