Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Massive Maryland Fire Leads to Estimated $39M Loss
Apr 26 2017 // Firefighters were still dousing hot spots Tuesday after a massive fire at a seven-story apartment building under construction near the University of Maryland. News outlets reported that firefighters were working to keep...
Allied World to Offer Drone Loss Control Services to Policyholders
Apr 21 2017 // Allied World North America has expanded its risk management offerings to policyholders to include access to discounted unmanned aerial systems (UAS) services through DataWing, a UAS service provider led by former U.S. Air...
Private Firms Lose Privacy When Liability Battles Reach Courtroom
Apr 21 2017 // “It’s like a Kardashian episode.” That outburst from an unidentified person spoke to the fact that private companies can make their affairs very public in bitter courtroom battles over management...
Allstate’s Catastrophe Losses Topped $780 Million in Q1
Apr 20 2017 // The Allstate Corp. announced estimated catastrophe losses for the month of March 2017 of $516 million, pre-tax ($335 million after-tax), and an estimated $781 million, pre-tax ($508 million after-tax), for first quarter...
Tornado, Hail Losses Hurt Travelers in Q1
Apr 20 2017 // Travelers Cos. was burned again by Mother Nature. Alan Schnitzer has been contending with volatile weather since becoming chief executive officer in late 2015, extending a trend of recent years in which storm seasons last...
AIG Board Refuses CEO Hancock’s 2016 Cash Bonus after Poor Earnings
Apr 17 2017 // American International Group Inc.’s board of directors declined to award Chief Executive Officer Peter Hancock a cash bonus for his work last year, after the company’s dismal financial performance roiled...
Sompo International Taps QBE’s Sordillo as Sr. VP, Loss Control Leader
Apr 17 2017 // Sompo International, the Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Victor Sordillo has joined the company as senior vice president, loss control leader. Sordillo is...
Aon: Insured Losses Likely to Exceed $2B from March Storms, Wildfires
Apr 17 2017 // Severe weather in March led to significant damage in the central and eastern United States, racking up more than $2 billion in insured losses, according to a report published by Impact Forecasting, Aon Benfield’s...
Insured Losses for Europe’s Storm Zeus Estimated at US$200M: PERILS
Apr 13 2017 // The initial estimate of insured property market losses for extratropical cyclone Zeus, which mainly hit France on March 6-7, is €192 million (US$200 million), according to PERILS, the independent Zurich-based...
Cyber Losses Testing Insurance Policy Boundaries
Apr 13 2017 // Now that cyber attacks and data breaches have become common, insurers and risk managers are struggling to assign the resulting costs and losses among different types of insurance. On the one hand, there are traditional...
Initial Insured Loss Estimate for Storm Thomas Is €213M ($222.7M): PERILS
Apr 6 2017 // The initial estimate of insured property market losses for extra-tropical cyclone Thomas, which hit the British Isles, the Netherlands, Belgium and Germany on Feb. 23-24, 2017, is €213 million (US$222.7 million),...
I.I.I.: Why ProPublica Auto Insurance Report Is Inaccurate, Unfair and Irresponsible
Apr 5 2017 // It looks like ProPublica failed its first actuarial exam. The renowned investigative journalism website has, along with Consumer Reports magazine, published reports that auto insurers systematically charge unfairly high...
Top 3 Causes of Global Liability Claims = 60% of Value: Allianz Report
Apr 5 2017 // Defective product/work quality issues, crashes and human error are listed as the top causes of liability loss for businesses, according to a report published by Allianz Global Corporate Specialty (AGCS). Collectively,...
Losses from Colorado Mine Spill Could Be Far Less than Feared
Apr 4 2017 // Economic damage from a Colorado mine waste spill caused by the U.S. Environmental Protection Agency may be far less than originally feared after attorneys drastically reduced some of the larger claims, The Associated Press...
Republicans Now Eye Insurer Low-Income Subsidies They Sued to Halt
Apr 3 2017 // Republican lawmakers are seeking a way to guarantee that health insurers get $7 billion promised to them to help low-income people afford the out-of-pocket costs of Obamacare plans, in an effort to keep more companies from...
Underwriting Profits Now Imperative for Medical Liability Insurers: PLUS Report
Apr 3 2017 // For all the changes in healthcare in the past 10 years, the principal challenges facing medical professional liability (MPL) insurance remain much the same as they did during the crisis in the mid-2000s: a high level of...
Personal Auto Rate Hikes Not Keeping Up with Losses: Fitch
Mar 30 2017 // U.S. personal auto underwriters increased premium rates “significantly” in 2016. But here’s the thing: it wasn’t enough. Loss trends are still outpacing rate changes. Also, the U.S. P/C industry...
Lloyd’s Reports £2.1B ($2.6B) Profit for 2016, Unchanged from 2015
Mar 30 2017 // Lloyd’s reported 2016 pretax profit of £2.1 billion pounds ($2.6 billion), level with 2015, despite a worsening of the market’s combined ratio at 97.9 percent, compared with 90.0 percent in 2015. Return on...
Citizens Posts Net Loss of $27M for 2016; Says Water Losses, AOB Abuse to Blame
Mar 29 2017 // Citizens Property Insurance Corp. will post a net loss for 2016, its first loss in more than a decade, as water loss claims, assignment of benefit (AOB) abuse and litigation costs increasingly impact the company’s...
Norman-Spencer Agency Starts Nonprofit Division; Will Donate 50% of Profits
Mar 29 2017 // Norman-Spencer Agency, Inc., a national property and casualty insurance provider, has launched a new nonprofit division. This division offers three programs — Food Distribution & Thrift Stores, Foundations &...
