Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Reinsurance Terms and Conditions, More Than Price, Could Be Focus in 2014
Sep 6 2013 // Reinsurers may fail to increase rates they charge primary carriers for their backstop coverage when they begin price talks for 2014 in Monte Carlo this week. “I expect the market staying flat to ticking down, on the...
Advanced E&S Group Adds Maintenance Interruption Coverage for HOAs
Sep 6 2013 // Managing underwriter Advanced E&S Group has launched a business income policy for community associations that includes maintenance interruption insurance designed to help condominium and homeowner associations reduce...
U.S. Reinsurance Sector’s Profit Jumps 32% to $4.76B for 2013 First Half
Sep 5 2013 // The Reinsurance Association of America (RAA)’s latest survey shows a group of 18 U.S. property/casualty reinsurers posted $4.756 billion net income in aggregate for the first six months of 2013 — an increase of...
Capital Oversupply Could Pressure Reinsurers to Lower Rates
Sep 4 2013 // Munich Re and Swiss Re Ltd. are among reinsurers likely to face further pressure to lower the rates they charge clients as the capital available for backing policies remains near a record high, brokers said. “With...
Vienna Insurance Hurt by Spring Flooding Losses
Aug 30 2013 // Vienna Insurance Group AG, Austria’s biggest insurer, reported second-quarter profit plunged after the worst central European floods in a decade caused damage compensation to triple. The shares fell. Pretax profit...
No Insurer Assessments for TWIA, for Now
Aug 29 2013 // Despite pleas from officials and policyholders in Texas Gulf Coast communities, the board of the state’s insurer of last resort for wind along the coast has decided not to assess its member insurance companies for...
Ping An Insurance Profit Rises on Investments, Banking Income
Aug 29 2013 // Ping An Insurance (Group) Co., China’s second-largest insurer, said first-half profit rose 28.3 percent as investment income expanded and earnings from banking operations grew. Net income climbed to 17.91 billion...
TD Bank Profit Falls 10% on Weather Insurance Costs
Aug 29 2013 // Toronto-Dominion Bank’s quarterly profit fell 10 percent as Canada’s No. 2 lender took C$418 million in insurance-related charges, but the result topped estimates and the bank hiked its dividend by 5...
Top 10 States for Extreme Weather Crop Insurance Payouts
Aug 27 2013 // Extreme weather forced the federal crop insurance program to pay out a record-breaking $17.3 billion in crop losses last year, much of which could have been prevented using water-smart strategies, according to the Natural...
China’s PICC Group’s Profit Rises as Premiums, Investment Income Climb
Aug 26 2013 // People’s Insurance Company (Group) of China Ltd., parent of the nation’s biggest non-life insurer, said profit rose 53 percent in the first half as investment and premiums income expanded. Net income increased...
Insured Losses from Amarillo Hailstorm Climb to $500M
Aug 23 2013 // A massive hailstorm that moved through the Amarillo, Texas, area on May 28 has resulted in $500 million in insured losses to the panhandle region. The final figure was released by the Property Claim Services of the...
IAG Profit More Than Triples as Natural Disaster Claims Fall
Aug 22 2013 // Insurance Australia Group Ltd., the nation’s biggest car and home insurer, reported full-year net income more than triple a year earlier as claims fell and premiums rose. Net income rose to A$776 million ($697...
$56 Bn Economic Loss; $17 Bn Insured: Swiss Re’s 1st HY Disaster Report
Aug 21 2013 // According to preliminary sigma estimates from Swiss Re, “total economic losses from natural catastrophes and man-made disasters were $56 billion in the first half of 2013. The global insurance industry covered $20...
Suncorp Group Net Income Falls 32% on Banking Unit Loss
Aug 21 2013 // Suncorp Group Ltd., an Australian lender and insurer, posted a 32 percent decline in full-year profit in line with its guidance last month. Net income for the year to June 30 was A$491 million (US$443 million) compared...
QBE Net Income Falls 37% on Claims, Lower U.S. Premiums
Aug 20 2013 // QBE Insurance Group Ltd., Australia’s largest insurer by market value, posted a 37 percent fall in first-half net income as premiums fell in North America and it set aside more for unresolved claims. Net income...
Amlin First-Half Profit Drops 17% as Catastrophe Claims Mount
Aug 19 2013 // Amlin Plc, the second-biggest Lloyd’s of London insurer by market value, posted a 17 percent drop in first-half profit as catastrophe claims jumped on flooding in central Europe. Profit was £140.2 million ($219...
Q2 Revenue Growth Strong for Mid-Size, Large Privately-Held Agencies: Survey
Aug 19 2013 // Median organic revenue growth reached 6.9 percent in the 2013 second quarter for mid-size and large privately held insurance agencies and brokerage firms, according to a survey by Reagan Consulting, a management consulting...
Acquisitions and Agency Value
Aug 19 2013 // Growth by merger or acquisition is still a popular and valuable tool, despite the economy being on hard times. One of the main reasons it remains popular among agencies is because it is a way to show growth even with...
Survey: Most Insurers Expect to Increase Revenues, Add Jobs in Next 12 Months
Aug 16 2013 // A new survey from insurance recruiting firm The Jacobson Group and consulting firm Ward Group shows the majority of property/casualty insurers are expecting to hire more staff over the next 12 months. The mid-year...
Insurers Sue for Losses from Indiana State Fair Stage Collapse
Aug 15 2013 // Two years after the deadly Indiana State Fair stage collapse, new legal disputes are cropping up and victims are still working to recover. Fireman’s Fund Insurance Co. and subsidiary AGCS Marine, which insured...
