Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Allianz Makes $1.6 Billion Offer for 51% of Singapore’s Income Insurance
Jul 17 2024 // Allianz SE agreed to buy a majority stake in Singapore’s Income Insurance Ltd. for about S$2.2 billion ($1.6 billion) to strengthen its presence in Asia. The German company plans to acquire at least 51% of Income...
Hurricane Beryl Caused $2.5-$4.5B in Estimated Insured Losses, Says Moody’s
Jul 16 2024 // U.S. insured losses from Hurricane Beryl will likely fall between $2.5 billion to $4.5 billion, according to estimates by Moody’s RMS Event Response. Insured losses associated with the storm include wind, storm...
Catastrophe Bondholders Sidestep Large Losses From Weather-Related Calamities
Jul 16 2024 // Last month, amid reports that Hurricane Beryl would become the earliest Category 5 hurricane in history, a group of money managers were busy trying to figure out whether their highly calibrated bets centered on natural...
Progressive Q2 Net Income Skyrockets Over 320%
Jul 16 2024 // Progressive Corp. today reported second quarter 2024 results of about $1.5 billion and a combined ratio of 91.9. Results for the Mayfield Village, Ohio-based insurer are in comparison to second quarter 2023 net income of...
P/C Premium Growth Likely But Profits Delayed Until 2025: Forecast
Jul 16 2024 // Favorable first-quarter economic and underwriting results for property/casualty insurance are in line with projections that the industry will see a small underwriting loss in 2024 and achieve profitability in 2025,...
Commercial Auto Insurance Profit Struggles Continue
Jul 15 2024 // The commercial auto insurance segment maintained its place as a weaker-performing U.S. property/casualty insurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has...
Tennessee Sheriff Pleads Not Guilty to Using Prison Labor for Personal Profit
Jul 12 2024 // MEMPHIS, Tenn. (AP) — A sitting Tennessee sheriff pleaded not guilty Wednesday to charges that he illegally profited from the work of jail inmates under his supervision and housed dozens of them in a home outside of the...
Progressive Settles New York Case Over Unpaid Sales Taxes on Total Loss Claims
Jul 10 2024 // At the same time it is settling a New York class action about underpaying totaled loss claims for $48 million, Progressive Insurance, in a separate case, has agreed to an $18.3 million settlement over allegations that its...
Report: Fewer Claims but Higher Losses for California Workers’ Comp Private Self-Insureds
Jul 9 2024 // Private self-insured claim volume in the California workers’ compensation system fell 9.5% in 2023, the biggest year-to-year decline in private self-insured claim frequency in more than 15 years. However,...
Catastrophe Bonds Dodge Losses After Beryl Hits Jamaica
Jul 8 2024 // Investors in bonds intended to help Jamaica cover the costs of a natural catastrophe won’t be affected by the havoc wrought by Hurricane Beryl, even as the prime minister declares the entire Caribbean island a...
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims
Jul 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...
California Commissioner’s Analysis Shows $7.7B in Losses From Extreme Heat Events
Jul 5 2024 // The cumulative cost of the seven heat events in California in the past decade amounted to $7.7 billion in losses, a new report shows. The analysis from California Insurance Commissioner Ricardo Lara’s office is the...
Report: Combined California Workers’ Comp Losses and Expenses Down in 2023
Jul 1 2024 // Total insurer combined losses and expenses incurred in 2023 were down, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California released its report on workers’ compensation losses and...
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P
Jun 28 2024 // In the topsy-turvy world of homeowners insurance, first-quarter loss ratios have been bouncing around for the last five years—from below 50 in 2020 to over 70 in 2021 and 2023, a new analysis shows. The S&P Global...
Insured Losses from Recent South Florida Floods Reaching into the Millions
Jun 21 2024 // Recent flooding in south Florida caused insured losses in the hundreds of millions of dollars, from auto and homeowners claims, Aon and AM Best reported. The Florida Office of Insurance Regulation is also reminding...
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Jun 20 2024 // Allstate Corp. on Thursday reported May pretax catastrophe losses of about $1.4 billion. The Northbrook, Illinois-based insurer said 14 events contributed to nearly $1.5 billion in catastrophe losses for May, with 70%...
Businesses Do Not Have Proper Coverage for Rising Liability Losses, Says Chubb
Jun 20 2024 // An annual report from Chubb has revealed a couple of troubling trends for many businesses—the frequency and severity of large losses are up and companies are underestimating the amount of liability coverage they...
Dredger That Hit Tanker Reported Sudden Loss of Control; Oil Spill Cleanup Ongoing
Jun 18 2024 // Singapore authorities said Monday a dredger boat reported a sudden loss in engine and steering control that led it to hit a stationary cargo tanker, causing an oil spill that has blackened part of the city-island’s...
Severe Storms Caused $722M in Catastrophe Losses in May: Progressive
Jun 17 2024 // Progressive on Friday said severe storms mostly in Texas and the Midwest caused about $722 million in net catastrophe losses to the insurer. In its monthly announcement of financial results on Friday, the Mayfield Village,...
US P/C Insurers Investment Income
Jun 17 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
