Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insured Losses for Europe’s Storm Ciara-Sabine Could Hit $2 Billion: Modeling Firms
Feb 14 2020 // Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Europe’s winter storm Ciara (also known as Sabine) will range between €1.1 billion and €1.9 billion (US$1.2 billion and...
AIG and P/C Underwriting Post Profit for Q4
Feb 13 2020 // American International Group reported fourth quarter 2019 net income of $922 million compared to a net loss of $622 million in the prior-year quarter. The results reflected improvement in its closely-watched General...
Argo Warns of $114M Underwriting Loss, Extra Costs From Watson’s Departure
Feb 13 2020 // Argo Group International Holdings Ltd. is warning that its 2019 fourth quarter will feature some “unacceptable” results, particularly a $114 million underwriting loss. Separately, there are also added expenses...
Insured Property Losses from Australia’s Townsville Floods in 2019 Hit A$1.24B: PERILS
Feb 11 2020 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has disclosed its fourth and final property loss estimate for the flood event which hit northern Queensland,...
California-Based Mercury General Reports 4Q Profit of $31.7M
Feb 11 2020 // Mercury General Corp. on Monday reported fourth-quarter profit of $31.7 million. On a per-share basis, the Los Angeles-based company said it had profit of 57 cents. Earnings, adjusted for investment gains, came to 21 cents...
Why Utilities Are Turning to Bond Market to Pay for Natural Disaster Losses
Feb 11 2020 // Fires and floods are sending some of the nation’s largest utilities to the bond market to cover huge, unexpected bills. California’s PG&E Corp., which was forced into bankruptcy a year ago after its...
Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy
Feb 11 2020 // Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While...
Australian Insurers Declare Catastrophe for Losses from East Coast Flooding
Feb 10 2020 // The Insurance Council of Australia (ICA) has declared a catastrophe for property losses caused by storms and flooding along the east coast since February 5. Insurers said they have received 10,000 claims with the value of...
Workers’ Compensation Is Doing Well. Is It Time to Worry?
Feb 10 2020 // Although workers’ compensation results remain strong — and the line continues to outperform all other commercial insurance lines — worries about continued soft pricing and loss reserve levels for...
Take a ‘Deep Dive’ Into the Nonprofit Sector: Nonprofits Treading Water as Market Hardens
Feb 10 2020 // The task of insuring nonprofit organizations is a complex one and agents, brokers, underwriters and carrier representatives say that in order to fully serve those entities that serve our communities in myriad ways,...
The Hartford’s 2019 Acquisition of Navigators Pays Off
Feb 5 2020 // The Hartford closed out 2019 with gains in net income and net investment income, buttressed in part by its $2.1 billion acquisition of specialty insurer Navigators Group last May. Net income hit $543 million, or $1.49 per...
Best’s See Limited Non-Life Insurance Losses in China From Coronavirus Epidemic
Feb 4 2020 // Rating firm AM Best said it expects that China’s non-life insurance market will experience limited losses from the ongoing coronavirus outbreak. The analysts based their outlook on factors including the central...
W.R. Berkley Reports Underwriting Income Up, Catastrophe Losses Down
Jan 31 2020 // W.R. Berkley Corp. reported that its gross premiums written grew by more than 10 percent in the 2019 fourth quarter, thanks in part to accelerated rate increases. But net income dipped compared to the same period a year...
Judge Finds Ransomware Damage to Computer a ‘Direct Physical Loss’
Jan 30 2020 // State Auto Property and Casualty Insurance Co. is liable for the cost of replacing a computer server that was damaged and perhaps permanently compromised by a ransomware attack despite the carrier’s argument that the...
Insurer Loss Control Oversight Moving to Market Conduct Unit at TDI
Jan 30 2020 // The Texas Department of Insurance is moving oversight of insurer loss control inspections to Market Conduct Examinations in the Financial Regulation Division. This is part of the agency’s efforts to strategically...
Australian Insurers Should Be Able to Withstand Mounting Bushfire Claims: AM Best
Jan 27 2020 // Australian insurers are well-capitalized and should be able to withstand losses from the 2019/2020 bushfire season, aided by strong capital positions and support from reinsurance partners, said AM Best. The ratings agency...
How Parametric Insurance Can Help Fill the Gap Where Traditional Insurance Falls Short
Jan 27 2020 // Although parametric solutions have been generally available since the late 1990s, they have more recently found their way into corporate insurance. Parametric insurance solutions offer a means to guarantee direct payout...
Workers’ Compensation Is Doing Well. Is It Time to Worry?
Jan 24 2020 // Although workers’ compensation results remain strong—and the line continues to outperform all other commercial insurance lines—worries about continued soft pricing and loss reserve levels for workers’...
Insured Losses from Australia’s Hailstorms Hit US$352.5 Million
Jan 24 2020 // The Insurance Council of Australia (ICA) has declared a catastrophe for damage caused by hailstorms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday and Monday (Jan....
Natural Catastrophe Losses in 2019 Down 18% from Annual Average: Willis Re Report
Jan 23 2020 // Insured losses from major natural catastrophes in 2019 totaled roughly $53.0 billion, about 18% lower than the annual average since 2011, according to a report from Willis Re. This figure compares with Aon’s recently...
