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Annual industry profits may vary but averages over time most accurately reflect the companies’ margins. Not only are there yearly fluctuations in FEMA payments but sometimes there is a lag between when an expense occurs and when FEMA pays an insurance company for the expense. This difference can alter what year some profits are accounted for, and therefore the annual profit margins. For that reason, some company profits in the wake of Sandy might be reflected in 2012 rather than 2013. But the overall amount of profit in those two years should even out as incurred expenses are fully paid. Similarly, any accounting differences affecting other years’ annual profit margins would also work themselves out over time and be accounted for in the four-year average.