Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
World’s Largest Insurers ‘Failing’ to Address Climate Change, Biodiversity Loss
Jun 3 2021 // Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according...
COVID Takes Big Bite from Multiline Insurers’ Earnings, in ‘Manageable’ Event: S&P
May 28 2021 // The COVID-19 crisis cost 16 global multiline insurers about $8 billion in 2020, although they still reported substantial net profit of $36 billion, according to a report published by S&P Global Ratings. This net profit...
Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch
May 27 2021 // U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate...
Penn. Court Says Tavern Entitled to Business Income Coverage for COVID-19 Losses
May 27 2021 // An insurer could have to pay for a Pennsylvania tavern’s business interruption losses after it shut down due to the COVID-19 pandemic because of a two-letter word in its policy. The Pennsylvania Court of Common Pleas...
Climate Change Caused $8 Billion of Hurricane Sandy’s Economic Losses: Study
May 20 2021 // When Hurricane Sandy barreled over New York City and the East Coast in 2012, it caused $63 billion in damage, making it one of the costliest storms in U.S. history. Now, scientists have estimated that climate change pushed...
Record Winter Losses Are Challenging Policyholder Relationships: Aon
May 17 2021 // U.S. insurers suffered record-breaking winter storm losses during the first quarter of 2021 while also grappling with several high-profile cyberattacks, according to a recent report released by Aon. Maybe claims...
U.S. Announces Safety Investigation of Steering Loss in 1.1M Honda Accords
May 10 2021 // The National Highway Traffic Safety Administration (NHTSA) said Monday it was opening a formal safety probe into more than 1.1 million Honda Accord vehicles over sudden loss of steering control reports. The agency said the...
Allstate Q1 Revenue Soars 26% on National General, Premium Gains
May 6 2021 // Allstate reported an overall $1.4 billion net loss in the first quarter due to the sales of its life and annuity businesses, compared to net income of $513 million in the first quarter of 2020. However, net income adjusted...
Business Income and the Supposed Ambiguity of “…Direct Physical Loss of or Damage To…”
May 5 2021 // We thank friend of the Academy, Christopher J. Boggs for this guest post. Courts are being asked to decide whether the phrase, “direct physical loss of or damage to” property at the premises unambiguously...
Swiss Re Scores Profit Despite COVID Death Claims, Catastrophe Losses
May 3 2021 // Swiss Re reported consolidated net income of USD 333 million in the first quarter of 2021, despite heightened losses in its life and health reinsurance business related to COVID and property and casualty reinsurance losses...
Pain, Loss Linger A Decade After Tornadoes Hammered 6 States Across South
Apr 28 2021 // For Tom Sanders, it’s the void left by the death of a cousin and the man’s wife, killed when a tornado mowed through a placid Alabama valley. To Markedia Wells, it’s the stolen innocence of her sons, who...
MarshMcLennan Reports 9% Revenue Growth in Q1
Apr 28 2021 // MarshMcLennan reported financial results for the first quarter of 2021 that included consolidated revenue of $5.1 billion, an increase of 9% compared with the first quarter of 2020. Operating income was $1.4 billion...
Cyber Attacks and Data Loss Are Top 2 Risks Facing Directors & Officers: WTW Survey
Apr 23 2021 // Cyber attacks and data loss are the top two risks facing directors & officers, with pandemic-related changes in working practices heightening these concerns, according to a global survey from broker Willis Towers...
Up to 40% of Losses from Frost Damage at French Vineyards Are Uninsured
Apr 23 2021 // PARIS – Frost damage to French vineyards this month could reduce wine production by nearly a third compared with recent years, farm office FranceAgriMer said on Thursday, citing initial estimates from wine producers. The...
Argo Group Estimates Q1 2021 Catastrophe Losses of $47 Million
Apr 22 2021 // Bermuda-based Argo Group International Holdings Ltd. announced estimated catastrophe losses of approximately $47 million for the first quarter of 2021. Argo expects to report Q1 natural catastrophe losses of approximately...
Reinsurers Remain Resilient Despite P/C Underwriting Losses in 2020
Apr 22 2021 // Despite the combined effects of around $25 billion of pandemic and natural catastrophe-related losses as well compromised investment returns, a group of reinsurers studied by Aon reported positive earnings for 2020 and an...
Travelers Is ‘Off to a Terrific Start’ in 2021 with Q1 Results
Apr 20 2021 // The Travelers Companies reported net income of $733 million for the first quarter of 2021, compared to $600 million in the prior year quarter. Core income in the current quarter was $699 million compared to $676 million in...
Everest Re Estimates Q1 2021 Catastrophe Losses of $260 Million
Apr 20 2021 // Bermuda-based Everest Re Group Ltd. estimates pre-tax catastrophe losses for the first quarter of $260 million. Breaking down that total, Everest said the Texas winter storms will cost $250 million, while Australia’s...
Insurers Report Estimated Q1 Catastrophe Losses
Apr 20 2021 // Carriers are starting to report their pretax catastrophe loss estimates for the 2021 first quarter, and the numbers are significant. Below are preliminary numbers from Allstate, Arch, AXIS, and The Hanover. *** The...
Arch Capital Estimates Q1 Catastrophe Losses Could Reach $190 Million
Apr 19 2021 // Arch Capital Group Ltd. estimated a range of pretax catastrophe losses of $180 million to $190 million for the first quarter across its property casualty insurance and reinsurance segments. A major reason for the claims...
