Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Proper Profit Center Accounting
Aug 5 2024 // Do owners really know which departments or lines of business are making money in their agency? What are small commercial accounts costing the agency? How can the agency make personal lines more profitable? When is it time...
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims
Aug 5 2024 // Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately...
Insurers’ Losses from Hurricane Beryl Will be ‘Readily’ Absorbed
Aug 5 2024 // Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the property/casualty and reinsurance sectors, Moody’s...
Guy Carpenter: ‘Kitty Cat’ CrowdStrike Outage to Cause $300M-$1B in Insured Losses
Aug 2 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...
AIG’s Repositioning Affects Q2 Earnings; Underlying Underwriting Income Up 2%
Aug 1 2024 // The formal split of its life and retirement business Corebridge Financial resulted in a second quarter net loss of nearly $4 billion for American International Group (AIG). The deconsolidation and divestitures from last...
Extreme Weather Sends Insured Losses 70% Above Historical Norms
Jul 31 2024 // Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms. The data, which were...
Reinsurer SCOR’s Recovery Clouded by First Quarterly Loss Since 2022
Jul 30 2024 // SCOR SE Chief Executive Officer Thierry Leger said he’s taking over control of the company’s life and health unit after it led the firm to report its first quarterly loss since 2022. The Paris-based reinsurer...
AM Best: Migration to Cat-Prone States Fuels Record HO Underwriting Losses in 2023
Jul 29 2024 // The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according...
Cannabis Firm Fights Insurer’s Denial of Business Income Loss Claim Following Fire
Jul 29 2024 // A Berkshire Hathaway insurer is insisting it does not owe $1.3 million in claimed business income losses to a cannabis growing company after a building fire shuttered one of its “flowering” rooms for 68...
Aon Reports 6% Drop in Q2 Net Income, Organic Revenues Grow 6%
Jul 26 2024 // Aon reported net income attributable to shareholders of $524 million during the second quarter, a 6% decrease from $560 million reported in Q2 2023. Adjusted net income attributable to Aon shareholders increased 9% during...
Insured Losses From CrowdStrike Outage Could Reach $1.5B, CyberCube Says
Jul 25 2024 // Global insured losses from last week’s massive IT outage are likely to range from $400 million to $1.5 billion, cyber analytics firm CyberCube said on Thursday. A software bug in cybersecurity firm...
WV Reminds Local Governments, Non-Profits of Flood Insurance Requirements
Jul 25 2024 // The West Virginia insurance commissioner is reminding all state and local governments and non-profit organizations that they could face penalties if they fail to obtain flood insurance on properties in flood hazard...
WTW Reports 48% Hike in Q2 Net Income With Organic Growth of 6%
Jul 25 2024 // WTW reported second quarter net Income of $142 million, an increase of 48% compared to net income of $96 million in the prior-year second quarter. Q2 adjusted net income rose 20% to $263 million, from $219 million reported...
Fortune 500’s Insured Losses for CrowdStrike Could Reach $1 Billion: Parametrix
Jul 24 2024 // The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates. The portion of...
Florida-Based Brown & Brown Posts Strong Profit for Q2
Jul 24 2024 // DAYTONA BEACH, Fla. (AP) — Florida-based Brown & Brown Inc. (BRO), one of the largest U.S. insurance brokerages, this week reported second-quarter net income of $257 million, up from $190 million for the second...
WR Berkley CEO: Losses From Tech Outage Expected to Be ‘Manageable’
Jul 24 2024 // W.R. Berkley CEO W. Robert Berkley, Jr. said the company does not see last week’s global network systems outage “being a material loss to the organization.” “I would be surprised if we didn’t...
Chubb Q2 Net Income Up 24% to $2.2B
Jul 24 2024 // Chubb said second quarter net income was up more than 24% to about $2.2 billion despite higher catastrophe losses than a year ago. Catastrophe losses for the second quarter were $580 million, pretax, compared to $400...
Personal Auto Driving P/C Insurers to 2024 Underwriting Profit
Jul 23 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...
US Severe Storms Continue to Drive Global Natural Disaster Losses: Gallagher Re
Jul 22 2024 // US severe convective storms (SCS) continued to drive global natural catastrophe losses during the first half of 2024. Of the estimated $61 billion in global H1 insured losses from natural disasters, US SCS accounted for a...
Hurricane Beryl Caused Estimated $2-3B in Insured Losses to US Property: Verisk
Jul 19 2024 // Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said. Beryl made landfall...
