Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
P/C Industry Posts 2021 Underwriting Loss but Surplus Hits $1 Trillion
Jun 6 2022 // Full-year net income for U.S. property/casualty insurers increased slightly to $61.9 billion from $60.3 billion in 2020, but the industry turned in a $3.8 billion underwriting loss in 2021. The P/C industry posted a $5.2...
Income vs. Wealth
May 31 2022 // This post is part of a series sponsored by InsurBanc. Career aspirations are often guided by maximizing one’s income. Highly effective and successful employees earn an ever-increasing wage and grow their income as...
U.S. P/C Q1 2022 Underwriting Income Up 5%: AM Best
May 31 2022 // AM Best reported Friday that first-quarter net underwriting income for the U.S. property/casualty industry rose 4.6% to $3.3 billion. Explaining the result, AM Best said that a 10.5 percent jump in net earned premiums and...
People Moves: MEMIC Names White Underwriter for Pennsylvania; World Insurance Hires Robb as General Counsel; S&S Adds Loss Control Specialist White
May 27 2022 // MEMIC Hires White as Senior Underwriter in Pennsylvania Workers’ compensation insurer MEMIC Group has hired Curtis White as senior production underwriter, responsible for renewals and new business in...
P/C Industry Posts 2021 Underwriting Loss but Surplus Hits $1 Trillion
May 26 2022 // Full-year net income for U.S. property/casualty insurers increased slightly to $61.9 billion from $60.3 billion in 2020, but the industry turned in a $3.8 billion underwriting loss in 2021. The P/C industry posted a $5.2...
Insurers, Banks Must Take Climate Action or Face Profit Hit, Higher Capital Charges: BOE
May 24 2022 // LONDON – Banks and insurers that fail to manage climate risks as a “first-order” issue could face a 10% to 15% hit to annual profits and higher capital requirements, the Bank of England (BoE) said on...
Insurer Aspen Completes $3.12B Loss Portfolio Transfer With Run-Off Specialist Enstar
May 23 2022 // Enstar Group Ltd., the Bermuda-based legacy acquisition specialist, has completed a previously announced loss portfolio transfer agreement (LPT) with Aspen Insurance Holdings Ltd. and its subsidiaries for their 2019 and...
YES and No: New York’s Yankees Network Sues Insurer to Recover COVID Losses
May 23 2022 // Yankees Entertainment and Sports Network (YES), the broadcasting company for the New York Yankees, New York Nets and other area sports teams, is suing its insurer, Hartford Fire Insurance Co., for denying its claims for...
Texas Division of Workers’ Comp Adopts Income Benefits Form
May 19 2022 // The Texas Department of Insurance, Division of Workers’ Compensation (DWC) said it has adopted a new form: DWC Form-033, Request to Reduce Income Benefits Due to Contribution (DWC Form-033), effective immediately....
Generali Q1 Net Profit Beats Forecasts, Despite Russia Impairments
May 19 2022 // Assicurazioni Generali beat expectations in the first quarter even as impairments on Russia drove net profit lower, a boost for CEO Philippe Donnet who last month won a shareholder battle to keep his job for another three...
Natural Disasters, Ukraine War Weigh on Q1 Results of Europe’s Major Reinsurers
May 16 2022 // Three out of four of the major European reinsurers reported their profits were negatively affected as a result of elevated natural catastrophe claims and a first round of claims reserves from the Russia-Ukraine war,...
D&O Market Has Most Profitable Year Since 2014 but Results May Be an Anomaly
May 11 2022 // The directors and officers insurance marketplace in 2021 enjoyed its most profitable year since 2014 but results have to be “viewed as a possible aberration rather than a the start of a trend,” according to a...
Another Florida Insurer Adds Binding Arbitration Endorsement Amid Losses
May 9 2022 // Heritage Property & Casualty Insurance Co. reported more losses for the first quarter of 2022 and a spike in its combined ratio. But company officials said Friday they are taking aggressive steps, including rate...
Safety Insurance Net Income Plummets as Auto Claims, Inflation Take Toll
May 5 2022 // Boston-based Safety Insurance Group, Inc. reported first quarter 2022 results showing net income of $7.8 million, compared to $36.2 million for the comparable 2021 period, as auto insurance claim frequency returned to...
Swiss Re Reports Q1 Loss as Ukraine War, Natural Disasters and COVID Take Their Toll
May 5 2022 // Swiss Re reported a group net loss of $248 million during the first quarter, as a result of headwinds such as the war in Ukraine, higher-than-expected natural catastrophes and the ongoing COVID-19 pandemic. This loss...
Financial Services Firms Face Losses of $225B From Variety of Water Risks: Report
May 5 2022 // Financial institutions face losses of at least $225 billion from risks related to water, with a third of them doing nothing to assess the potential impact, a report by leading environmental disclosure platform CDP and...
Allstate Q1 Net Income Returns to Black Despite Adverse Auto Results
May 4 2022 // First quarter 2022 insurance premiums earned grew 6.5% to about $11 billion at Allstate Corp., as net income was $630 million compared with a loss of about $1.4 billion during the first three months of 2021. Tom Wilson CEO...
Weight-Loss Surgery Covered by Workers’ Comp, Carolina Appeals Court Finds
May 4 2022 // Workers’ compensation insurer Erie Insurance Group must pay for weight-loss surgery for an obese woman who was injured at her child-care center, the North Carolina Court of Appeals decided this week. The appeals...
AIG Q1 Net Income Up as Underwriting Profit Soars
May 3 2022 // First quarter underwriting profit soared as AIG reported net income of $4.25 billion compared with $3.87 billion during the 2021 first quarter. Underwriting income in AIG’s General Insurance unit was $446 million...
China’s Ping An Profit Drops 24% as Pandemic Deals Blow to Business
May 3 2022 // Ping An Insurance (Group) Co., China’s largest insurer by market value, said profit fell 24% and warned that outbreaks of COVID in the world’s second-biggest economy pose a threat to near-term growth. Net...
