Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Safety Insurance Estimates Positive Impact of Mass. Residual Market Plan Changes on Its Operations
Jan 17 2005 // Safety Insurance Group, Inc. in Boston has updated its estimate of the financial impact of the reform approved on Dec. 31, 2004 of the residual market system for personal automobile insurance in Massachusetts. The company...
PCS to Provide CAT Designations, Loss Estimates for Terrorist Acts and Outsized Workers’ Comp Events
Jan 14 2005 // ISO’s Property Claim Services (PCS) unit has expanded its services to include loss estimates for potential catastrophic terrorism losses. PCS this week announced it will assign catastrophe serial numbers to potential...
S&P: OIL’s $1.2 Billion Loss Will Not Affect Ratings
Jan 11 2005 // Standard & Poor’s Ratings Services has issued a bulletin indicating that the recently announced $1.2 billion of incurred losses in 2004 for Oil Insurance Ltd. – currently rated “A+”/Negative;...
R.I. Approves 20% Cut in Workers’ Comp Loss Costs
Jan 9 2005 // Average loss costs for workers’ compensation insurers adopting figures from the National Council on Compensation Insurance in Rhode Island are going down 20.2 percent following an order by the Department of Business...
IUA Offers Condolences to Tsunami Victims; Estimates Insured Losses to Members at $5 to $10 Billion
Jan 5 2005 // The London-based International Underwriting Association has issued a statement offering its condolences to the relatives of victims of the Asian tsunami disaster. IUA Chief Executive Marie-Louise Rossi, stated: “The...
Commercial Property Market Survives Extraordinary and Ordinary Catastrophes
Jan 3 2005 // The commercial property market took a huge hit from four major hurricanes that struck the U.S. mainland this past year. The full effects may have yet to be felt, however, it looks like commercial property insurers came...
INDUSTRY SEES 1ST 9-MONTH PROFIT SINCE 1986:
Jan 3 2005 // Benefiting from profits on underwriting, the U.S. property/casualty insurance industry’s net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004, up from $20.8 billion in the first...
2003-2004 California Year-End Legislative Repo
Jan 3 2005 // A summary of the most important legislation affecting the industry in the New Year The historic recall of Gray Davis and election of Arnold Schwarzenegger as governor of California set the tone for the 2004 legislative...
NEW ANALYSIS QUESTIONS ASBESTOS FUND REVENUES
Jan 2 2005 // In a new analysis of the $140 billion asbestos trust fund scheme included in S. 852 which was reported out of the Senate Judiciary Committee, the Congressional Budget Office raises doubts over whether the trust fund...
2005 P/C industry in a word: Resilience
Jan 2 2005 // The property/casualty insurance industry reported a statutory rate of return on average surplus of 9.5 percent through the first nine months of 2005, marginally below the 10.5 percent average return recorded during...
Munich Re Estimates Tsunami Claims Below $136 Million
Dec 29 2004 // Munich Re, the world’s biggest reinsurer, has issued a bulletin concerning possible losses from the tidal waves that struck many countries around the Indian Ocean on Dec. 26, which estimates the company’s...
S&P Sees No Effect on Australian Insurers’ Ratings from Tsunami Losses
Dec 29 2004 // Standard & Poor’s Ratings Services has issued a bulletin stating that it does not expect Australian general insurers to be materially affected by the cost of insurance claims arising from the Indian Ocean...
Fitch Sees Tsunami Repercussions Varying Across Insurance Sector
Dec 29 2004 // Fitch Ratings has issued a bulletin indicating that it “expects insured losses stemming from the recent Southeast Asian earthquake and tsunami to affect the Asian primary insurance market and the worldwide...
Best Reports P/C Industry Maintains Underwriting Profit, Despite “Unprecedented Cat Events”
Dec 28 2004 // A.M. Best Co. has released a year-end report on the U.S. P/C industry, which indicates that, “despite the colossal hurricane losses posted during the third quarter of 2004,” it “reported very strong...
U.S.I. Holdings Unveils Expense, Staff Reductions and Plans to Sell Certain Operations
Dec 22 2004 // The directors of U.S.I. Holdings Corporation of Briarcliff, N.Y. have approved a plan to reduce ongoing operating expenses. The plan is expected to result in cost savings of approximately $5 million, before taxes, in...
Swiss Re <em>sigma</em> 2004 Catastrophe Estimates: 21,000 Dead; $105 Billion Economic Loss; $42 Billion Insured
Dec 21 2004 // According to preliminary estimates from Swiss Re’s forthcoming sigma report, more than 21,000 people around the world lost their lives as a result of natural and man-made catastrophes in 2004. Economic losses were...
Banks Cash-In on Acquisitions; Insurance Revenues on Track for Record Year
Dec 20 2004 // Insurance revenue reported to the Federal Reserve by the nation’s bank holding companies grew by $5.0 billion in the first half of 2004 to a level of $20.9 billion, 23 percent higher than at this same time last year,...
Losses, Liabilities & Leftovers
Dec 20 2004 // A drunken Pennsylvania pilot who reportedly buzzed his single-engine plane in close proximity to a nuclear power plant and disrupted the flight paths of half-a-dozen airliners has been sentenced to six to 23 months in...
Losses, Liabilities & Leftovers
Dec 20 2004 // A drunken Pennsylvania pilot who reportedly buzzed his single-engine plane in close proximity to a nuclear power plant and disrupted the flight paths of half a dozen airliners has been sentenced to six to 23 months in...
Industry Sees First 9-Month Net Gain on Underwriting in Nearly Two Decades
Dec 20 2004 // Benefiting from profits on underwriting, the U.S. property/casualty insurance industry’s net income after taxes rose 28.3 percent to $26.7 billion in the first nine months of 2004 from $20.8 billion in the first nine...
