Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Obamacare Medical Loss Ratio Saved $1.5 Billion in 2011: Report
Dec 5 2012 // Consumers saw nearly $1.5 billion in insurer rebates and overhead cost savings in 2011, due to the Affordable Care Act’s medical loss ratio provision requiring health insurers to spend at least 80 percent of premium...
Munich Re First to Offer Offshore Wind Energy Serial Loss Coverage
Dec 4 2012 // Munich Re announced that it has “become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A. Wassenberg,...
FERMA Opposes EU Fund for Industrial Accident Environmental Liabilities, Losses
Dec 3 2012 // The Federation of European Risk Management Associations [FERMA), which represents risk managers in 20 European countries, has told the European Commission that it is opposed to the creation of a fund to cover environmental...
Reinsurers’ Capital Can Absorb Sandy Losses Below $50B: S&P
Dec 3 2012 // Standard & Poor’s Ratings Services said that the reinsurance sector’s strong capital and very strong earnings thus far in 2012 will allow it to withstand losses well outside the range of current insured...
Rising Cost of Sandy Damages
Dec 3 2012 // It’s been a month since Superstorm Sandy wreaked havoc along the East Coast, devastating coastal towns and bringing a record storm surge and flooding and prolonged power outages. And the cost keeps rising. On Nov....
Weathered Income
Dec 3 2012 // Do poor- and middle-income residents in the United States suffer more, economically, from extreme weather than affluent people? According to a new report on the impact of extreme weather events that have occurred over the...
Selective Insurance: $100-$120M Preliminary Pre-Tax Gross Loss for Sandy
Nov 28 2012 // Branchville, N.J.-based Selective Insurance Group today said a preliminary pre-tax gross Hurricane Sandy loss would be between $100 to $120 million and a pre-tax net loss of around $52 million, including reinstatement...
Wind Deductibles and Sandy: What It Means for Total Insured Losses
Nov 28 2012 // On October 29, 2012, when Hurricane Sandy made landfall along the northeast coast—a year to the day since the last northeastern superstorm and fourteen months since Hurricane Irene — the wind speeds recorded by the...
October Disaster Loss at $1.08B: Allstate
Nov 28 2012 // Allstate Corp. expects to report October disaster losses of $1.08 billion, mostly due to superstorm Sandy, the home and auto insurer said on Wednesday. Allstate, the largest publicly traded home and auto insurer in the...
Best Affirms Zurich Insurance and Group ‘A+’ Ratings; Outlook Stable
Nov 28 2012 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength rating of ‘A+’ (Superior) and issuer credit rating (ICR) of “aa-” of Swiss-based Zurich Insurance Company Limited...
AIR Analyzes Heavy Impact of UK Floods; 2012 Losses ‘Above Average’
Nov 28 2012 // Catastrophe modeling firm AIR Worldwide has issued a preliminary report on the floods caused by the heavy rainfall that began lashing the British Isles on Thursday, November 22, prompting hundreds of flood warnings and...
Agency E&O Outlook: Competition, Hard Market, Healthcare Effects and More
Nov 27 2012 // Firmer insurance prices and an upward trend in agency revenues are signs of good times for most independent agencies. These same trends, however, are reflected in today’s insurance market for agency errors and...
Attorneys Discuss Importance of Event Cancellation Insurance
Nov 26 2012 // The cancellation of the 2012 New York City Marathon was disappointing to the approximately 47,000 runners who dedicated months to training for the race, many of whom had already spent a significant amount of time and money...
AIR Worldwide Raises Sandy Insured Loss Estimates to $16-$22 Billion
Nov 26 2012 // Catastrophe modeling firm AIR Worldwide today revised up its industrywide Sandy insured loss estimates to the $16 billion-$22 billion range. AIR Worldwide had previously estimated on Oct. 30 — the day after Sandy...
AIR Worldwide Survey Team Describes Sandy Losses in N.J., N.Y.
Nov 21 2012 // AIR Worldwide recently concluded damage survey of areas impacted by Superstorm Sandy, which made landfall on Oct. 29, five miles southwest of Atlantic City, New Jersey. On November 11, 2012, AIR teams were deployed to...
Willis: It’s Not Surprising to See Sandy Loss Estimates Climbing
Nov 20 2012 // The price tag for Hurricane Sandy for insurers could reach $25 billion, according to a recent report in The Wall Street Journal, citing new estimates by catastrophe modeling firm Risk Management Solutions. In an online...
SNL Report: Insurers Begin Issuing Sandy Loss Estimates
Nov 20 2012 // A number of insurers have begun issuing their Sandy loss estimates in the weeks since the superstorm devastated the East Coast. The SNL Financial compiled these company-specific loss estimates in a new report this...
Attorneys Discuss Possible Triggers for Business Interruption Coverage
Nov 20 2012 // Superstorm Sandy devastated residents and businesses in the tri-state area. With a nearly unprecedented two-day closure of the New York Stock Exchange, as well as week-long closures of the metropolitan area’s mass...
Maine Approves Decrease in WC Loss Costs; $3.5M in Savings Expected
Nov 19 2012 // Maine Insurance Superintendent Eric Cioppa announced last week that the state’s Bureau of Insurance has received, reviewed and approved the National Council on Compensation Insurance’s 2013 loss cost filing...
Best Affirms Aspen UK, Bermuda and Subs Ratings; Outlook Stable
Nov 16 2012 // A.M. Best Europe – Ratings Services Limited has affirmed the financial strength rating of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a” of Aspen Insurance UK Limited (AIUK) and Aspen...
