Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
China’s Ping An Insurance Posts 36.1% Rise in 9-Month Profit
Oct 21 2024 // Ping An Insurance (Group) Co. of China Ltd. reported on Monday a 36.1% rise in net profit in the first nine months of the year, driven by growing investment returns and new policies sold as the economy recovers. The...
ESG’s Appeal Fades in Emerging Markets as Profit Seeking Eclipses Virtue
Oct 21 2024 // Sustainable investments in emerging markets are facing a reckoning as environmental, social and governance strategies crumble under the weight of ongoing capital outflows and the appeal of higher-yielding energy bonds. ESG...
75% of Independent Agencies Report Revenue Gains From 2022-23
Oct 21 2024 // Despite challenging conditions, 75% of independent insurance agencies saw revenue gains from 2022 to 2023, according to the 2024 Agency Universe Study. That number is significantly higher than between 2020 and 2021, during...
Judge Tosses Philadelphia Eagles and 76ers Covid Loss Cases
Oct 18 2024 // Two Philadelphia professional sports team have lost their appeals over denied business interruption insurance claims tied to the COVID-19 pandemic. U.S. District Judge Michael Baylson this week dismissed lawsuits by the...
Moody’s RMS, CoreLogic Add to Modelers’ Take on Milton Insured Losses
Oct 18 2024 // Moody’s RMS has pegged private insured losses from Hurricane Milton to between $22 billion and $36 billion, with a best guess of $26 billion. The Newark, California-based catastrophe modeler also narrowed its range...
Allstate Reports $1.7B in Q3 Pretax Catastrophe Losses, $630M From Helene
Oct 17 2024 // Allstate Corp. doesn’t announce third quarter earnings until Halloween but today it released some scary September pretax catastrophe losses. In keeping with its initiative to announce monthly catastrophe losses that...
Marsh McLennan Reports 6% Increase in Q3 Revenue
Oct 17 2024 // Insurance broker Marsh McLennan reported a 6% increase in third quarter consolidated revenue to $5.7 billion, while revenue increased 5% on an underlying (organic) basis. Q3 operating income was $1.1 billion, an 11%...
Travelers Triples Q3 Net Income, Reverses Underwriting Loss
Oct 17 2024 // Travelers on Thursday said third quarter net income was $1.26 billion compared to net income of $454 million during the same period a year ago on record net premiums, favorable prior year reserve development, and higher...
Natural Disaster Losses Below Average Through Q3, Despite Higher Frequency: Report
Oct 16 2024 // Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re’s latest Nat Cat report. The total economic loss...
Hurricane Milton Insured Losses in $30B-$50B Range, Says Verisk
Oct 16 2024 // Catastrophe modeler Verisk said it expects insured losses from Hurricane Milton will be between $30 billion and $50 billion from damages caused mostly by wind. Verisk’s Extreme Event Solutions group said the range...
Progressive More Than Doubles Q3 Net Income Despite Helene Losses
Oct 15 2024 // Progressive Corp. said it’s third quarter 2024 net income more than doubled compared to last year, to about $2.3 billion. Progressive said it took a hit of $563 million in catastrophe losses in September from...
KCC Expects Private Insured Losses of $36B From Hurricane Milton
Oct 15 2024 // Florida’s Hurricane Milton caused private insured losses of about $36 billion, estimated catastrophe modeler Karen Clark & Co. The estimate includes losses from wind, storms surge, and inland flooding to...
Singapore Blocks $1.7 Billion Allianz-Income Insurance Deal
Oct 15 2024 // The Singapore government will block a proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a public backlash. The...
Combined Losses From Milton and Helene to Be $35B-$55B: Moody’s RMS
Oct 15 2024 // Moody’s RMS said private insurers can expect to dole out between $35 billion and $55 billion for hurricanes Milton and Helene. A final industry-loss estimate for Hurricane Milton, a Category 3 that struck Siesta Key,...
Fitch Expects Insurance Industry Losses of Up to $50B From Milton
Oct 11 2024 // Fitch Ratings expects Hurricane Milton to cause between $30 billion and $50 billion in insured losses to push total industry losses in 2024 above $100 billion for the fifth straight year. The range of losses expected by...
Verisk Says Helene’s Insured Losses Could Reach $11 Billion
Oct 9 2024 // Catastrophe modeler Verisk predicted wind, storm surge and flooding from last month’s Hurricane Helene will cause insured losses of between $6 billion and $11 billion. The estimate does not include losses to the...
Catastrophe Bond Investors Brace for Major Losses as Milton Rages
Oct 9 2024 // Investors in catastrophe bonds are girding themselves for substantial losses as the combined destructive force of Hurricanes Helene and Milton looks set to trigger payment clauses on a scale not seen in years. Two weeks...
Hurricane Milton Insured Loss Could Be $60 Billion, Similar to 2022’s Ian: RBC
Oct 9 2024 // Hurricane Milton could result in a $60 billion loss for the global insurance industry, creating a surge in 2025 reinsurance prices which could boost some insurance companies’ shares, analysts at RBC Capital said. The...
Update on Helene Loss Estimates: CoreLogic Sees $10.5B-$17.5B Insured Loss
Oct 7 2024 // Total insured loss from Hurricane Helene is now estimated at between $10.5 billion and $17.5 billion—a figure that continues to grow as more damages are assessed, pushing catastrophe modelers to continually revise...
Hurricane Francine Insured Losses Expected to Be Manageable
Oct 7 2024 // Losses from Hurricane Francine are expected to be manageable for property/casualty insurers, with major population centers sparred from the worst of the storm’s damage. Privately insured loss from Hurricane Francine...
