Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Report: California Workers’ Comp Insurer Losses Were up in 2021
Jun 30 2022 // Total insurer combined losses and expenses incurred in 2021 were $13.1 billion, or 96% of calendar year premium, compared with $12 billion in 2020, according to a report released today. The Workers’ Compensation...
Stealth Partner Group Releases June 2022 Stop-Loss State of the Market Report
Jun 29 2022 // Charlotte, N.C. (June 29, 2022) – Stealth Partner Group, an Amwins company and premier stop-loss general agency, released its State of the Market report, providing up-to-date market intelligence on health care and...
Parents Sue Boston Hospital Over Loss of Baby’s Body
Jun 27 2022 // A Massachusetts couple whose prematurely born baby girl died less than two weeks after she was delivered has sued one of Boston’s most prestigious hospitals for losing the infant’s body, denying the parents the...
Ukraine Crop-Handling Port Damaged in Russian Attacks, Adding to Farm Sector Losses
Jun 24 2022 // Infrastructure owned by two major agriculture traders was damaged in Russian attacks at one of the biggest crop-handling ports in Ukraine, adding to the mounting losses suffered by its farm sector. Rocket strikes on the...
Future Profit Models for Insurers and Their Agent/Broker Partners
Jun 20 2022 // I read an article written by a former carrier CEO who is now a consultant and private equity backer to insurance ventures. The main point of the article was that insurtech, or any paradigm shifting insurance entity, will...
Derecho Storm Ranks as Canada’s 6th Largest Insured Loss on Record
Jun 16 2022 // The storm that swept through southern Ontario and parts of Quebec on Saturday, May 21, caused over C$875 million (US$676.3 million) in insured damages, according to the Insurance Bureau of Canada, which quoted initial...
UK Pubs Group Sues Zurich, Liberty Mutual, MS Amlin for $1.2B Over COVID BI Losses
Jun 13 2022 // Britain’s biggest pubs group Stonegate, which is suing Zurich Insurance and two peers for 1 billion pounds ($1.2 billion) over lockdown losses, battled the COVID-19 pandemic “day by day, venue by venue,”...
Mohegan Sun Casino Dealt a Loss on COVID-19 Insurance Claim
Jun 10 2022 // A Connecticut casino and resort operator has lost its bid to obtain insurance reimbursement for business losses due to the COVID-19 virus. Factory Mutual Insurance Co. (FMI) has succeeded in having the resort’s...
Insurance Ban on Russian Tankers Could Help Cut Moscow’s Energy Revenues: Yellen
Jun 10 2022 // U.S. Treasury Secretary Janet Yellen said a plan to ban European and UK firms from insuring tanker shipments of Russian oil could help limit Moscow’s energy revenues as allied countries seek to curb revenues flowing...
World’s Biggest Re/Insurers Expanding in Africa, but Climate Change Could Hit Profits
Jun 10 2022 // The world’s biggest insurers are expanding in Africa, looking to tap growth promised by a rising population and middle class, but climate change could complicate their quest for profits. With Western markets...
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...
