Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims
Mar 11 2021 // Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the...
Total Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 10 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Fitch Sees 2020’s Personal Auto Insurer Profits as Unsustainable
Mar 8 2021 // Highly profitable sub-90 personal auto combined ratios recorded by 10 publicly traded property/casualty insurers in 2020 don’t look anything like the 106 recorded in 2016. But they’re headed in that direction,...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Mar 8 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
AccuWeather Raises Texas Damage, Loss Estimate from Winter Storm to $130B
Mar 5 2021 // Damage costs and economic losses from the intense winter storm that hit the country in mid-February may rise to as much as $130 billion in Texas alone, according to AccuWeather. That figure is up from the $50 billion to...
Greensill Capital’s Funding Crisis Could Lead to Losses for Insurers, Banks: Analysis
Mar 4 2021 // LONDON – A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its...
Startup Auto Insurer Root Reports $363M Loss in 2020; Will Spend to Grow in 2021
Mar 4 2021 // Root Inc.’s second earnings report as a public company reveals that the digital auto insurance startup continues to lose substantial amounts of money but it is generating substantial premium and customer growth...
Hiscox Cites Loss on COVID, BI Dispute ‘Brand Damage’; Will Alter Liability, Cyber Books
Mar 3 2021 // British insurer Hiscox reported a big loss for 2020 after a jump in claims from businesses disrupted by the COVID-19 pandemic and also faces “brand damage” from a legal dispute over policy wordings for...
Winter Storm Uri Losses in Texas Expected in $10B – $20B Range
Mar 1 2021 // It’s likely that insured losses in Texas from Winter Storm Uri, which overwhelmed the state in mid-February, will climb into the $10 billion to $20 billion range, according to catastrophe modelers and insurance...
GEICO Drives Up Berkshire 2020 Underwriting Profit
Mar 1 2021 // With GEICO’s 2020 underwriting profit more than doubling above the level recorded in 2019, Berkshire Hathaway’s full-year property/casualty underwriting income was in the black, even though the...
Court Up’holds’ Insurers’ Denial of $6M Crime Claim for Phishing Loss
Mar 1 2021 // Real estate software maker RealPage has been denied a $6 million computer crime insurance coverage claim because the stolen funds were not in its possession but were instead being held by a payment processing firm at the...
UK Insurer RSA Reports 15% Hike in 2020 Operating Profit
Feb 26 2021 // UK insurer RSA has reported a 2020 business operating result of £751 million ($1.1 billion), up 15% from £656 million ($926 million) reported during 2019. The group paid out some £4.6 billion ($6.5 billion) in...
Munich Re’s 2020 Profit Drops 55% on COVID-19-Related Reinsurance Claims of $4.1B
Feb 25 2021 // Munich Re reported a profit of €1.21 billion (US1.47 billion) for 2020, a 55% decline from the €2.71 billion (US$3.29 billion) reported for the previous year. The reinsurer’s Q4 2020 profit dropped to €212...
Most of Texas Deep Freeze $90 Billion in Losses Avoidable, Modeler Says
Feb 25 2021 // Texas’s deep freeze and power outages last week could cost as much as $90 billion in losses, and most of it could have been avoided, according to Enki Research disaster modeler Chuck Watson. Arctic cold brought ice...
AXA Reports 18% Drop in Net Income During 2020 with COVID Claims of $1.8 Billion
Feb 25 2021 // AXA reported net income of €3.16 billion (US$3.8 billion) during 2020, an 18% drop from €3.86 billion (US$4.7 billion) in full-year 2019. The combined ratio for AXA’s P/C business increased 3.2 points to 99.5%,...
Liberty Mutual Boosts Profit for Q4 and Year
Feb 25 2021 // Liberty Mutual reported net income of $162 million for the fourth quarter and $758 million for the full year 2020, versus a fourth quarter net loss of $301 million and net income $1.037 billion for full year 2019 Liberty...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Feb 22 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
QBE Reports Full-Year 2020 Loss of $1.5 Billion; No Final Dividend Declared
Feb 22 2021 // QBE officially announced a $1.5 billion bottom-line net loss for 2020 late last week, confirming a figure the Australia-based insurance group pre-announced in late mid-December. The result represents nearly $1 billion...
Uber’s UK Court Loss Likely to Trigger More Complaints from Gig Workers Across Europe
Feb 22 2021 // Uber Technologies Inc.’s defeat in a UK legal battle over the way it treats its drivers is set to trigger a wave of complaints from workers across the region. Britain’s Supreme Court ruled Friday that Uber must...
P/C Insurers’ Net Income for 9 Months Fell 27% on Impact of Catastrophes
Feb 22 2021 // In the first nine months of 2020, net income for the U.S. property/casualty insurance industry dropped 27.5% to $35.1 billion and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier as the...
