Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
New Hampshire Approves 5.6% Workers’ Compensation Loss Cost Decrease for 2025
Sep 6 2024 // The New Hampshire Insurance Department (NHID) reports that it has approved a workers’ compensation rate proposal that will reduce voluntary loss costs by 5.6% on average. The new lower rates will apply to voluntary...
New York Regulator Orders Taxi Insurer to Weigh Sale After Losses
Sep 5 2024 // New York’s insurance regulator issued a damning report laying out the severely flawed financial condition of New York’s largest insurer of taxis and for-hire vehicles, as well as dozens of potential financial...
Lloyd’s Reports Best H1 Underwriting Profit Since 2007, With 83.7 Combined Ratio
Sep 5 2024 // The Lloyd’s insurance and reinsurance market reported overall profit before tax of £4.9 billion (US$6.4 billion), a 25.6% increase from the £3.9 billion (US$5.1 billion) reported during H1 2023. The combined ratio,...
Climate Losses Batter Insurers While Reinsurers Step Back
Sep 5 2024 // As the planet warms and more natural disasters occur, insurers are facing an increasingly difficult time. In 2023, for the fourth year in a row, global insured catastrophe losses exceeded $100 billion. The trend continues...
Pilot Declared Emergency, Loss of Autopilot Before Crash That Killed 3
Sep 5 2024 // The pilot of a plane that crashed in northeast Wyoming in July, killing seven people, declared an emergency and loss of the autopilot shortly before the incident that claimed the lives of three members of the Gospel Music...
Natural Disasters to Cause $151 Billion in Annual Insurer Losses
Sep 4 2024 // Urban expansion, property exposure and climate change could fuel a 40% increase in annual natural-catastrophe losses for the global insurance industry, according to a new report. The annual loss could rise to $151 billion...
Global Non-Life Reinsurer’s Profits to Peak in 2024: Fitch Ratings
Sep 3 2024 // Fitch Ratings published midyear underwriting results for 19 non-life reinsurers, finding that the group’s average first-half 2024 combined ratio was 84.2, and forecasting continued profits for the rest of 2024 and...
Canada’s 10 Worst Natural Disasters Totaled C$30 Billion in Annual Insured Losses
Sep 3 2024 // Insured losses have surged in the past decade as climate change in Canada sparks wildfires, intense hailstorms and thunderstorms with severe flooding in major cities. Insured losses from natural disasters averaged C$2.2...
Severe Storms (Mostly in US) Account for 70% of Global Insured Natural Disaster Losses
Sep 2 2024 // Global insured losses from natural catastrophes totaled US$60 billion during the first half of 2024, or 62% above the 10-year average, according to preliminary estimates from Swiss Re. Severe thunderstorms (mainly in the...
US P/C Insurance Industry Posts First H1 Underwriting Profit Since 2021
Aug 29 2024 // The U.S. property/casualty insurance industry recorded a net underwriting gain of $3.7 billion and net income of $94.6 billion for the first-half of 2024, according to a new report. “After years of consistent losses,...
Southern California Edison Seeks to Recover $1.6B of Wildfire-Related Losses
Aug 29 2024 // Southern California Edison, a unit of utility Edison International said on Thursday it was seeking approval for a settlement agreement to recover nearly 60% of losses related to wildfires and mudslides in 2017 and...
Insured Losses From Canada’s Jasper Wildfire Surpass C$880 Million
Aug 28 2024 // This summer’s devastating wildfire in Jasper, Canada resulted in more than C$880 million (US$653.4 million) in insured damage, according to the Insurance Bureau of Canada (IBC), quoting data provided by Catastrophe...
Ping An Profit Rises Nearly 7% as Market Recovery Bolsters Returns
Aug 23 2024 // Ping An Insurance (Group) Co. said profit rose nearly 7% in the first half, after a stock-market recovery helped bolster investment returns at China’s second-largest insurer by market value. Net income climbed to...
Insurance Technology: Aon Tool Analyzes and Quantifies Potential D&O Losses
Aug 22 2024 // Corporate risk managers looking to gauge the likelihood that their directors and officers will be sued and how much that might cost have a new digital tool to help them. Global insurance broker Aon has launched its...
Swiss Re First-Half Profit Beats Estimates on Lower Catastrophe Claims
Aug 22 2024 // Swiss Re AG’s first-half net income beat estimates, as the re-insurer avoided higher claims from natural catastrophes that have impacted the broader insurance industry. Profit for the second quarter was $996 million,...
Puerto Rico Insurers to Absorb Hurricane Ernesto Losses: AM Best
Aug 21 2024 // Losses in Puerto Rico from Hurricane Ernesto are expected to be absorbed by the island’s domiciled insurers, according to industry rating AM Best. Initial feedback from AM Best-rated insurers—though it is early in...
The Huge Profits Investors Have Made on Catastrophe Bonds Are Raising Eyebrows
Aug 19 2024 // A strategy that’s delivered specialist investors huge returns is now facing scrutiny, amid concerns that its risk-reward dynamics might be skewed against some issuers. Catastrophe bonds, which are issued by insurers,...
AM Best: Migration to Cat-Prone States Fuels Record HO Underwriting Losses in 2023
Aug 19 2024 // The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss in the previous year and the line’s worst underwriting results since at least 2000, according to a...
Guy Carpenter: ‘Kitty Cat’ CrowdStrike Outage to Cause $300M-$1B in Insured Losses
Aug 19 2024 // Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely between $300 million and $1...
Personal Auto Driving P/C Insurers to 2024 Underwriting Profit
Aug 19 2024 // S&P Global Market Intelligence is forecasting a combined ratio of 99.2 for the U.S. P/C insurance industry overall in 2024, signifying a return to underwriting profitability for the first time since 2021. According to...
