Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Texas AG: State Not on the Hook for TWIA Unfunded Losses
Jul 9 2013 // Texas’ attorney general says the state is under no obligation to pay outstanding claims for the insurer of last resort for coastal properties should that organization not have sufficient funds to pay its bills. In a...
Flood Losses Dominate Disaster Count in 1st Half of 2013: Munich Re
Jul 9 2013 // Floods caused billions of dollars in losses and dominated the natural catastrophe statistics for the first half of 2013, according to a study released by Munich Re. “Around 47 percent of the overall losses and 45...
Conn.-Based Medical Liability Insurer CMIC Names Director of Loss Prevention
Jul 8 2013 // CMIC, a Glastonbury, Conn.-based carrier offering medical professional liability insurance in New England, recently promoted Denise Condron to director of loss prevention.Denise CondronHer responsibilities include...
Swiss Re Estimates Europe Flood Claims at $300 Mn; Overall Losses $3.5-$4.5 Bn
Jul 8 2013 // Swiss Re has estimated that its claims burden from recent flooding in central and Eastern Europe is approximately $300 million, net of retrocession and before tax. Industry-wide insured losses are estimated to be between...
Insurers Turned Underwriting Profit in Q1, Attained Record Surplus
Jul 1 2013 // First quarter results for U.S. property/casualty insurers show they made a profit on underwriting for the first time since late 2009. Private U.S. property/casualty insurers’ net income after taxes rose to $14.4...
How Catastrophe Experts Model Hurricane-Induced Storm Surge
Jul 1 2013 // The 2004 and 2005 North Atlantic hurricane seasons were a turning point in the way the property/casualty insurance industry viewed hurricane risk. The needs of the insurance industry required catastrophe models to...
The Disaster Issue – Where Insurers Fear to Tread
Jul 1 2013 // One storm is all it takes these days. Anyone who’s been paying attention needn’t be reminded that even a post-tropical cyclone can cause major damage. That’s what Sandy was when she came on shore in New...
P/C Insurers Question Need for Insurance Accounting Overhaul
Jun 28 2013 // The biggest overhaul of insurance accounting in 30 years advanced a step on Thursday with the release of a proposal that some insurers fear could make their profits more volatile. In a move to align financial statements...
AIR Model Estimates Pandemic Flu Losses
Jun 27 2013 // Catastrophe risk modeling firm AIR Worldwide (AIR) has released a Pandemic Flu Model, which it says captures the excess morbidity, mortality, and insurance losses caused by pandemic influenza. AIR said the model includes...
Louisiana Plant Owner Says Insurance Will Cover Loss from Explosion
Jun 27 2013 // Williams Cos., the owner of a Louisiana chemical plant that remains shut after a fatal explosion, said insurance will cover most of the loss. An explosion June 13 at Williams Partners LP’s Geismar plant killed two...
Georgia Estimates Insured Storm Loss at $50M
Jun 26 2013 // Georgia Insurance Commissioner Ralph Hudgens said violent weather that struck Georgia on June 13 caused an estimated $50 million in insured losses. The storm caused two EF1 tornadoes in Cherokee and Cobb counties. More...
Aon Benfield’s Analysis of the Lloyd’s Market
Jun 26 2013 // Aon Benfield Analytics’ Market Analysis team has released its latest Lloyd’s Update report, covering the market’s 2012 financial results and business position in 2013 The report highlights the following...
P/C Insurers Turned Profit on Underwriting in Q1, Attained Record Surplus
Jun 24 2013 // First quarter results for U.S. property/casualty insurers show they made a profit on underwriting for the first time since late 2009. Private U.S. property/casualty insurers’ net income after taxes rose to $14.4...
Allstate: Profit to Be Cut by $320 Million on Retiring Debt
Jun 24 2013 // Allstate Corp., the largest publicly traded U.S. home and auto insurer, said second-quarter earnings will be cut by about $320 million on costs tied to extinguishing debt. Allstate paid about $2.3 billion to retire bonds...
Best Affirms Kemper Corp., Affiliates and Subs Ratings
Jun 20 2013 // A.M. Best Co. has affirmed the financial strength ratings (FSR) of ‘A-‘ (Excellent) and issuer credit ratings (ICR) of “a-” of the property/casualty subsidiaries and affiliated insurance companies...
AIR Estimates Insured German Flood Losses between $5.28 and $7.66 Billion
Jun 20 2013 // Catastrophe modeling firm AIR Worldwide estimates that insured losses in Germany from the recent floods in Central Europe are between €4.0 billion [$5.28 billion] and €5.8 billion [$7.66 billion]. The overall economic...
Allianz Estimates Its European Flood Losses at 350 Million Euros
Jun 14 2013 // Allianz SE, Europe’s biggest insurer, said preliminary estimates show its net losses from the flood claims in Germany, Austria and part of Central Europe are 350 million euros ($467 million). The gross impact, before...
Berkshire Hathaway to Release More Data on Insurance Cat Losses
Jun 13 2013 // Warren Buffett’s Berkshire Hathaway Inc. is providing more data about claims costs at insurance units after the U.S. Securities and Exchange Commission pressed the company for the information. We “agree to...
Insured Losses from Europe Floods Estimated at $2.65B, Less Than in 2002
Jun 7 2013 // The losses insurers face from the worst flooding in central Europe since 2002 may be lower than those resulting from the deluge 11 years ago even as the toll on local economies looms larger. Insured losses may reach 2...
U.S., Global Natural Disasters Exact Heavy Toll in May: Aon Benfield
Jun 6 2013 // Severe weather in May caused an estimated $4 billion in insured damage in the U.S. alone and billions more in economic losses around the globe, according to an Aon Benfield report. The Global Catastrophe Recap by Aon...
