Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
West Storm Losses Could Reach $600 Million
Jan 10 2008 // Catastrophe risk modeling firm Air Worldwide estimates insured losses from the recent west coast winter storm that occrred January 4-8 could reach as high as $600 million, with the vast majority of those losses in...
Trial Opens for Five Former Gen Re, AIG Executives
Jan 9 2008 // The former chairman and CEO of the world’s largest insurer initiated a deal that led to five ex-executives being charged in a scheme to manipulate the company’s financial statements, a federal prosecutor said...
Top Insurance Stories in 2007
Dec 31 2007 // The debate over climate change captured the world’s attention, including the insurance industry’s, in 2007, while major hurricanes spared the United States’ coastline. The soft market took hold of...
Munich Re 2007 Nat Cat Report Warns of ‘Rising Trend’
Dec 28 2007 // Munich Re’s loss figures for 2007 from natural catastrophes concludes that “despite the general absence of extreme events, overall economic losses had reached $75 billion by the end of December – an...
AIR Estimates Insured Losses from New Zealand Quake at $192 Million
Dec 27 2007 // Boston-based AIR Worldwide has issued a bulletin indicating that insured losses from a recent strong earthquake in New Zealand “are unlikely to exceed NZD 250 million” [$191.6 million]. The quake struck about...
P/C Insurers’ Net Income, Surplus Rose But Profitability Dropped
Dec 27 2007 // The U.S. property/casualty insurance industry’s net income after taxes rose 7.1 percent to $49.4 billion through nine-months 2007 from $46.1 billion through nine-months 2006. Fueled by the industry’s net...
Comp Loss
Dec 23 2007 // In 2006, South Carolina’s workers’ compensation premiums grew more than 18 percent and the state has ranked second in the nation in terms of how quickly rates have increased. So in 2007, South Carolina enacted...
Survey of Analysts Projects Healthy Underwriting Profits
Dec 23 2007 // I.I.I.’s Earlybird Forecast predicts negative premium growth but continued profitability in 2008 Next year may go down on record as one of the best insurance industry underwriting performances in the past 80 years,...
Safeco To Discuss Quarterly, Year-End Results during Webcast
Dec 21 2007 // Seattle-based Safeco will be hosting a live Internet broadcast of its conference call to discuss fourth-quarter and year-end financial results on Thursday, Jan. 31 at 5 p.m. EST. A live Webcast of the presentation will be...
Airline Insurance Market to Post Loss for Year; First Since 2000
Dec 20 2007 // The airline insurance market this year is expected to post its first loss since 2000, according to preliminary data collected by the Aviation & Aerospace division of Aon Corporation. Aon reported that forecasts...
Allstate’s 4th Quarter Catastrophe Losses of $100 Million Higher than ’06
Dec 20 2007 // Allstate Corp. said Tuesday October’s California wildfires plus other disasters have hiked the insurance company’s fourth-quarter catastrophe losses by about $100 million. Allstate said it received more than...
Preliminary Swiss Re ‘sigma’ Report Estimates 2007 Cat Losses
Dec 19 2007 // Swiss Re has released a preliminary “sigma” report detailing the extent of 2007’s catastrophe losses. According to its initial estimates, more than 20,000 people were killed by natural and man-made...
ACE Earnings Guidance for 2008
Dec 19 2007 // Bermuda’s ACE Limited has announced the following earnings guidance for the ACE Group of Companies for the full year 2008: — Earnings per Common Share are expected to range between $7.00 and $7.50. —...
Allstate Incurs More than $300 Million in Southern California Wildfire Losses
Dec 19 2007 // The Allstate Corp. reported that the company has received more than 7,000 claims from the Southern California wildfires in October of this year, resulting in approximately $315 million to $335 million in wildfire-related...
California Workers’ Comp Insurance Rating Board Reports Q3 Results
Dec 18 2007 // The Workers’ Compensation Insurance Rating Board of California has reported the third quarter results summarizing insurer loss and premium experience through Sept. 30, 2007. “California statewide written...
Survey of Analysts Projects Healthy Underwriting Profits
Dec 17 2007 // Next year may just go down on record as one of the best insurance industry underwriting performances in the past 80 years, according to an industry survey of Wall Street stock analysts and industry professionals. Analysts...
Fla. Home Mitigation Program Grants Won’t Be Taxed as Income
Dec 14 2007 // Grants awarded to Florida homeowners through the My Safe Florida Home program will not be reported as taxable income to the federal government. Florida CFO Alex Sink made the announcement after receiving a Letter Ruling...
Power Returns Slowly in Okla.; Losses from Storm Could Rise to $35M
Dec 13 2007 // The lights are going back on slowly in Oklahoma after a massive ice storm, the insured losses from which could reach $35 million, an insurance industry trade group said. “Insurance claims from ice damage are often...
Best Revises Zurich Outlook to ‘Positive,’ Affirms ‘A’ Ratings
Dec 12 2007 // A.M. Best Co. has affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit rating (ICR) of “a+” of Zurich Insurance Company (ZIC), the main operating company of...
Banks in Insurance Advance Despite Soft Market, Study Reports
Dec 4 2007 // Despite a soft property and casualty (P/C) insurance market, the top 100 banks in insurance made substantial gains in the past year, says a new report distributed by the Bank Insurance & Securities Association The...
