Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Swiss Re Expects Claims From Hurricane Ian to Bring Q3 Loss
Oct 18 2022 // Swiss Re forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. “While the 2022 target of 10%...
Progressive Loses A Bundle: Nearly $2.0B Gross Ian Losses; $760M Net
Oct 13 2022 // Insurer Progressive incurred nearly $2.0 billion in gross loss and loss adjustment expenses for vehicle and property claims related to Hurricane Ian, sending over $1 billion of the total to reinsurers, the company reported...
Universal Predicts $1B in Losses from Ian; HCI’s Wind Exposure Less than Irma’s
Oct 13 2022 // The parent company of Universal Property & Casualty Co., the second-largest property insurer in Florida, projects its total losses from Hurricane Ian to be about $1 billion, well below its $3 billion reinsurance...
Top U.S. Homeowners Insurers Minimally Exposed to Losses from Ian: Moody’s
Oct 12 2022 // A report from Moody’s Investors Service clearly paints Ian as a loss event for Florida-only home insurers since large, national insurers have significantly reduced exposure in the Sunshine State throughout the...
Stonybrook Capital Says Hurricane Ian Is Largest-Ever Insured Loss Event at Over $75B
Oct 12 2022 // According to Stonybrook Capital, the damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars. The advisory and investment banking firm focused on the insurance industry said the...
RMS Range of Insured Losses From Ian $53-$74B, ‘Best Estimate’ of $67B
Oct 10 2022 // Catastrophe modeler RMS chimed in on Hurricane Ian with an estimate of private-market insured losses from the storm of $67 billion. The Moody’s Analytics company said the amount was a “best estimate,” and...
Ending Florida Agency Led to More Development, Losses in Ian, Report Says
Oct 10 2022 // The shuttering of a state agency that was created to manage growth in Florida’s vulnerable coastal areas may have helped fuel the steady development that during Hurricane Ian resulted in some of the largest insured...
Florida Citrus Industry Squeezed by Hurricane Ian; Crop Insurance to Cover Some Losses
Oct 7 2022 // The waters have receded, but the stink lingers. As Emma Reynolds Ezell surveys the damage that a night of 100 mile-per-hour winds wrought on her orange groves, she just can’t get over the stench. It’s nothing...
Amended Complaint: Texas Public Adjuster Losses Nearly $8 Million
Oct 6 2022 // A public adjuster who is accused of pocketing insurance payouts intended for policyholders took a total of $7.9 million from 14 customers, including four churches, according to an amended complaint filed by the Texas...
California Tells Auto Insurers to Disclose Pandemic Profits
Oct 4 2022 // California’s insurance commissioner ordered nearly 50 auto insurers to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he says were overcharged as...
Viewpoint: Hurricane Ian, Anti-Concurrent Loss Language, and Ambiguities
Oct 4 2022 // On September 28, 2022, the nearly Category 5 Hurricane Ian made landfall in southwest Florida with maximum sustained winds clocked at approximately 150 MPH. Reports out of Lee County, Florida have been particularly...
Verisk: Up to $57B Insured Losses from Hurricane Ian
Oct 3 2022 // Insured losses from Hurricane Ian to onshore property will be between $42 billion and $57 billion, with much of the damage – $38-51 billion – coming from wind damage, according to Verisk. “Damage was more severe...
Video Shows Ian Storm Surge Devastated Part of Florida; Losses Mounting
Oct 3 2022 // Powered by InsuranceJournal.tv FORT MYERS, Fla. – Dave Lusk, who lives on San Carlos Island, sandwiched between Fort Myers and devastated Fort Myers Beach, Florida, told the story of how his daugther and her family...
KCC Estimates Near $63B in Hurricane Ian Insured Losses
Oct 2 2022 // Catastrophe modeler Karen Clark & Company (KCC) late Friday said the firm estimates insured losses from Hurricane Ian will near $63 billion. Should KCC’s calculations hold true, Ian will surely be remembered as...
Hurricane Ian Losses Up to $47B in Florida, Sinking More Insurers, CoreLogic Calculates
Sep 30 2022 // Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new...
Hurricane Ian Threatens Heavy Losses for Catastrophe Bond Holders
Sep 30 2022 // Investors who backstop Florida’s insurance industry by buying catastrophe bonds are girding for substantial losses from Hurricane Ian, threatening to crimp a key source of capital for the sector and push up insurance...
Insurers Ask Court in New York to Seize, Sell Vessel to Pay $39M in Cargo Losses
Sep 29 2022 // More than 30 insurers that have paid an estimated $39 million in lost cargo claims, along with cargo owners without insurance, have asked the courts to seize and sell the Japanese vessel ONE Apus to cover their claims. The...
Citizens’ Early Estimate of $3.8B in Ian Losses; Florida OIR Suspends Use and File
Sep 29 2022 // Hurricane Ian continued to churn through central Florida Thursday morning, leaving widespread flooding and wind damage in its wake. It was too early to know the extent of property insurance claims from the storm, although...
Insurers Should Be Ready for Global Average Disaster Losses of $123 Billion: Verisk
Sep 29 2022 // The global insurance industry should be prepared for insured losses from natural catastrophes well in excess of $100 billion every year, according to the 2022 Global Modeled Catastrophe Losses Report from Verisk Extreme...
Hurricane Fiona Losses Depend on Business Interruption, Cause
Sep 22 2022 // AM Best said it expects insured losses from Hurricane Fiona in Puerto Rico to be influenced by business interruption caused by widespread power outages but losses should be manageable for the industry. “It could take...
