Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Chronic Commercial Auto Insurance Underwriting Losses to Continue in 2019: Fitch
Aug 27 2019 // U.S. property/casualty insurers continue to face substantial underwriting losses on commercial automobile insurance and, following a statutory combined ratio of 108% in 2018, the segment is poised for a ninth consecutive...
USDA: Crop Insurance Covers Loss from Irrigation Tunnel Collapse
Aug 26 2019 // Farmers in western Nebraska and eastern Wyoming left without a way to water crops following the collapse of a massive irrigation tunnel in July will be covered by federal crop insurance. That word came Friday from the U.S....
P/C Insurers’ First-Half Underwriting Income Drops; Downgrades Outpace Upgrades: A.M. Best
Aug 26 2019 // The U.S. property/casualty industry’s net underwriting income declined by 9.6% to $4.8 billion in the first half of 2019, compared with $5.3 billion in the same prior-year period, A.M. Best reports. Also, ongoing...
Do Cannabis or Alcohol Taxes Have Higher Upside for Society?
Aug 22 2019 // Which helps society more? Alcohol or cannabis. That sounds like a funny question, but it may be an important one with more local governments embracing the opportunity to bring in tax revenue from cannabis sales. A new...
May Tornadoes Losses Among Highest Insured Losses in Ohio History
Aug 21 2019 // Insured losses from Memorial Day tornadoes that ravaged parts of Ohio will be among the largest in the state’s history. The Columbus Dispatch reports Ohio Insurance Institute data puts the total insured losses from...
42% of $44 Billion Global Catastrophe Losses in First Half Were Insured: Swiss Re
Aug 16 2019 // Natural catastrophes and man-made disasters in the first half of 2019 were responsible for USD $44 billion of economic losses globally, according to Swiss Re Institute’s preliminary sigma estimates. This figure is...
Insured Losses in China from Typhoon Lekima Will Exceed CNY 6 Billion: AIR
Aug 16 2019 // Catastrophe risk modeling firm AIR Worldwide estimates insured losses in China from Typhoon Lekima will exceed CNY 6 billion. Lekima made landfall in Taizhou, Zhejiang, China, at 2 a.m. on August 10 local time, with...
Many Reinsurers Take Increased Catastrophe Risks as Rates Harden: S&P
Aug 14 2019 // Some global reinsurers have chosen to stop retrenching from catastrophe risks, deciding instead to take advantage of higher premium rates and increase their exposure, according to S&P Global Ratings. Although risk...
Texas’ Tricolor Launches Auto Insurance Option for Low Income Consumers
Aug 13 2019 // Tricolor, a Dallas-based used vehicle retailer focusing on the sale and financing of vehicles to the Hispanic consumer, is now offering affordable auto insurance option for low-income and credit invisible customers through...
Property Loss Estimate for Australia’s Townsville Floods Rises to A$1.22B: PERILS
Aug 12 2019 // The property insurance market loss from the Australia’s Townsville floods, which affected northern Queensland, Australia, between Jan. 26 and Feb. 10, 2019, has risen to A$1.22 billion (US$827.1 million), according...
PG&E Posts $2.6B Loss Stemming From California Wildfires, Bankruptcy
Aug 9 2019 // PG&E Corp. reported a $2.6 billion loss for the second quarter as costs from devastating wildfires in 2017 and 2018 and the California utility’s giant’s ongoing bankruptcy wiped out earnings. The loss...
UK’s Aviva Reports 1% Rise in 1st Half Operating Profit, Reviews Asia Business
Aug 8 2019 // Britain’s second largest insurer Aviva reported a forecast-beating 1% rise in first-half operating profit on Thursday, helped by a strong performance in its general business and announced a review of its Asian...
AIG’s P/C Business Delivers on CEO’s Underwriting Promise
Aug 8 2019 // American International Group (AIG) President and CEO Brian Duperreault has insisted that the insurer’s General Insurance unit will produce an underwriting profit for all of 2019, after a decade of losses. His promise...
Argo Group’s Q2 Net Income Drops as Combined Ratio Climbs
Aug 7 2019 // Argo Group International Holdings Ltd. reported a drop in net income and a spike in its Q2 2019 combined ratio, due to higher catastrophe losses. At the same time, rate increases helped boost both gross written and net...
Munich Re Reports 36% Rise in Q2 Net Profit on Lower Claims from Major Losses
Aug 7 2019 // German reinsurer Munich Re on Wednesday reported a 36% rise in net profit in the second quarter, helped by low claims from major losses, and stuck to its forecast for 2019. Net profit was 993 million euros ($1.11 billion),...
How VW Emissions Scandal Hurt Other German Car Makers’ Reputations and Profits
Aug 7 2019 // The fallout from Volkswagen’s 2015 emissions scandal cost other German car makers billions of dollars in sales, according to new research from Notre Dame University. In 2015, Volkswagen was exposed for bypassing U.S....
Costs of Buying Navigators Hit The Hartford’s Q2 Results
Aug 5 2019 // Major insurer The Hartford saw its net income fall and its commercial lines combined ratio spike during the 2019 second quarter, due in part to costs associated with its $2.1 billion acquisition of specialty insurer...
Berkshire Hathaway’s Insurance Underwriting Profit Fell in Q2
Aug 5 2019 // Giant conglomerate Berkshire Hathaway saw its total insurance underwriting profit in the second quarter fall 63% to $353 million from $943 million in the second quarter of last year. Compared to the same period last year,...
Berkshire Hathaway’s Q2 Reflects Slowing Economy, Trade Policy
Aug 5 2019 // Berkshire Hathaway Inc. on Saturday said its quarterly operating profit fell more than analysts expected, as weakness in insurance underwriting, a slowing economy and trade woes weighed on the conglomerate run by...
Captives Remain Profitable, Continue to Outperform Commercial Insurers, Reports A.M. Best
Aug 5 2019 // U.S. captive insurance companies rated by A.M. Best continued their run of strong financial results in 2018, as well as their outperformance of the segment’s counterparts in the commercial casualty sector, according...
