Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Florida Gov. Scott Signs Property Insurance Cost Control Bill
May 17 2011 // Florida Gov. Rick Scott has signed into law legislation that promises to lower costs for the state’s property insurers, including what they pay on sinkhole claims. While the memory of former Governor Charles...
State Auto Estimates April Storm Losses of $75M to $85M
May 17 2011 // State Auto Financial Corp., based in Columbus, Ohio, has estimated its second quarter 2011 earnings will include between $75 million and $85 million in pre-tax catastrophe losses related to April storm activity, net of...
Best Sees ‘Growing Pressure’ for Higher P/C Insurance Rates
May 17 2011 // There is “growing pressure” to support increased rates in property/casualty insurance and reinsurance markets, rating agency A.M. Best has concluded in its most recent market analysis. As a consequence, Best...
Bank Holding Company Insurance Revenue Drops 5.7%
May 16 2011 // The nation’s bank holding companies (BHCs) experienced a decrease of 5.7 percent in their total insurance revenue from a record $15.08 billion in 2009 to $14.21 billion in 2010, when MetLife, a traditional life...
Agents Tell Regulators Commissions, Consumers Hurt by Medical Loss Rule
May 16 2011 // “The impact of the medical loss ratio has been dramatic on the agents and brokers in this country and it was dramatic immediately.” That’s a quote from Beth Ashmore, an independent insurance agency owner...
Storms That Shatter Lives Hold Lessons for Insurers
May 16 2011 // It used to be the low-frequency, high-severity events that kept U.S. property insurance producers, carriers, and reinsurers up at night. These big Cats have become part of our collective history – Hurricanes Andrew,...
Business Losses Due to ‘Action’ by Civil Authorities: When Is There Coverage?
May 16 2011 // Virtually all insurance policies contain provisions and exclusions dealing with events that most insureds consider so remote and unlikely that they rarely give any thought to their possible occurrence, much less what...
Unico American Corp. Reports $1.1M in Q1 Net Revenue
May 13 2011 // Woodland Hills, Calif.-based Unico American Corp. announced its revenue for the three months ended March 31, 2011, was $8.6 million and net income was $1.1 million, compared with revenue of $9.9 million and net income of...
EQECAT Estimates Spain Quake Insured Losses at Maximum $100 Million
May 13 2011 // Catastrophe modeling firm EQECAT has released a “CatWatch update” on the market loss estimate for the May 11 earthquake near Lorca, Spain, which indicates that, based on the latest information available,...
Drought Expands Dramatically in Texas, Losses Mount
May 13 2011 // Another dry week in the southern United States has driven the spread of a devastating drought further across Texas and neighboring states, promising to add to economic losses that could top $3 billion. Texas, suffering its...
Lloyd’s Estimates Losses from Q1 Disasters at $3.8 Billion
May 13 2011 // After careful calculation Lloyd’s has announced its estimated net claims before tax from the earthquakes this year in Japan and New Zealand and the January 2011 floods in Australia. The current net estimates were...
Business Losses Due to Civil Authority Action: When Is There Coverage?
May 12 2011 // Virtually all insurance policies contain provisions and exclusions dealing with events that most insureds consider so remote and unlikely that they rarely give any thought to their possible occurrence, much less what...
Allstate Reports $1.4 Billion in April Storm Losses
May 12 2011 // The Allstate Corp. today announced $1.4 billion in estimated catastrophe losses for the month of April. The estimated April catastrophe losses total about $1.37 billion for the Allstate brand and about $30 million for...
EQECAT Raises Japan Quake/Tsunami Loss Estimates to $22-$39 Billion
May 10 2011 // Catastrophe modeling firm EQECAT has updated its market loss estimate of $12-$25 billion, issued on March 16, for the March 11 M9 Tohoku Earthquake. EQECAT said that, based on the latest information available, it is...
AIR Estimates Recent Severe Storm Losses at $5.5B
May 9 2011 // Insured loss estimates from the storms that hit the Southern and Southeastern United States in late April total between $3.7 billion and $5.5 billion, says catastrophe modeling firm AIR Worldwide. Insured losses account...
E&O Insights: Are Customers Properly Protected for Business Interruption
May 9 2011 // While you may answer the question posed in the headline by saying that most of your commercial customers have business interruption coverage, the issue here is not whether they have the coverage, but whether they are...
Aon Benfield: Cat Losses, Solvency II Demand Better Model Evaluation
May 9 2011 // Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., notes that it will be “highlighting how recent natural hazards – coupled with Solvency II – have fuelled demand for more...
Liberty Mutual Posts 14.9% Increase in Net Income in Q1
May 6 2011 // Liberty Mutual Group reported net income of $362 million for the first quarter 2011, an increase of $47 million, or 14.9 percent, over the same period in 2010. Revenues for the three months ended March 31, 2011 were $8.381...
Bonus Scheme Leads to License Loss for North Dakota Insurance Agent
May 6 2011 // A Bismarck, N.D., insurance agent accused of falsifying insurance applications to qualify for weekly bonuses has lost his agent license. North Dakota Insurance Commissioner Adam Hamm revoked the license of Michael Krebs....
