Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Initial Insured Losses for UK’s February Floods Estimated at £297M (US$367.8M): PERILS
Apr 2 2020 // Initial insured losses for the floods that hit the UK in February are estimated at £297 million (US$367.8 milion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe...
Munich Re Withdraws 2020 Profit Guidance on COVID-19 Uncertainties
Apr 1 2020 // Munich Re is withdrawing its profit guidance of €2.8 billion (3.1 billion) for 2020 as a result of the “great uncertainty” caused by the macroeconomic and financial impacts of COVID-19 in combination with the...
Insurance Agency Employees Making More Money But Not as Happy
Mar 30 2020 // Insurance agency personnel on average made a little more money in 2019 but they were not as happy as they were in 2018. Nearly all personnel — owners, producers and support staff — enjoyed a slight uptick in...
P/C Insurers Put a Price Tag on Uncovered Coronavirus Business Interruption Losses
Mar 30 2020 // The property/casualty industry estimates that business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month — or a quarter to half of the total...
Insured Losses from Europe’s Storm Victoria (aka Dennis) Estimated at €286M: PERILS
Mar 30 2020 // The initial insured property loss estimate for Europe’s extratropical cyclone “Victoria,” also known as “Dennis,” is an estimated €286 million (US$318.4 million), according to PERILS, the...
Just in California Announces Telematics Product for Low-Income Drivers
Mar 27 2020 // Los Angeles, Calif.-based Just Auto Insurance Inc. has launched a telematics-based auto insurance for lower income consumers. Just’s pricing model is based on an in-house telematics model, which uses data from more...
U.S. Lawsuit Wants China to Pay for Business Income Losses from Coronavirus
Mar 26 2020 // An attorney who represented victims of the Las Vegas shooting massacre has filed a federal lawsuit against China’s government over the new coronavirus, saying that officials hid information about the outbreak and...
Lloyd’s Returns to Profit, Says in ‘Strong Position’ to Respond to COVID-19
Mar 26 2020 // While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s return to profit was...
AM Best Warns Losses Could Be Big for P/C Insurers Writing Event Cancellation Business
Mar 25 2020 // Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant,...
Coronavirus (COVID-19): Does Business Income Respond?
Mar 24 2020 // Over the past two weeks, the VU has received countless questions concerning COVID-19 (the coronavirus) and the business income policy. As authorities require businesses to limit activities or shut down completely, the fear...
Insured Losses for Europe’s Storm Sabine (aka Ciara) Estimated at €1.55B: PERILS
Mar 24 2020 // The initial loss estimate for extratropical cyclone Sabine”, also known as “Ciara” and “Elsa,” is €1.55 billion (US$1.8 billion), according to PERILS, the independent Zurich-based...
Commentary: Does Business Income Insurance Cover Coronavirus Shutdowns?
Mar 24 2020 // On March 16, a lawsuit was filed in district court in New Orleans seeking a declaratory judgment about whether the business income coverage in a Lloyd’s property policy would cover a government-mandated shutdown or...
Manufacturers: Mostly On Their Own to Face Coronavirus Insurance
Mar 23 2020 // Remote Work Not Much Help for Assembly Lines Property/casualty insurance professionals are trying to provide advice and empathy to their manufacturing clients coping with the effects of the spread of the coronavirus. But...
Insurers Reject House Members’ Request to Cover Uninsured COVID Business Losses
Mar 20 2020 // A bipartisan group of U.S. House members has asked insurers to retroactively recognize financial losses relating to COVID-19 under commercial business interruption coverage for policyholders. Eighteen House members made...
Analyst Says Specialty P/C Insurers More Likely to See Business Interruption Losses
Mar 19 2020 // The original property/casualty insurance industry reaction that business interruption losses may be modest may have been too optimistic, according to a leading insurance analyst. KBW’s Meyer Shields believes that the...
Proposed N.J. Bill Would Require Insurers to Pay COVID-19 Business Interruption Claims
Mar 19 2020 // A proposed New Jersey bill, which aims to create business interruption insurance coverage for COVID-19 related claims despite virus exclusions in many policies, has drawn concern about the constitutionality of legislation...
Restaurant Suit Tests Business Interruption Insurance for Coronavirus Shutdowns
Mar 19 2020 // A restaurant in the heart of the New Orleans tourism district filed a lawsuit on Monday asking a state judge for a declaratory judgment that its business-interruption policy will cover its damages if it is ordered to close...
Insurance Will Help But NCAA Faces Loss of Millions Due to Lost Tournament
Mar 19 2020 // The NCAA made more than $1 billion last year, almost $867 million from the men’s Division I basketball tournament, and most of that from a massive television rights deal with CBS and Turner that runs through the 2032...
Lloyd’s Asks Market Insurers to Provide Estimates for Coronavirus Losses
Mar 18 2020 // Lloyd’s of London has asked its member firms to provide estimates of their potential current and final losses from coronavirus, a spokesman said on Tuesday, to help the insurance market understand its possible...
PERILS to Include Australian Motor in Industry Catastrophe Exposure Update
Mar 16 2020 // PERILS, the independent Zurich-based company that provides industry-wide catastrophe insurance data, announced it will extend its line of business reporting to include Australian motor for personal and commercial...
