Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Reinsurers Maintain Upward Pricing Momentum-But Will It Last?
Oct 24 2019 // Positive pricing momentum—it’s the favorite phrase of many reinsurance executives, who are hoping that the momentum they’ve seen in 2019 will continue during the coming January renewals and beyond. The...
Reinsurers’ Earnings to Be Hit After 3rd Year of Major Claims: AM Best
Oct 23 2019 // Reinsurers’ earnings are likely to see further erosion in 2019 after another year of major catastrophe losses, which is prolonging the positive momentum for reinsurance pricing, according to AM Best. “Three...
It’s Not Just Factories Turning to Automation to Stem Wage Growth, Boost Earnings
Oct 23 2019 // U.S. companies are responding to the lowest unemployment rate in almost 50 years by increasing their focus on automation in order to maintain healthy margins as labor costs tick higher, a Reuters analysis of corporate...
Insured Losses from Japan’s Typhoon Hagibis Estimated at $8B-$16B: AIR
Oct 22 2019 // Insured losses from Typhoon Hagibis, which made landfall in Japan on Oct. 12, will be between 865 billion Japanese yen (US$8 billion) and JPY 1,730 billion (US$16 billion), with more than half of the losses due to inland...
Travelers Q3 Profit Falls on Asbestos, Commercial Liability and Auto Claims
Oct 22 2019 // The Travelers Companies reported net income of $396 million for the third quarter compared to $709 million in the prior year quarter. Core income in the current quarter was $378 million compared to $687 million in the...
California Roofer Arrested For Workers’ Comp Fraud, $50K Loss to Insurer
Oct 21 2019 // Herbert Allen Kelly III, 65, of Rancho Murieta, Calif., owner of Kelly Roofing Co., has been arrested on six felony counts of workers’ compensation fraud after allegedly underreporting his business’ payroll and...
Why the Differences Make a Difference in Coverage
Oct 21 2019 // We recently received a question from a reader who had a customer with several single-family dwellings as rentals, all written on carrier-specific DP 00 03 (DP-3) policies. The question: “What are the pros and cons...
How Risk Management is Transforming Risk in Commercial Property
Oct 21 2019 // Commercial property underwriters are adjusting to a market defined by rising catastrophe losses and dwindling profits. From increasing rates and higher deductibles to fewer classes of business and stricter underwriting,...
RenaissanceRe Estimates Third Quarter Natural Catastrophe Losses of $155 Million
Oct 16 2019 // RenaissanceRe Holdings Ltd. announced it estimates losses from third quarter 2019 catastrophe events will have an estimated net negative impact of approximately $155 million on its third quarter 2019 results. The estimated...
Everest Re Group Estimates Q3 Catastrophe Losses of $280 Million
Oct 16 2019 // Everest Re Group Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2019 in the amount of $280 million. This amount is net of reinsurance recoveries and reinstatement premiums, said...
Blockchain Initiative, B3i, Deploys Cat Excess of Loss Product for January Renewals
Oct 15 2019 // B3i announced it has released the latest version of its property catastrophe excess of loss (XoL) reinsurance application in time for the January 2020 renewals. The product enables customers and their counterparties to...
AXIS Capital Estimates Q3 Catastrophe Losses of Up to $175 Million
Oct 14 2019 // AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of estimated recoveries...
What Agents Should Know Before Joining an Insurance Agency Network
Oct 11 2019 // Today is a great time to be an independent agent, but running an independent agency is not easy. Without an awareness of how the industry is evolving, and having access to ongoing training and education, you may not be...
Holocaust Survivors Want Congress to Let Them Sue Insurers Over Nazi-Era Losses
Oct 10 2019 // When David Schaecter was a child in Slovakia in the 1930s, he counted more than 100 people in his extended family. By the end of World War II, he alone survived. The rest had been killed in Nazi concentration camps or by...
Arch Capital Group Expects 3rd Quarter Catastrophe Losses of Up to $75M
Oct 8 2019 // Arch Capital Group Ltd. announced it expects to report third quarter 2019 pre-tax catastrophe losses of approximately $65 million to $75 million, net of reinsurance recoveries and reinstatement premiums. These losses are...
States Suing Purdue Pharma Claim Sacklers Drew $13 Billion Profit from OxyContin
Oct 7 2019 // OxyContin maker Purdue Pharma LP steered up to $13 billion in profits to the company’s controlling Sackler family, according to U.S. states opposing efforts to halt lawsuits alleging the company and its owners helped...
Catastrophe Modelers: U.S. Insured Losses from Dorian Could Reach $1.5B in U.S.
Oct 7 2019 // Insured loss estimates for Hurricane Dorian will range from $500 million to $1.5 billion, according to catastrophe modeling firms Karen Clark & Co. and RMS. According to KCC, Dorian reached peak intensity of 185 mph...
Insured Losses from Typhoon Faxai Estimated at US$5 Billion to US$9 Billion: RMS
Sep 30 2019 // RMS, the Newark, Calif.-based risk modeling and analytics firm, has estimated that the insured loss from Typhoon Faxai will be between $5.0 and $9.0 billion (¥ 500 to ¥950 billion). This estimate includes property damage...
U.S. Private Flood Insurance: The Journey to Build a New Market
Sep 27 2019 // Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for residential flood...
Cyber Insurer Coalition Expands Coverage to Businesses With Up To $1B in Revenue
Sep 27 2019 // Coalition, an cyber insurance company focused on small- and midsize-businesses, has expanded its cyber and technology errors and omissions coverage — previously only available to companies with less than $250 million in...
