How much financial power does the insurance industry have?

A: According to a white paper released by the Property Casualty Insurers Association of America (PCIAA), net income profits in 2004 were nearly $30 billion. Surplus from policyholders exceeded $347 billion. Improved "underwriting strategies" (i.e., rising policyholderrates and lower rates of approval for payouts) were credited for the record numbers achieved in 2004. Investment holdings in the U.S. and global stock markets comprise more than $1 trillion, and the average salary of insurance industry executives has doubled since 2001 to $3 million per year.