Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Remapping, Subsidy Loss Raising North Dakota Flood Insurance Costs
Jan 17 2014 // Had Greg Larson, a realtor and riverside homeowner in Bismarck, N.D., and his family changed their flood insurance policy, their cost would have gone from $705 a year to $4,200. Increases in flood insurance rates are...
PERILS Initial Loss Estimate for Windstorm Xaver is $925 Million
Jan 17 2014 // PERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, announced that its initial loss estimate for windstorm Xaver, which affected Western and Northern Europe on 5 and 6...
MEMIC Promotes Klatt to Loss Control Services Manager in Maine
Jan 16 2014 // Portland, Maine-based workers’ compensation carrier MEMIC has announced the appointment of Randy Klatt to the position of manager, loss control services.Randy KlattIn his new role, Klatt will be responsible for...
P/C Insurers Face Challenge to Match 2013 Results in 2014
Jan 15 2014 // The U.S. property/casualty insurance industry reported strong performance in 2013, but in 2014, the industry may find it difficult to match last year’s results as insurers begin to face more headwinds, according to...
Uninsured Losses from Natural Disasters Growing: Swiss Re
Jan 15 2014 // Natural catastrophes are growing more costly and uninsured losses are increasing, according to David Cole, chief risk officer of Swiss Re Ltd. “When they happen, they are more severe,” he said today at a...
Global Natural Disasters Cost Insurers $45B in 2013: Impact Forecasting
Jan 13 2014 // In 2013, there were 296 separate natural disaster events that produced total economic losses of $192 billion – four percent below the 10-year average of $200 billion, but above the average 259 events, according to a...
P/C Insurers Show Big Gain in Underwriting Profits
Jan 13 2014 // Private U.S. property/casualty insurers’ net income after taxes rose to $43 billion in nine-months 2013 from $27.8 billion in nine-months 2012, with insurers’ overall profitability as measured by their...
The Profit Compression
Jan 13 2014 // The bad news is independent agency profits are and will continue to be compressed. The good news is that for independent agencies willing to abandon the traditional model, great opportunity exists. Profits will stay...
Numbers Don’t Lie: Agency Best of the Best Grofit: Balancing Growth & Profit Creates Value
Jan 13 2014 // If there is anything that exists in the insurance distribution industry, its ego. This is why agency performance benchmarking is so important. The industry is also fortunate to have a level playing field. Most...
TWIA Expert Panel Working on Methods to Assess Wind/Water Property Loss
Jan 10 2014 // A panel studying methods to assess property loss incurred as a result of wind versus water forces along the Texas coast expects to have the first of four study components ready for consideration next month. The mission of...
Europe Hit by $2.25 B Economic Loss: Impact Forecasting December Cat Report
Jan 8 2014 // Impact Forecasting, the catastrophe model development center of excellence at Aon Benfield, has issued its monthly Global Catastrophe Recap report for December 2013. It highlights the impact on Europe of a series of...
Munich Re’s Review of 2013 Cat Losses Focuses on Weather-Related Events
Jan 7 2014 // In its annual review of loss events in the past year, Munich Re emphasized the “exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan,” which, the report said,...
Environmental Group Says $7.8 Billion Wasted by Crop Insurance Program
Jan 6 2014 // A report commissioned by the Environmental Working Group (EWG) says that the federal crop insurance program over-compensated Corn Belt farmers by $7.8 billion during the 2012 drought. Insurance payouts that year totaled...
Allstate, State Farm, Farmers Plan to Raise Home Insurance Rates in Texas
Jan 5 2014 // Texas’ three largest home insurers are kicking off 2014 with steep increases in policyholder premiums, according to a report published on Jan. 4. The Dallas Morning News reports that Allstate, Farmers and State Farm...
Judge Rejects BP Complaint Over Proof of Economic Losses from Gulf Oil Spill
Dec 27 2013 // BP Plc lost a bid to require businesses to provide proof their economic losses were caused by the 2010 Gulf of Mexico oil spill under a $9.2 billion settlement over the disaster. U.S. District Judge Carl Barbier in New...
Missouri Regulator Shaves Workers’ Compensation Loss Costs Hike to 10.1%
Dec 24 2013 // The Missouri Department of Insurance is recommending a 10.1 percent increase in workers’ compensation loss costs for next year, a lower increase than that suggested by the National Council on Compensation...
Best Affirms Cincinnati Financial and Subs Ratings; Outlook Stable
Dec 24 2013 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and issuer credit ratings (ICR) of “aa-” of The Cincinnati Insurance Company, The Cincinnati Indemnity Company and...
P/C Insurers Boost Bottom Line on Big Gain in Underwriting Through 9 Months
Dec 23 2013 // Private U.S. property/casualty insurers’ net income after taxes rose to $43 billion in nine-months 2013 from $27.8 billion in nine-months 2012, with insurers’ overall profitability as measured by their...
Higginbotham Hires Ponder as AVP, Loss Control, for South Texas
Dec 18 2013 // Alan W. Ponder has joined the Houston office of insurance brokerage and financial services firm, Higginbotham, as assistant vice president of loss control. Ponder will apply his three-decade career in loss prevention to...
Swiss Re Reports 2013 Disaster Losses at $130 Billion; $44 Billion Insured
Dec 18 2013 // According to preliminary estimates from Swiss Re’s latest sigma report, insured losses from natural catastrophes and man-made disasters in 2013 are estimated to be around $44 billion, down from $81 billion in 2012....
