Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Adding wind peril coverage is not the solution
Oct 8 2007 // The Flood Insurance Subcommittee of the American Academy of Actuaries has reviewed the provisions currently in H.R. 3121 that affect the financial well being of the National Flood Insurance Program (NFIP). In particular,...
The good, bad and the ugly on owner compensation
Oct 8 2007 // Let’s put all the cards on the table right now. The amount of money one makes is directly proportional to the perceived importance or success of the person taking the money home. Sure, we all know better and there...
S.C. Regulator: Probable Maximum Loss Predictability Formula on Horizon
Oct 5 2007 // A pre-established formulaic predictability model would virtually solve the issue of indeterminable loss cause that was so wide-spread in the aftermath of Hurricane Katrina, according to South Carolina’s Insurance...
Loss of State Workers Comp. Contract Prompts Layoffs in W. Va.
Oct 2 2007 // A company that manages old workers’ compensation claims for West Virginia is laying off 62 employees after it lost the contract to another company. Cambridge Integrated Services Group Inc. announced the layoffs...
Insurance Commissioner Group’s 2008 Budget Anticipates Revenue Growth
Oct 2 2007 // The National Association of Insurance Commissioners has begun setting its 2008 budget. The group will have more money to work with than it did in 2007. The 2008 budget proposes revenues and expenses of $68.2 million and...
Mo. Governor: 2006 Med Mal Report Shows Positive Results
Oct 2 2007 // The medical malpractice insurance market has stabilized following escalating medical malpractice costs that caused a downturn in the market from 1999 – 2003, according to the 2006 Medical Malpractice Report recently...
Actuaries Oppose Wind Addition to National Flood Insurance
Sep 28 2007 // The National Flood Insurance Program is over $17 billion in debt according to the American Academy of Actuaries, adding further anxiety to a proposal to add wind peril coverage to the national plan. While the U.S. House of...
Lloyd’s H1 Results – $3.65 Billion Pre-Tax Profit
Sep 27 2007 // Lloyd’s turned in a strong first half, booking a pretax profit of £1.807 billion ($3.65 billion), compared to £1.351 billion ($2.732 billion) for the first six months of 2006. Despite the subprime lending crisis,...
Insurers Urge Congress to Level Bermuda Insurers’ Tax Playing Field
Sep 26 2007 // An industry executive, representing a coalition of 14 large U.S.-based insurance groups, told the U.S. Senate Finance Committee on Wednesday that a major tax advantage for certain foreign insurance groups could threaten...
P/C Insurers’ Underwriting Results, Profitability Slip in First-Half 2007
Sep 25 2007 // The U.S. property/casualty insurance industry’s overall profitability as measured by its annualized rate of return on average policyholders’ surplus (or statutory net worth) slipped to 13.1 percent in...
Catastrophes: There is no free lunch
Sep 24 2007 // Any study that implies consumers and taxpayers have thousands of years to realize savings is immediately suspect. Since the devastating hurricane seasons of 2004 and 2005, some Florida politicians and a few insurers have...
U.S. fire report: More fires; fewer deaths and injuries; rise in property losses
Sep 24 2007 // Fire departments in the United States responded to an estimated 1.6 million fires during 2006. These fires caused 3,245 civilian deaths and 16,400 injuries, according to the National Fire Protection Association (NFPA). The...
Lloyd’s America’s Baker: Time for action on climate change is now
Sep 24 2007 // For an insurer, understanding climate change is a matter of understanding trends in risk and changes in those trends. For Wendy Baker, president of Lloyd’s America Inc., staying on top of those trends in the United...
U.S. fire report: More fires; fewer deaths and injuries; rise in property losses
Sep 24 2007 // Fire departments in the United States responded to an estimated 1.6 million fires during 2006. These fires caused 3,245 civilian deaths and 16,400 injuries, according to the National Fire Protection Association (NFPA). The...
A policyholder bonanza: Texas Supreme Court decides Lamar Homes
Sep 24 2007 // The Supreme Court also disagreed with the district court’s common sense ruling that faulty workmanship that damages the property of a third party is a covered “occurrence,” whereas faulty workmanship that...
Lloyd’s America’s Baker: Time for action on climate change is now
Sep 24 2007 // For an insurer, understanding climate change is a matter of understanding trends in risk and changes in those trends. For Wendy Baker, president of Lloyd’s America Inc., staying on top of those trends in the United...
Feds Approve Ind.’s New Health Insurance Program for Low-income Adults
Sep 24 2007 // The federal government has given Indiana the go-ahead on its state-subsidized health care plan for low-income adults that will be partially funded by an increase in the cigarette tax. The deal will allow Indiana to provide...
AIR Estimates Typhoon Wipha Insured Losses under $250 Million
Sep 21 2007 // AIR Worldwide Corporation estimates insured losses from both wind and precipitation-induced flooding from Typhoon Wipha (See IJ web site Sept. 18, 19) are unlikely to exceed $250 million (RMB 1.85 billion). “The...
Fla. High Court Affirms Policies Cover Only Losses from Covered Perils
Sep 21 2007 // Florida’s valued policy law means property insurance companies are only responsible for actual damages caused by perils that are specifically cited in the policy, the Florida Supreme Court has affirmed in a key...
Mo. Governor Pushes for New Health Plan for Lower-income Families
Sep 20 2007 // Mo. Gov. Matt Blunt said the number of uninsured Missourians could be reduced by nearly one-third under a plan he outlined this week to provide government-subsidized health care to lower-income families. The Republican,...
