Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Chubb Net Income Drops in Q4, More Than Doubles for Year
Feb 2 2022 // Chubb reported fourth quarter 2021 net income of $2.1 billion, a decrease of 11.5% compared to the same period the prior year. Nevertheless, the insurer had what CEO Evan G. Greenberg called “one of the best years in...
Vermont Workers’ Compensation Loss Costs to Drop 4.9% in April
Jan 27 2022 // Vermont businesses will see a rate decrease of 4.9% in workers’ compensation costs. The reduction will be effective on April 1, 2022, and is estimated to save Vermont employers more than $8 million in premiums over...
Update: Marsh McLennan Q4 Net Income Jumps 100%; 6,000 Employees Added in 2021; Cyber Still Growing
Jan 27 2022 // Fourth quarter 2021 net income at Marsh McLennan more than doubled compared to the same period in 2020, to $803 million. Full year net income increased about 56% to $3.1 billion from $2 billion for all of 2020. Net income...
Only 38% of 2021’s Natural Disaster Losses of $343B Were Covered by Insurance: Aon
Jan 26 2022 // Natural disasters cost global economies a total of $343 billion in 2021, compared with $297 billion in 2020, according to Aon’s “2021 Weather, Climate and Catastrophe Insight” report. Insured losses from...
Progressive Q4, Full Year Net Income Drop Over 40%
Jan 26 2022 // Fourth quarter 2021 earnings at Progressive Corp. fell 43% compared with the same time period a year ago to $962.3 million. The results were despite the personal and commercial property insurer posting an increase of 13%...
Loss Costs Outpace Increase in Premiums for U.S. P/C Industry Through Q3
Jan 25 2022 // Direct-premium production for the U.S. P/C industry through the third quarter 2021 improved as insurers increased rates, but adverse trends in loss costs for many lines of business continue to dampen profitability. Through...
Insurtech Root Lays Off 330 Employees as Loss Costs Increase
Jan 24 2022 // Technology company Root Inc., the Columbus, Ohio-based parent company of Root Insurance, announced yesterday that it has laid off approximately 330 team members throughout its business. Co-Founder and CEO Alex Timm in an...
Secondary Perils Are Increasing Share of U.S. Catastrophe Losses
Jan 24 2022 // Secondary peril events such as wildfires, tornadoes and severe thunderstorms are becoming more impactful and generating an increasingly larger amount of insured losses, affecting the bottom lines of personal and commercial...
UK Hospitality Groups Are Back in Court With Insurers Over Lockdown Losses
Jan 21 2022 // Some of the world’s biggest insurers are bracing as a second wave of multi-million-pound lawsuits, brought by struggling British pubs, restaurants and bakery chains over lockdown losses, starts hitting London’s...
Travelers Sets Some Records With Q4 Results
Jan 20 2022 // Insurer Travelers reported a quarterly profit of $1.3 billion, an increase of $23 million and a record for the fourth quarter that was achieved despite higher catastrophe claims. The Hartford-based insurer boosted net...
Loss Experience Drives Prices During January Reinsurance Renewals: Fitch
Jan 19 2022 // Loss-affected lines of business, such as property catastrophe in Europe, cyber or retrocession, continued to see significant price increases during the January 2022 reinsurance renewals, while loss-free lines of business...
Report: Louisiana Seafood Industry Saw $580M in Losses From 2020-21 Hurricanes
Jan 19 2022 // Louisiana’s fisheries and seafood businesses experienced approximately $580 million in total losses resulting from four hurricane between August 2020 to August 2021, according to a new report by the Louisiana Sea...
Canada’s Insured Catastrophe Losses Exceed C$2 Billion in 2021: CatIQ
Jan 14 2022 // Canada’s total insured catastrophe losses were C$2.04 billion (US$1.63 billion) to date, landing the year in the top five loss years for the country, according to Catastrophe Indices and Quantification Inc....
Reinsurers’ 2022 Profit Outlook Better Than Primary Insurers: Fitch
Jan 13 2022 // The trailing impacts of premium and loss trends on the books of property/casualty reinsurers makes the 2022 outlook for reinsurers rosier than the profit outlook for primary insurers, a Fitch Rating analyst said. Longer...
Low-Income Residents Face Higher Risk of Deadly Fires Like New York Apartment Blaze
Jan 13 2022 // The deadly blaze in a Bronx apartment building was the second such tragedy at low-income housing in the U.S. this month, highlighting the stubborn link between poverty and deaths from residential fires. “It’s...
AM Best Says Demand Surge and Inflation to Amplify Colorado Wildfire Losses
Jan 12 2022 // AM Best expects demand surge and rising inflationary pressures on building costs to add to overall loss estimates in the recent wildfires in Colorado. In a commentary AM Best notes that early industry estimates place...
Legacy Specialist Enstar and Aspen Insurance Agree to $3.12B Loss Portfolio Transfer
Jan 11 2022 // Enstar Group Ltd. announced that one of its wholly owned subsidiaries has reached an agreement for a ground-up loss portfolio transfer (LPT) with Aspen Insurance Holdings Ltd. for its 2019 and prior business. In the LPT...
Insurance Companies Sue Texas Power Grid Operator Over 2021 Winter Storm Losses
Jan 7 2022 // More than 100 insurance companies are suing the Texas power grid operator and several power-generating companies (PGCs) over losses suffered from 2021 Winter Storm Uri, which resulted in more than 500,000 insurance claims...
Modeler Estimates Insured Losses From Colorado Wildfire at $1B
Jan 6 2022 // The Colorado wildfire that destroyed nearly 1,000 homes in late December will result in roughly $1 billion in losses, according to a report from catastrophe modeler Karen Clark & Co. On Dec. 30, a devastating...
COVID-19 Claims of $44B Are 3rd Largest Catastrophe Loss: Howden
Jan 4 2022 // Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial...
