Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Workers’ Comp Loss Cost Decrease of 9.2% Approved in Tennessee
Dec 3 2020 // Workers’ compensation rates in Tennessee are expected to decrease next year after a 9.2% overall loss cost decrease was approved. Tennessee Department of Commerce & Insurance Commissioner Carter Lawrence approved...
AXA’s Chief Risk and Investment Officer Says Biodiversity Loss Among ‘Very Top Risks’
Dec 3 2020 // AXA Group’s chief risk and investment officer, Alban de Mailly Nesle is required to ponder myriad dangers to the Paris-based insurer and its 830 billion-euro ($995 billion) asset management arm. He says one of the...
Mississippi Casino Sues Insurer Westchester for Not Paying COVID-19 Loss
Nov 23 2020 // A Mississippi Gulf Coast casino has become one of many businesses nationwide to sue its insurer for refusing to cover business losses because of the coronavirus pandemic. Island View Casino Resort in Gulfport contends in...
NTSB: Offshore Louisiana $750K Liftboat Loss Caused by Faulty Preload Procedure
Nov 20 2020 // The overturning of a liftboat servicing an oil platform in the Gulf of Mexico off the Louisiana coast was the result of an inadequate preload procedure, according to federal report. The National Transportation Safety Board...
Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman
Nov 19 2020 // Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told...
Kevelighan: Talks with Institutes on Creating 21st Century Triple III Began Years Ago
Nov 16 2020 // Affiliating with The Institutes provides an opportunity for the industry’s Insurance Information Institute (III) to become more of a 21st Century trade association, rather than one suited for the 1950s, according to...
Zeta’s Total Onshore U.S. Insured Losses Could Rise to $5B: RMS
Nov 16 2020 // Catastrophe risk modeler RMS has estimated that insured losses from Hurricane Zeta could rise to as high as $5 billion in the U.S. That figure is slightly higher than estimates announced earlier by catastrophe modelers AIR...
Home, Pet Insurer Lemonade Bypasses Auto in Favor of Life… for Now
Nov 13 2020 // Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report this week. During an investor conference...
Italy’s UnipolSai Stays on Profit Track Despite Coronavirus Resurgence
Nov 13 2020 // UnipolSai, Italy’s second-largest insurer, confirmed its full-year targets on Friday after a 37.7% rise in nine-month earnings, despite an uncertain economic outlook caused by the resurgence of the COVID-19...
Louisiana Court Schedules Trial on First Coronavirus Business Interruption Lawsuit
Nov 12 2020 // A trial will begin Monday in what is thought to be the first lawsuit to be filed against an insurer for denying coverage for business-interruption losses caused by COVID-19 shutdown orders. Judge Paulette R. Irons ruled...
How Lloyd’s Underwriters Are Viewing Today’s U.S. Property Insurance Environment
Nov 12 2020 // While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may...
P/C Insurers Face Workforce, Risk, Policy Challenges as Pandemic Continues
Nov 9 2020 // Given that business-as-usual is unlikely to return soon due to the coronavirus pandemic, U.S. property/casualty insurers will continue to face challenges related to virus-related insurance losses and premium volume...
Liberty Mutual Reports 46% Hike in Q3 Net Income Despite Catastrophe Losses
Nov 6 2020 // Liberty Mutual Holding Co. Inc. has reported a 46% increase in net income during the third quarter, despite elevated catastrophe losses. The company reported Q3 net income of $397 million, compared with $272 million during...
AIG’s Profit Slumps on Q3 Catastrophe Losses
Nov 6 2020 // American International Group Inc reported a slump in third-quarter profit on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic. AIG, one of the largest U.S. insurers, posted an underwriting...
Allianz Reports Unexpected Increase in Q3 Net Profit of 6%
Nov 6 2020 // German insurer Allianz on Friday declined to provide a forecast for 2020 given uncertainty around the COVID-19 pandemic, despite delivering an unexpected 6% rise in third-quarter net profit. Allianz, like other insurers,...
RMS: Total Onshore U.S. Insured Zeta Losses Could Rise to $5B
Nov 5 2020 // Catastrophe risk modeler RMS has estimated that insured on losses from Hurricane Zeta could rise to as high as $5 billion in the U.S. That figure is slightly higher than estimates announced by catastrophe modelers AIR...
Allstate Reports 26.7% Increase in Q3 Net Income to $1.13 Billion
Nov 5 2020 // The Allstate Corp. reported a 26.7% increase in its third quarter net income, primarily due to higher auto insurance underwriting income and net realized capital gains. Allstate’s third quarter net income able to...
Kemper Reports $122.3M in Net Income During Q3
Nov 4 2020 // Kemper Corp.’s Q3 net income dipped slightly, though that decline would have been worse if not for after-tax gains in assessments and investments. The company reported $122.3 million in net income during the 2020...
Starr’s Marine Division Launches Terminal Management System Loss Control Program
Nov 3 2020 // Starr Marine, a division of Starr Insurance Companies, has introduced a Terminal Management System (TMS) Assessment Program, designed to help Starr clients identify and reduce the risks unique to marine terminal operations...
Hurricane Zeta Insured Loss Estimates Range from $1.5B to More than $4B
Nov 3 2020 // Insured losses from Hurricane Zeta — the fifth named storm to make landfall in Louisiana and the third hurricane to hit the state in the span of two months — will likely come in somewhere between $1.5 billion and $4.4...
