Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Surplus Lines Took Hit from Sandy in 2012 But Appears Back on Track in 2013
Sep 23 2013 // Surplus lines insurers in 2012 posted one of their worst years overall as their underwriting performance fell below that of the total property/casualty (P/C) industry for the first time in more than a decade. Much of the...
EQECAT: Colorado Floods $2B in Economic Losses and Climbing
Sep 20 2013 // The floods in Colorado caused an estimated $2 billion in economic losses, according to a report from catastrophe modeling firm EQECAT. The flooding has been blamed for multiple fatalities, it’s estimated 1,500 homes...
PCS Shows How Cat Loss Estimates are Made, and Why They’re Important
Sep 20 2013 // The Property Claims Services (PCS) unit of Verisk Insurance Solutions could be described as the ultimate end product of risk modeling. AIR Worldwide is also part of Verisk, but “there’s a high wall between the...
Insured Losses from July 10 Ohio Storms at Least $72 million
Sep 18 2013 // Ohio’s widespread severe thunderstorms on July 10 that included flooding and three tornadoes caused between $71.5 and $84.8 million in insured losses, according to insurance industry estimates. Excessive rain during...
Jersey’s Seaside Fire Expected to Cause Multi-Million Dollar Insurance Loss
Sep 18 2013 // A raging fire that destroyed dozens of businesses along the Seaside Park boardwalk in New Jersey on Sept. 12 is expected to be a multi-million dollar insurance event, an insurance expert observed. The fire, propelled by...
Seven Straight Years of Reserve Releases: Fitch
Sep 17 2013 // Property/casualty industry prior-year loss reserves have developed favorably for seven straight calendar years, according to a report from Fitch Ratings, which also said the industry’s reserve position remains...
Karen Clark & Co. Report Looks Back at New England Hurricane of 1938
Sep 16 2013 // Karen Clark & Company, independent experts in catastrophe risk, catastrophe models and catastrophe risk management, issued a report, in conjunction with the 75th anniversary of the Great New England Hurricane,...
Jersey’s Seaside Boardwalk Fire Expected to Cause Multi-Million Dollar Insurance Loss
Sep 13 2013 // A raging fire that destroyed dozens of businesses along the Seaside Park boardwalk in New Jersey Thursday is expected to be a multi-million dollar insurance event, an insurance expert observed.Residents watch as...
BP Opposes Using Spill Settlement to Pay Drilling Moratorium Losses
Sep 11 2013 // BP Plc’s oil-spill claims administrator shouldn’t be allowed to extend a settlement to cover the claims of losses caused by the Obama administration’s deep-water drilling ban, the company told a...
Critics Say Taxpayers’ $14B Guarantees Profit for Crop Insurers
Sep 11 2013 // Former American International Group Inc. chief Maurice “Hank” Greenberg has a new business partner: the U.S. taxpayer. Greenberg’s Starr Indemnity & Liability Co. is one of 18 companies approved to...
Workers’ Compensation Loss Costs Going Down Again in Kentucky
Sep 9 2013 // Workers’ compensation loss costs used by insurers in figuring rates to charge employers are going down for the eighth straight year. The loss cost figures show an average reduction of 7.9 percent for the 590...
Crop Insurance: A Growing Problem in Time of Record Farm Profits
Sep 9 2013 // A Depression-era program intended to save the nation’s farmers from ruin has grown into a 21st- century crutch enabling affluent growers and financial institutions to thrive at U.S. taxpayer expense. Federal crop...
Oklahoma Sees Double Digit Decrease in Workers’ Comp Loss Costs
Sep 9 2013 // An annual filing most insurance carriers will use to develop rates for workers’ compensation insurance shows a dramatic decrease in loss costs, Oklahoma Insurance Commissioner John D. Doak announced. The overall loss...
Commercial Insurance Rate Hikes Continuing; Workers’ Comp Profit Ahead in 2014: Moody’s
Sep 9 2013 // Moody’s expects property/casualty commercial insurance rate hikes to continue for the balance of the year, making 2013 the third straight full year of rising rates for commercial lines carriers, according to a...
Workers’ Compensation Market: Challenges Remain Despite Recent Improvements
Sep 9 2013 // The market for workers’ compensation insurance is in a recovery phase of the underwriting cycle after several years of poor results. In particular, premium rates continued to increase meaningfully through the first...
Top 10 States for Extreme Weather Crop Insurance Payouts
Sep 9 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...
August’s Natural Disasters Caused $10B in Economic Damage: Aon Benfield
Sep 6 2013 // August saw billion-dollar flood losses in China, Russia, Philippines and Pakistan, bringing an initial combined estimate of $10 billion in economic losses, Aon Benfield said in a report on natural disaster...
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...
