Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Munich Re: ‘Ever Higher’ Nat Cat Costs; Ups Chile Quake Loss to $1 Billion
Jun 8 2010 // A bulletin from Munich Re, the world’s largest reinsurer, concludes that the “long-term trend towards ever higher natural catastrophe costs” looks set to continue, according to an analysis from its Geo...
Oil Rig Tragedies Shock Insurers, Destabilize Market, Says Willis
Jun 4 2010 // The U.S. Deepwater Horizon and Venezuelan Aban Pearl drilling rig losses have left upstream energy insurers with an unprecedented bill of $795 million within the space of a single month, destabilizing the market and...
Texas Supreme Court Denies Review of Workers’ Comp Stop-Loss Case
Jun 4 2010 // The Texas Supreme Court has declined to review a case involving the amount some hospitals marked up workers’ compensation-related bills under rules in effect until 2008, according to Texas Mutual Insurance...
Hail Loss Claims Up 61%; Suspicious Claims Up 136%
Jun 3 2010 // The number of hail loss claims filed with insurers increased by 61 percent, from 256,000 in 2006 to over 413,000 in 2009. At the same time, the number of claims referred for suspected fraud increased by 136 percent, from...
BP Oil Spill Losses Hit Reinsurers; Premiums Jump
Jun 3 2010 // Reinsurers have bumped up prices for offshore energy-related insurance premiums by 50 percent following insurance industry losses of up to $3.5 billion from the BP plc oil spill in the Gulf of Mexico, Moody’s...
AIR Analyzes Agatha; Despite Damages Insured Losses Not ‘Significant’
Jun 2 2010 // Catastrophe risk modeling firm AIR Worldwide described the early tropical storm Agatha as “short-lived, but deadly,” as it “wreaked havoc in Central America over the weekend. Agatha benefitted “from...
New York Plans Hearing over Increase in Workers’ Comp Loss Costs
Jun 2 2010 // The New York Insurance Department will hold a hearing later this month to consider a 7.7 percent in workers’ comp loss costs that has been recommended by the state’ rate service organization, the New York...
CNA Takes Over Not-for-Profit Directors & Officers Liability Program
Jun 1 2010 // CNA Financial Corp. said it is taking over the underwriting and administration of the existing Not-for-Profit Directors & Officers (D&O) program formerly managed by Victor O. Schinnerer & Co. starting today. In...
Insurers Paid $768 Million in Losses from 2009 Colorado Windstorm
May 25 2010 // An insurance organization says a windstorm that brought two weak tornadoes, rain and hail to the western Denver suburbs last July caused $768 million in insured losses to vehicles and homes. The Rocky Mountain Insurance...
S&P Expects Re/Insurance Losses from Gulf Oil Spill to Be Minimal
May 24 2010 // Based on what are so far only preliminary estimates, Standard & Poor’s Ratings Services said it expects insured losses from the oil spill in the Gulf of Mexico “to be significantly less and be spread among...
Best Affirms Platinum’s ‘A’ Ratings
May 20 2010 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and issuer credit ratings (ICR) of “a” of Bermuda-based Platinum Underwriters Group and its members. Best also has...
RMS Announces New Parametric Loss Index for Japan Quake Risks
May 19 2010 // Risk Management Solutions announced the addition of Japan earthquake to its existing suite of parametric industry loss indices covering U.S. hurricane, U.S. earthquake, and Europe windstorm. RMS said: “Paradex Japan...
Kingstone Swings to Profit in First Quarter
May 19 2010 // Upstate New York insurer Kingstone Cos. Inc., posted a $259,000 profit in the first quarter of 2010 — a positive change from the $171,000 loss it saw in the year-ago period. The insurer — which was launched...
Reinsurers Anticipate Gulf Coast Oil Spill Losses Will Be Major
May 17 2010 // The blame game for the recent British Petroleum oil spill along the Gulf Coast is just getting started as are the insurance implications of this disastrous event, according to underwriters and other...
Businesses, Interrupted
May 17 2010 // All around the Gulf Coast, fishermen, motel owners, restaurateurs and other small businesses justifiably are concerned about what the future may hold as a result of the Deepwater Horizon oil spill off the coast of...
Out of Business
May 17 2010 // Ash spewing from an Iceland volcano halted air travel and countless business meetings and deals across Europe. In Times Square, hotels and businesses were shut down after a bomb was discovered in an abandoned car along...
The Competitive Advantage: Opportunity Knocks
May 17 2010 // Coverage, Underwriting Knowledge Have Become More Powerful Tools in Today’s Market When I first started as an underwriter a few decades ago, I was truly amazed at the coverage knowledge so many of the older...
Despite Premium Decreases, Medical Professional Liability Industry Profitable
May 14 2010 // The medical professional liability industry is profitable despite premium increases, according to Charlottesville, Va.-based SNL Financial. That industry experienced a profitable year in underwriting, demonstrated by a...
Life products, Asset Mgmt. Buoy Allianz, Generali, Aegon, Ageas in Q1
May 13 2010 // European insurers were buoyed by strong sales of life insurance and asset management products on the back of a reviving economy in the first quarter, offsetting big disaster damage claims. Germany’s Allianz,...
Report: Workers’ Comp Combined Ratio Jumps; Results Suffer in 2009
May 11 2010 // As workers’ compensation premiums continued to decline in 2009, the combined ratio jumped nine points in 2009. According to recent report on the state of the workers’ comp market, the combined ratio rose to...
