Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Losses From Crypto Hacks Jump to $2.2B in 2024, Report Says
Dec 23 2024 // Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday. The hacking amount exceeded $1 billion for the...
Self-Proclaimed Bitcoin Inventor Found in Contempt of Court After Lawsuit Loss
Dec 20 2024 // A computer scientist who falsely claims to be the inventor of Bitcoin was handed a suspended prison termafter being found in contemptof court by a London judge after a stinging lawsuit loss. The Cryptocurrency Open Patent...
European Central Bank Pitches Plan to Boost Insurance Coverage for Climate Losses
Dec 19 2024 // The European Central Bank and the region’s insurance authority proposed a two-pronged approach to increase insurance coverage for floods, storms and other weather disasters that are increasingly being fueled by...
Allianz Withdraws $1.63B Offer for Singapore’s Income Insurance
Dec 16 2024 // German insurer Allianz has withdrawn its offer to acquire at least 51% of Singapore’s Income Insurance for about $1.63 billion, the company said in a statement on Monday. Reuters reported on Dec. 13 that the insurer...
NC Supreme Court Bucks Trend, Finds COVID Caused Physical Loss to Restaurants
Dec 16 2024 // Courts across the country have overwhelmingly ruled in favor of insurance carriers in claims disputes following the government-ordered closures of businesses during the COVID-19 pandemic. The North Carolina Supreme Court...
Nonstandard Auto Segment Posts Profit for First Half 2024
Dec 13 2024 // While publicity about personal auto insurer initiatives has focused chiefly on requested rate increases, there’s more to the picture regarding auto insurers’ efforts to improve underwriting results after two...
Swiss Re Targets Net Income of More Than US$4.4 billion for 2025
Dec 13 2024 // Swiss Re is targeting a net income of more than US$4.4 billion for 2025 and aims to grow the ordinary dividend per share by 7% or more per year over the next three years while maintaining its multi-year IFRS ROE target of...
Munich Re Targets Net Profit of €6 Billion ($6.3 billion) for 2025
Dec 13 2024 // Munich Re is aiming for an IFRS net profit of €6 billion (US$6.3 billion) in 2025 as a result of “consistently good operational performance in all business segments.” It also expects good underwriting...
Amazon Cites Safety for Slower Deliveries to 2 DC Low Income ZIP Codes
Dec 13 2024 // The District of Columbia has sued Amazon, alleging the company secretly stopped providing its fastest delivery service to residents of two predominantly Black neighborhoods while still charging millions of dollars for a...
New York Considers Making Property Insurers Cover Taxi Claims Losses
Dec 12 2024 // New York is considering asking property and casualty insurers to cover the claims of insolvent taxi insurer American Transit Insurance Co., according to people familiar with the plans. That measure is one of several...
Virginia Approves 12% Loss Cost Decrease for Workers’ Compensation
Dec 12 2024 // Virginia has approved a 12.0% loss cost decrease in the workers’ compensation voluntary market along with rate decreases in the assigned risk market, effective April 1, 2025. The State Corporation Commission (SCC)...
Future Pandemic Could Cause $13.6 Trillion in Economic Losses Over 5 Years: Lloyd’s
Dec 11 2024 // Another human pandemic could cause economic losses of $13.6 trillion for the global economy over a five-year period, commercial insurance market Lloyd’s of London predicted. The impact would mainly be from disruption...
Insurers’ Climate Losses Almost Match Premiums From Fossil Fuels
Dec 10 2024 // Top insurance companies suffered $10.6 billion of climate-attributed losses this year, just shy of the $11.3 billion of direct premiums they underwrote for commercial fossil-fuel clients in 2023, according to Insure Our...
Insured Losses From Natural Disasters Top US$100B for 5th Consecutive Year: Swiss Re
Dec 6 2024 // Estimated insured losses from natural catastrophes are on track to surpass US$100 billion in 2024 – for the fifth consecutive year — and are even likely to hit US$135 billion-plus, according to Swiss Re...
AM Best: US P/C Industry Reverses Nine-Month Underwriting Loss
Dec 4 2024 // Growth in net earned premiums outpaced a slight increase in losses and loss adjustment expenses to result in the U.S. property/casualty industry posting a nine-month 2024 underwriting profit of $4.1 billion versus a loss...
Outlook for US Commercial Insurance Segment ‘Stable’ as Profits Stay Strong: AM Best
Dec 2 2024 // AM Best is maintaining its stable market segment outlook on the U.S. commercial lines insurance sector for 2025, due partly to the segment’s persistently strong underwriting performance and improved investment...
Profits Versus Christmas Cheer—A Good-Business Lesson
Dec 2 2024 // This post is part of a series sponsored by Old Republic Surety. Dan Pope, Senior Vice President of Underwriting at Old Republic Surety, learned a lesson as a young surety rep about the most important numbers at a...
2024 More of the Same in Commercial Auto Segment After $5B Net Loss in 2023
Dec 2 2024 // After the U.S. commercial auto insurance segment sustained a $5 billion net loss in 2023, a new AM Best report indicates further deterioration in the first half of 2024. Despite targeted underwriting initiatives, including...
Texas Workers’ Comp is Growing, Profitable, Adding Doctors
Dec 2 2024 // Texas’s worker’s compensation market is stable and steadily growing. The workers’ comp market is one of the few consistently profitable lines in the state, according to the Worker’s Compensation...
TWIA Board Reviews 2025 Budget After $455 Million Loss from Beryl
Dec 2 2024 // The Texas Windstorm Insurance Association Board of Directors met in November to review information related to the agency’s 2025 budget. The meeting presented new information on TWIA losses from 2024 storms as...
