Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Brown & Brown’s Q4 Profit Jumps on Robust Growth in Fee, Investment Income
Jan 23 2024 // Insurance brokerage Brown & Brown reported an 85% surge in fourth-quarter profit to $268.6 million on Monday, helped by higher commissions and fees alongside better investment returns. The insurance industry typically...
Hedge Funds Rake in Huge Profits Betting on Catastrophe Risk
Jan 22 2024 // For hedge funds, the science of catastrophes helped generate the best returns of any alternative investment strategy last year. The calculus around natural disasters such as hurricanes and cyclones fed record gains at...
Travelers’ Q4 Net Income Skyrockets as Personal Lines Reverses Underwriting Loss
Jan 19 2024 // Net income at The Travelers Cos. for the last quarter of 2023 about doubled compared to the same time last year to $1.6 billion on lower catastrophe losses and a return to profitable results in the personal insurance...
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Jan 19 2024 // Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, an improvement from 2023, a report by Swiss Re Institute projects...
Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re
Jan 18 2024 // Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion,...
Storm Henk Causes Estimated £150 Million in UK Insured Losses: PwC
Jan 10 2024 // Storm Henk, which battered Britain last week, caused around 150 million pounds ($190 million) in insured losses and damaged around 2,000 properties, consultants PwC said on Wednesday. Heavy rain caused major rivers to...
Loss of Alaska Airlines Cockpit Recording Rekindles Industry Safety Debate
Jan 10 2024 // The cockpit voice recorder data on the Alaska Airlines Boeing 737 MAX 9 jet which lost a panel mid-flight on Jan. 5 was overwritten, U.S. authorities said, renewing attention on long-standing safety calls for longer...
Affinity Hires Revenue Chief, NC DOI Elevates Counsel to Chief Operating Officer
Jan 8 2024 // Affinity Advisors, providers of a digital platform for securing specialty insurance, has named a former Aon and Marsh McLennan executive to be chief revenue officer. Suesserman Andrew Suesserman, who spent 12 years with...
Because ‘Location’ Is Ambiguous in Marine Cargo Policy, Travelers Must Pay Fire Loss
Jan 8 2024 // A New York-based apparel company is entitled to its claim for the full $600,000 limit on its marine cargo insurance policy because the policy was ambiguous as to whether a warehouse fire that destroyed its goods was at an...
AM Best: Japan Quake’s Effect on Insurers ‘Manageable; KCC Says Losses to Hit $6.4B
Jan 5 2024 // The earnings impact on the major domestic non-life insurers of claims from the Jan. 1, 2024 earthquake in Japan is expected to be manageable relative to the sector’s net profit, according to AM Best in a market...
Update: Japan Airlines Counts Losses From Wrecked Tokyo Plane
Jan 4 2024 // Japan Airlines (JAL) on Thursday said it expected losses of more than $100 million after one of its planes was destroyed when it collided with another aircraft on the runway at Tokyo’s Haneda airport this week. All...
Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA
Jan 2 2024 // The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market,...
5th Circuit Reverses Class Certification in Lawsuit Alleging State Farm Undervalued Total-Loss Claims
Dec 28 2023 // A federal appellate court reversed a trial court’s decision to certify a class of plaintiffs in a lawsuit that alleged State Farm Mutual Automobile Insurance Co. undervalued total-loss claims by Louisiana...
SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses in 2023
Dec 27 2023 // Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the COVID-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for...
A&E Loss Payouts on the Rise; Reserves Will Run Off in 8 Years
Dec 20 2023 // A new AM Best segment report details asbestos and environmental (A&E) losses and reserve decline through the end of 2022. AM Best maintains its estimate for net asbestos losses at $100 billion and environmental losses...
Initial Insured Losses for Windstorm Ciarán (aka Emir) Estimated at €1.9B: PERILS
Dec 18 2023 // Initial industry losses for extratropical windstorm Ciarán, also known as Emir, are estimated at €1.9 billion (US$2.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
California Workers’ Comp Public Self-Insured Claim Volume, Total Paid and Incurred Losses Fall
Dec 14 2023 // Initial data on fiscal year 2022/23 public self-insured claims experience in the California workers’ compensation system show that public self-insured’s total claim volume, spurred by a sharp drop in indemnity...
Google’s Court Loss to Epic Games May Cost Billions but Final Outcome Years Away
Dec 13 2023 // Google’s stunning defeat in a legal battle with “Fortnite” maker Epic Games may clear the way for rival app stores on its Android mobile system but a lengthy appeals process will likely prevent any...
US Commercial Lines Survey Results Show Aggregate Increase of 6.1% in Q3: WTW
Dec 11 2023 // U.S. commercial insurance prices increased 6.1% in the third quarter, maintaining an upward trend. According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in the third...
US P/C Industry Turns in $32.2B Underwriting Loss After 9 Months
Dec 8 2023 // U.S. property/casualty underwriting results deteriorated during the first nine months of 2023 to a loss of $32.2 billion. The result, highlighted in short financial review from AM Best, is $7.6 billion worse than the same...
