Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurance Losses From Texas Storm May Set First Quarter Record: A.M. Best
Feb 21 2021 // Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and...
Fitch Sees ‘Modest’ Homeowners Insurance Underwriting Loss for 2020
Feb 19 2021 // The homeowners insurance industry is poised to shift to a modest underwriting loss for 2020, reports Fitch Ratings, citing losses from natural catastrophes and managing operations amid the global pandemic. However, barring...
Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million
Feb 19 2021 // Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in...
Allianz’ 2020 Operating Profit Drops 9.3% in First Decline Since 2011
Feb 19 2021 // FRANKFURT – German insurer Allianz posted its first fall in annual operating profit in nearly a decade on Friday on higher claims from businesses hit by lockdowns and lower demand for car and travel insurance. Operating...
Winter Storm Uri to Generate Billions in Insured Losses: Moody’s
Feb 18 2021 // The massive winter storm that barreled through the mid-section of the United States and across the South in mid-February, hitting Texas particularly hard, will generate billions in insured losses, according to commentary...
California Commissioner Wants More Group Discounts for Lower-Income Drivers
Feb 18 2021 // California Insurance Commissioner Ricardo Lara on Thursday released revised draft regulations to expand drivers’ access to group discounts. The revised draft regulations will extend discounts to previously...
New York Court Finds Insurer Not Responsible for Theater’s COVID-19 Losses
Feb 17 2021 // The Supreme Court of the state of New York, Nassau County, has dismissed a movie theater’s claims that its insurer is responsible for covering its COVID-19 related losses and that its insurance brokers were negligent...
AIG Sees ‘Continued Progress’ Despite P/C Underwriting Loss of $171 Million in Q4
Feb 17 2021 // American International Group’s property/casualty business booked a $171 million underwriting loss in the 2020 fourth quarter, barely a year after the insurer celebrated the division’s return to...
Citrus Crop Losses Expected in Texas After Deep Freeze
Feb 16 2021 // The historic cold snap that has frozen Texas this week with brutal winter weather and brought snow all the way to beaches along the Gulf of Mexico is also bringing headaches for citrus growers at the southern tip of the...
FEMA: Aid Deadline for Residential Losses from Hurricane Zeta — March 15
Feb 12 2021 // Residents in six Louisiana parishes have until mid-March to apply for Hurricane Zeta, the Federal Emergency Management Agency says. The deadline for parishes and other public entities to apply for Zeta aid has passed. The...
Finnish Insurer Sampo Books Q4 Loss on Banking Group Stake
Feb 12 2021 // Finnish financial group Sampo on Thursday reported a fourth-quarter loss as the company booked a 899 million euro ($1.09 billion) impairment charge due to a revaluation of its shares in banking group Nordea. The unexpected...
Zurich 2020 Profit Drop of 8% Reflects Pandemic, Catastrophe Claims
Feb 12 2021 // Zurich Insurance’s new capital target disappointed market expectations on Thursday, even as claims related to the COVID-19 pandemic and higher losses from natural catastrophes bit less than expected into full-year...
Texas Bill Would Mandate Business Interruption Cover for Pandemic Losses
Feb 10 2021 // A bill filed in Texas would require business interruption insurance policies to cover losses from a pandemic. Under SB 249, filed by Sen. Charles Schwertner, business interruption insurance would be required to...
P/C Insurers’ Net Income for 9 Months Fell 27% on Effects of Catastrophes
Feb 9 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...
Global Catastrophe Economic Losses Largely Unaddressed by Insurance
Feb 8 2021 // There were 416 natural catastrophe events globally in 2020 that resulted in economic losses of $268 billion – 8% more than the average annual losses for this century, according to insurance broker Aon’s latest...
The Hartford Q4 Profit Dips Slightly on COVID Life Insurance Claims
Feb 5 2021 // Fourth quarter profit at The Hartford dipped slightly due in part to COVID-related group life insurance claims. Fourth quarter 2020 net income came in at $532 million, down 2% from fourth quarter 2019. Fourth quarter...
Allstate Reports Net Income Rose 52% for Q4
Feb 4 2021 // Insurer Allstate reported improved auto underwriting results and strong investment returns for the fourth quarter 2020. Net income was up 52% to $2.6 billion for the quarter compared to net income of $1.7 billion in the...
Argo’s Q4 2020 Losses from Natural Disasters and COVID-19 Estimated at $51M
Feb 3 2021 // Argo Group International Holdings Ltd. estimates losses from fourth quarter 2020 natural catastrophes and the COVID-19 pandemic will hit $51 million. Breaking down the overall total, Bermuda-based Argo expects to report Q4...
Chubb’s Q4 ‘Excellent’ Results Boosted by Commercial Lines Price Hikes
Feb 3 2021 // Global insurer Chubb reported fourth quarter results for 2020 significantly better than the same period in 2019. For the 2020 fourth quarter, Chubb’s net income grew significantly higher, as did its net premiums...
China’s Ping An Insurance Reports First Annual Drop in Profit Since 2008
Feb 3 2021 // BEIJING/SHANGHAI — Ping An Insurance Group Co of China Ltd , China’s largest insurer by market value, on Wednesday reported its first annual fall in profit since 2008, as COVID shutdowns hampered business...
