Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Tillinghast: Hurricane Katrina Will Cost Record-Setting $40-$55B for Privately Insured Losses
Oct 6 2005 // Hurricane Katrina is expected to result in $40 to $55 billion in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin. Hurricane Katrina:...
American National Revises Katrina Losses, Unveils Estimate for Rita
Oct 6 2005 // Texas-based American National Insurance Company announced that its subsidiary property and casualty companies, including American National Property and Casualty (ANPAC) and ANPAC Louisiana Insurance Company and their...
Lloyd’s Reports First Half Profit
Oct 6 2005 // Lloyd’s announced an interim profit of 1.38 billion pounds Sterling ($2.47 billion) for the six month period ended June 30, 2005, a 21% increase compared to the same period in 2004. The severe hurricane season will...
Chubb Estimates Q3 CAT Losses
Oct 6 2005 // The Chubb Corporation estimates its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600 million pre-tax ($390 million after-tax). This amount includes estimated losses and...
Aon: Private Insurance Market Will Fail Without Some Form of Public Backstop Against CAT Terror Losses
Oct 5 2005 // In anticipation of the Oct. 7, National Symposium on the Future of Terrorism Risk Insurance, Aon said Wednesday that the private insurance market cannot operate without some form of public backstop against catastrophic...
Record First-Half, Surplus Boost P/C Insurers’ Ability to Pay Hurricane Losses
Oct 5 2005 // The U.S. property/casualty insurance industry’s net income after taxes rose 29.1 percent to a record $30.9 billion in first-half 2005 from $23.9 billion in first-half 2004. Reflecting the industry’s income, its...
Hurricane Katrina Will Not Disrupt Market, Insurers Say
Oct 5 2005 // While property/casualty industry expects insured losses from Hurricane Katrina to reach a record high of $34.4 billion, the Property Casualty Insurers Association of America says insurers will weather the storm of more...
Agriculture Losses in La. from Hurricane Rita to Top $472 Million
Oct 4 2005 // The Louisiana Department of Agriculture and Forestry reported that with preliminary estimates in, it appears agriculture and forestry will take at least a $472 million hit from Hurricane Rita. Coupled with the growing...
Farmers Insurance Reports Katrina Losses Within Yearly Figures
Oct 4 2005 // The Farmers Insurance Group of Companies announced Tuesday the estimated losses experienced by its Property and Casualty Insurance Exchanges from Hurricane Katrina. Louisiana, Alabama and Mississippi are relatively new...
Zurich Estimates Hurricane Katrina Losses at $600 Million, After Tax
Oct 4 2005 // Zurich Financial Services Group (Zurich) announced that it expects aggregate claims payments related to Hurricane Katrina of approximately $600 million after tax. This figure is net of reinsurance recoverables. It includes...
Vesta Sets Rita’s Preliminary Losses in the Range of $6-8 Million
Oct 4 2005 // Alabama-based Vesta Insurance Group Inc. reported that its preliminary gross loss estimate from Hurricane Rita for its subsidiary, Texas Select Lloyds Insurance Company, is expected to fall below Vesta’s $20.0...
ISO: Preliminary Insured Losses from Katrina at $34.4 Billion
Oct 4 2005 // Hurricane Katrina is expected to cost U.S. property/casualty insurers an estimated $34.4 billion in insured property losses, making it the costliest U.S. catastrophe ever, according to preliminary estimates by ISO’s...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Valuations: Educating Your Client on True Replacement Cost
Oct 3 2005 // There are two calls that an agent or broker might receive that should raise concerns; the first is a call from the IRS audit department and the other is from an insured who says, “I just had a fire.” The reason...
Hurricane Rita Losses Not as High as Previous Storms
Oct 3 2005 // But destruction will add to totals from Dennis, Katrina and Ophelia. While indications are that damages from Hurricane Rita won’t come close to equaling those of its immediate predecessor, Hurricane Katrina, that...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
New Report Warns of Rising Threat to US Insurers from Climate Change
Oct 3 2005 // Higher premiums, coverage restrictions already hitting many parts of country Hurricane Katrina is a poignant reminder that U.S. insurers, government and consumers are at enormous risk from escalating losses from hurricanes...
Valuations: Educating Your Client on True Replacement Cost
Oct 3 2005 // There are two calls that an agent or broker might receive that should raise concerns; the first is a call from the IRS audit department and the other is from an insured who says, “I just had a fire.” The reason...
How Did Catastrophe Models Weather Katrina?
Oct 3 2005 // While it’s too early to tell if the highly touted computer catastrophe models met expectations for Hurricane Katrina, there are indications the models didn’t work as well as some insurers had hoped. Several...
Hurricane Rita Losses Not as High as Previous Storms
Oct 3 2005 // But destruction will add to totals from Dennis, Katrina and Ophelia. While indications are that damages from Hurricane Rita won’t come close to equaling those of its immediate predecessor, Hurricane Katrina, that...
