Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
P/C Insurers’ Profits Fell in Q1 as Underwriting Losses Grew
Jun 22 2011 // Private U.S. property/casualty insurers’ net income after taxes dropped to $7.8 billion in first-quarter 2011 from $8.9 billion in first-quarter 2010, with insurers’ annualized rate of return on average...
Fargo Storm Could Top $5.8 Million in Losses
Jun 21 2011 // North Dakota Insurance Commissioner Adam Hamm reported that the Memorial Day wind storm in the Fargo area so far has caused more than $4.2 million in damage. Reports to Hamm from several insurance carriers who write...
Zurich Issues Loss Estimate for Spring Storms in U.S.
Jun 20 2011 // Zurich Financial Services Group said it currently estimates aggregate claims of approximately $295 million for both Zurich North America and Farmers Re relating to the series of severe weather-related events that hit the...
Florida Reinsurance Renewals Reflect Unsettled Market
Jun 20 2011 // The Florida reinsurance renewals on June 1, 2011, experienced a wide range of outcomes as substantial catastrophe losses combined with two major catastrophe model revisions over the past 16 months led to a volatile renewal...
Average Long Term Care Liability Claim Rising: Aon Study
Jun 17 2011 // Long term care liability costs are rising because the average claim size is increasing even as claim frequency declines. There has been a four percent increase in the average claim size, according to research by Aon Risk...
Eqecat Defends Latest New Zealand Quake Loss Estimate
Jun 17 2011 // Catastrophe modeler Eqecat released a defense of its loss estimate of $3 billion to $5 billion for Monday’s Christchurch earthquake, saying its models suggested that would be the incremental damage to the city over...
Another Insurer, State Farm, Reports Major Spring Storm Losses
Jun 17 2011 // State Farm claim representatives said it has paid nearly $1.75 billion to its customers from the destructive storms of April and May. The total claim payments have nearly doubled in less than three weeks. Earlier this...
Best Affirms Lufthansa Captive Insurer Delvag’s Ratings
Jun 16 2011 // A.M. Best Europe – Rating Services Limited has affirmed the financial strength ratings of ‘A-‘ (Excellent) and issuer credit ratings of “a-” of Germany’s Delvag Luftfahrtversicherungs-AG...
Allstate’s April-May Catastrophe Losses Top $2 Billion
Jun 16 2011 // Allstate Corp., the largest publicly traded U.S. home and auto insurer, said it lost $2 billion in April and May from severe tornadoes and thunderstorms, nearly equaling its catastrophe losses for all of 2010. The...
A Look at Year-End 2010 Loss and Loss Adjustment Expense Reserve Adequacy
Jun 14 2011 // Loss and loss adjustment expense reserve development has traditionally been the focus of actuaries, auditors and financial analysts. Statutory insurance accounting financial reporting contains several measures that can be...
Cincinnati Financial Expects Up to $290M in Storm Losses for Q2 2011
Jun 14 2011 // Cincinnati Financial Corp. reported that The Cincinnati Insurance Companies’ property casualty group expects its second quarter 2011 results to include pre-tax catastrophe losses, net of reinsurance, of approximately...
Judge Hands Toyota Owners Setback in U.S. Lawsuit Over Losses
Jun 10 2011 // A federal judge said Toyota owners outside California who seek to recover losses in their vehicles’ value resulting from unintended acceleration cannot pursue their claims under that state’s...
Travelers to Post Q2 Loss, Limit Share Buybacks Due to Storm Losses
Jun 10 2011 // Travelers Companies Inc. is slowing down its share buybacks and will post a second-quarter operating loss because of more than $1 billion in catastrophe losses, the property insurer said Friday. The company also warned of...
Lloyd’s Highlights Potential Impact from Cyber Crime, Data Loss
Jun 10 2011 // Cyber crime has become a high profile problem for risk managers, heightened as a result of the recent attacks by hackers on Sony. In an article on its web site Lloyd’s notes that risk manager are increasingly...
Best Upgrades State Farm General Insurance Co.’s Ratings
Jun 9 2011 // A.M. Best Co. has upgraded the financial strength rating (FSR) to ‘A’ (Excellent) from ‘A-‘ (Excellent) and issuer credit rating (ICR) to “a” from “a-” of State Farm General...
From Trash to Treasure: Salvor Can Help to Manage Losses
Jun 6 2011 // When crises occur, one person the claims adjuster, insurer and insured should consider calling is a salvor – he or she can be a valuable partner in helping to clean up the trash, and broker the sale of any...
What’s In Florida’s Property Insurance Cost Control Bill?
Jun 6 2011 // Florida Gov. Rick Scott signed into law legislation that promises to lower costs for the state’s property insurers, including what they pay on sinkhole claims. Scott said the bill (SB 408) “strengthens...
P/C Insurers Facing Record Losses from Weather
Jun 6 2011 // Devastating tornadoes, floods, earthquakes overseas and a busier-than-usual hurricane season have U.S. insurance companies bracing for record losses in 2011. Insurers could suffer as much as $10 billion from...
Is $8 Billion Material? A Look at Year-End 2010 Reporting of Loss and Loss Adjustment Expense Reserve Adequacy
Jun 6 2011 // Loss and loss adjustment expense reserve development has traditionally been the focus of actuaries, auditors and financial analysts. Statutory insurance accounting financial reporting contains several measures that can be...
As Arkansas Floods Recede, Counties Cope With Damage
Jun 3 2011 // As the rivers running through eastern Arkansas start to recede, residents and farmers are beginning to cope with the aftermath of devastating floods — ruined homes, ravaged farmland and major holes in local...
