Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 21 2020 // Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
Welcome to Insurance Journal’s annual Top 20 Agency Partnerships report. This report is ranked by total property/casualty revenue for 2019.
Sep 21 2020 // Today’s Agency Partnerships are numerous and offer value and benefits to their members, including independence, growth opportunities, access to markets, profit sharing, perpetuation planning, relationships,...
NFIP’s Flood Losses Expected to Be ‘Significant’ from Hurricane Sally: AM Best
Sep 18 2020 // Hurricane Sally is not expected to cause a major insurance loss – compared to events such as the ongoing wildfires in California, Oregon, and Washington, or Hurricane Laura, according to AM Best. As the storm was more of...
What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’
Sep 18 2020 // Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a...
Moody’s Says Property/Casualty Insurers Face Significant Losses from Western Wildfires
Sep 17 2020 // Dozens of wildfires raging in California, Oregon, Washington and other Western states have resulted in loss of life, damaged or destroyed about 9,657 homes and commercial structures and burned more than 5 million acres,...
Tracking Tool Spotlights Repetitive Flood Loss Homes Receiving U.S. Taxpayer Funds
Sep 15 2020 // Passaic County in New Jersey is not in the hurricane belt nor is it on the banks of a major river, and yet 810 properties there received $170 million of taxpayer money through the National Flood Insurance Program (NFIP)...
Reinsurers Enter January Renewals, Focusing on Underwriting Discipline: Carpenter, Aon
Sep 14 2020 // Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds,...
Lloyd’s Underlying Underwriting Results See ‘Huge Improvement’ Despite COVID Losses
Sep 11 2020 // While Lloyd’s overall results in the second half were hit by £2.4 billion ($3.12 billion) of COVID-19 claims, the market’s underlying underwriting performance saw a “huge improvement,” which Chief...
Munich Re to Stop Selling Pandemic Business Coverage
Sep 11 2020 // Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently...
Fitch’s Reinsurance Outlook Remains Negative, Despite Entry into Hard Market Phase
Sep 11 2020 // Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates. The good news for companies,...
Hurricane Irma’s ‘Last Gasp’: 3-Year Claims Deadline Put to the Test
Sep 10 2020 // It’s been 3 years since Hurricane Irma made landfall in Florida as a Category 4 storm, and the trail of damage left in its wake is still being felt across the state today, particularly by the insurance industry as it...
Lloyd’s Reports First Half Loss of $520M on COVID-19 Insurance Claims
Sep 10 2020 // Lloyd’s of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday. Insurers around the world...
Plaintiffs Suffer Another Loss in Michigan COVID-19 Business Interruption Suit
Sep 9 2020 // Another federal court has dismissed a COVID-19 business interruption lawsuit, finding that a closure order does not constitute a covered “direct physical loss” and that the policy excluded damages caused by...
N.H. Approves Reduced Workers’ Comp Voluntary Loss Costs
Sep 9 2020 // The New Hampshire workers’ compensation insurance market will continue to experience historically low rates in 2021, according to a press release issued by the New Hampshire Insurance Department. This comes after the...
Reinsurance Sector Can Expect More Negative Rating Actions over Next Year: S&P
Sep 9 2020 // Despite the global reinsurance sector’s “robust capital position” and “very high rate rises,” which are expected to “carry on for the remainder of year, and continue for major renewals...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 9 2020 // Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
Munich Re Expects Beirut Losses of €100 Million; Sees Slowdown in COVID-19 Losses
Sep 8 2020 // Munich Re said it faces claims of at least 100 million euros ($118 million) stemming from the deadly explosion that ravaged much of downtown Beirut last month. The German reinsurer said losses in the “low...
Property/Casualty Insurance First-Half Underwriting, Net Income Drops Tied to COVID
Sep 7 2020 // U.S. property/casualty insurance underwriting income dropped 5.5% in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19 costs are...
Defendants in Separate COVID-19 Business Interruption Suits Score Wins in Texas Courts
Sep 7 2020 // Rulings in two lawsuits originating in Texas over business income losses related to the COVID-19 pandemic were handed down in August in favor of insurance firms. In one, an insurance agency was added to a restaurant...
Owners Say Insurance Inadequate to Cover Demolition of Riot-Destroyed Buildings
Sep 4 2020 // Some commercial property owners whose businesses were torched by rioters are learning that they don’t have enough insurance to clear away the debris. The StarTribune newspaper reported that many property owners in...
