Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Catastrophe-Bond Funds Suffered Virtually No Losses From Hurricane Milton
Oct 25 2024 // After two weeks of number-crunching, it now seems clear that investors in catastrophe bonds emerged from Hurricane Milton relatively unscathed. In fact, holders of the bonds may be looking at returns of as much as 12%,...
Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton
Oct 24 2024 // More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement...
BHP Says Claim it Put Profit Over Safety ‘Unjustified’ in Brazil Dam Collapse Case in UK
Oct 23 2024 // BHP said on Wednesday that allegations a pursuit of profit over safety contributed to Brazil’s worst environmental disaster were “far-fetched and unjustified,” as the miner opened its defense to a mammoth...
Hurricane Milton Caused $1.5B-$2.5B in Losses to Florida Agriculture
Oct 22 2024 // Hurricane Milton caused an estimated $1.5 billion to $2.5 billion in damage to Florida’s crops and agricultural infrastructure, according to a preliminary assessment released by the state’s Department of...
‘G-Shock’ Watchmaker Casio Delays Earnings Release Due to Ransomware Attack
Oct 22 2024 // Japanese watchmaker Casio Computer said on Tuesday it will delay the release of its second-quarter earnings due to the impact of a ransomware attack on its accounting process, to mid-November from Nov. 6. Casio, known for...
W.R. Berkley Posts Record Q3 Net Income
Oct 22 2024 // Third quarter 2024 net income at W.R. Berkley Corp. increased to about $365.6 million compared to $333.6 million the same period the prior year on underwriting and investments. Net income was a record for the third...
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,...
