Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Munich Re Reports on Tsunami Loss Inspection Results
Dec 28 2005 // Munich Re has released the results of a “loss inspection” conducted on the West Coast of Thailand to assess the consequences of the devastating tsunami, which struck the area one year ago. Experts from the...
Insurers’ Income, Surplus Rise Despite Record Catastrophe Losses
Dec 28 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 4.4 percent, or $1.2 billion, to $28.8 billion in nine-months 2005 from $27.6 billion in nine-months 2004. Reflecting the industry’s...
Guy Carpenter Unveils 2005 Central, Eastern Europe Flood Report
Dec 28 2005 // Guy Carpenter & Company Ltd. reported the release of European Flood Report 2005 – Central and Eastern Europe, a detailed summary and review of 2005 Central and Eastern European flood activity. The report,...
2005 Hurricane Losses to Top $57 Billion, Advisen Reports
Dec 27 2005 // New York-based Advisen Ltd. has released an estimate that worldwide insurance and reinsurance losses related to the three major hurricanes that hit the United States this year would amount to $57.6 billion, making the...
Hurricane-Impacted Floridians Eligible for Income Tax Relief
Dec 22 2005 // Tax and time relief measures are available to Floridians impacted by this year’s hurricanes according to Tom Gallagher, Florida CFO. “Many hurricane victims are still struggling to repair their homes and...
Estimates in Swiss Re <em>sigma</em> Study Confirm 2005 as Costliest Ever
Dec 21 2005 // Ever since Hurricane Katrina devastated New Orleans, 2005 looked certain to be a record-breaking year for insured losses. Swiss Re’s newly issued sigma report has now confirmed the sad fact. According to preliminary...
Gov. Bush Opposes Bailing Out Citizens With Tax Revenue; Suggests Using Reserve Fund
Dec 21 2005 // The state received an $800 million sales tax windfall from hurricane reconstruction last year, but Florida Gov. Jeb Bush said Tuesday that he’s against using any public dollars to bail out the state-created insurer...
Lloyd’s Hurricane Losses Top $ 5 Billion
Dec 19 2005 // In an updated statement, Lloyd’s acknowledged that it now estimates the London market’s combined losses from the three hurricanes that struck the U.S. will exceed $5 billion. The new figures are based on the...
Converium Posts Delayed Results – $6.9 Million Q3 Loss
Dec 19 2005 // Swiss reinsurer Converium announced that it has completed the first stages of an internal investigation into its accounts, “launched against the backdrop of ongoing investigations by regulators and governmental...
Mississippi’s Insured Losses From Hurricane Katrina Pegged At $12B
Dec 13 2005 // Insurers in Mississippi are expected to pay out $12 billion in insured losses stemming from Hurricane Katrina. According to Property Claims Services, the New Jersey-based subsidiary of the Insurance Service Office, which...
American National Reports After-Tax Katrina Loss of Nearly $80M
Dec 13 2005 // Texas-based American National Insurance Company reported that its subsidiary property and casualty companies, including American National Property and Casualty (ANPAC) and ANPAC Louisiana Insurance Company and their...
Tenn. Adjuster Awaits Sentencing in Faked Crop-Loss Scam
Dec 9 2005 // An East Tennessee insurance claims adjuster is awaiting sentencing in a crop loss insurance scam. The agent who sold multimillion-dollar crop insurance policies to tomato farmers who faked a hailstorm has been sentenced to...
Aspen Updates Losses from Hurricanes Katrina, Rita and Wilma
Dec 6 2005 // Bermuda-based Aspen Insurance Holdings Limited has updated its assessment of estimated losses from Hurricanes Katrina, Rita and Wilma. Based on the information available and evaluations to date, Aspen estimates that its...
Healthy Competition, Safety Technology Drive Commercial Auto Market
Dec 5 2005 // According to conventional wisdom, 2004 was the first year in the past 16 where insurers finally broke through and made an underwriting profit on commercial lines auto. The breakthrough came after a year, 2003, which saw...
Major Insurers, Non-Profits Launch Community-based Healthcare Initiative Impact
Dec 5 2005 // Impact Community Capital LLC, a consortium of major insurance companies, and NCB Development Corp. (NCBDC) have teamed up to offer as much as $50 million in low-interest loans to community health clinics that serve...
Issues in Current Return Premium Accounting
Dec 5 2005 // California Insurance Code requires property and casualty insurance agencies to receive premiums and return premiums in a fiduciary capacity. Return premium funds must be maintained in a separate trust bank account and...
EMPLOYERS, EMPLOYEES COULD BE HURT BY DISABILITY INCOME INSURANCE CHANGES
Dec 5 2005 // Proposed changes in the regulation of disability income insurance in California could significantly increase the cost of coverage and discourage some injured employees from returning to work, according to a study released...
SAFECO SEES AFTER-TAX LOSSES FROM WILMA AT $29 MILLION
Dec 5 2005 // Seattle-based Safeco has announced estimated after-tax catastrophe losses from Hurricane Wilma of $29 million, or $0.23 per diluted share. Pretax catastrophe losses from the storm are estimated at $45 million. Those...
Agency Consolidation Dynamics are Ripe for the Picking
Dec 4 2005 // The consolidation of insurance agencies has played a prominent role within the industry over the last 30 years. Now more than ever, however, such activity increasingly influences the average size of distributors, the scope...
Major Insurers, Non-Profits Launch Community-based Healthcare Initiative Impact
Dec 4 2005 // Impact Community Capital LLC, a consortium of major insurance companies, and NCB Development Corp. (NCBDC) have teamed up to offer as much as $50 million in low-interest loans to community health clinics that serve...
