Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Missouri Regulators: At Least $139M in Insured Losses From May Tornadoes
Jul 10 2019 // Missouri insurance regulators say insured losses following May tornadoes in that state are predicted to reach $139 million or more. Tornadoes ravaged several areas of the state in May, including Missouri’s capitol...
Norway Insurer Protector Expects Q2 Loss After Grenfell Fire Ruling with Munich Re
Jul 10 2019 // Shares in Protector Forsikring fell 12% on Wednesday after the Norwegian insurer warned about a second-quarter loss, partly because it had lost an arbitration case related to the 2017 Grenfell Tower fire in London. It said...
Reinsurers Offering Better Prices, Capacity for Preferred Trading Partners: Willis Re
Jul 2 2019 // Strengthening primary insurance market conditions underpinned improvements to reinsurance prices, terms and conditions at the June 1 and July 1, 2019 renewals, according to the latest 1st View renewals report from Willis...
PG&E in California Wants to Securitize Some Profits to Cover Wildfire Costs
Jul 1 2019 // PG&E Corp. is lobbying for legislation that would allow the bankrupt California utility giant to securitize some of its profits to pay for past wildfire liabilities, people familiar with the matter said. PG&E was...
China’s Swine Fever Losses May Be Twice as High as Officially Reported
Jul 1 2019 // As many as half of China’s breeding pigs have either died from African swine fever or been slaughtered because of the spreading disease, twice as many as officially acknowledged, according to the estimates of four...
Louisiana Sees 12 Consecutive Quarters of Personal Income Growth
Jun 27 2019 // Data released by the Bureau of Economic Analysis (BEA) shows that personal income in Louisiana has grown for 12 consecutive quarters since 2016 Q1, the Louisiana Workforce Commission reported. Between 2018 Q4 and 2019 Q1...
U.S. P/C Insurers’ Net Income Increased 69% in 2018: A.M. Best
Jun 27 2019 // The U.S. property/casualty industry showed a year-over-year 69% increase in net income to $59.2 billion in 2018, owing to lower losses from catastrophic events, favorable development of prior years’ loss reserves and...
Ohio Farmers: It Will Take Years to Recover Losses After 2019 Deluge
Jun 21 2019 // Farmers who have been unable to plant their soybeans and corn because of this spring’s never-ending rains told Ohio’s governor that it will take years to recover their losses. They also said the impact will be...
Insured Property Losses for December 2018 Sydney Hailstorms Rise to A$766M: PERILS
Jun 20 2019 // Insured losses for the hailstorms, which hit the greater Sydney region on Dec. 20, 2018, have risen to A$766 million (US$526.6 million), according to PERILS, in its third loss estimate for the storms. PERILS, the...
Caribbean Insurers’ Net Income Rebounds After 2016-2017 Hurricane Seasons: AM Best
Jun 19 2019 // An analysis of AM Best-rated property/casualty insurers based in the Caribbean found that overall net income rebounded significantly following the 2016-2017 hurricanes to $32.2 million in 2018 compared with a $4.3 million...
PERILS Buys Canada’s Catastrophe Loss & Exposure Analysis Firm CatIQ
Jun 18 2019 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has acquired Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ). Financial details of the deal were...
Officials Say Multi-Million Dollar Loss in Nine-Alarm Boston Fire
Jun 17 2019 // Authorities in Boston say a fire that started at a vacant property and spread to nearby homes likely caused millions of dollars in damages. The Boston Fire Department tweeted that the cause of Saturday evening’s...
Nobody Seems to Know Why Hail Storm Losses Suddenly Began Rising in 2008
Jun 17 2019 // In 2008, the year the stock market crashed and Barack Obama won the presidency, the U.S. was hit with a weather phenomenon little noted by anyone beyond the insurance industry. The country’s losses from hail breached...
Comparing Coverage: Umbrella and Excess Liability
Jun 17 2019 // Liability insurance protects the customer when something happens to someone else. Customers have liability exposures if they do something, sell something, have a place, go to a place or hire someone, among other...
Insured Loss Estimate for European Storm Dragi-Eberhard Rises to €798M ($898.1M)
Jun 7 2019 // PERILS AG has disclosed its second loss estimate of €798 million ($898.1 million) for windstorm Dragi-Eberhard. This estimate compares to the initial loss estimate of €740 million ($832.9 million) which was issued by...
Norsk Hydro’s Core Profit Plunges 82% After March Cyber Attack, Brazilian Spill
Jun 5 2019 // Aluminum producer Norsk Hydro, the victim of a cyber attack in March that paralyzed its IT systems, posted an 82% drop in first-quarter core profit on Wednesday and said a rise in global uncertainty could impact its...
Large Shipping Losses in 2018 Drop to Lowest Level this Century but New Risks Emerge
Jun 4 2019 // Large shipping losses declined by more than 50% in 2018 from the previous year – their lowest level this century, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review...
Supreme Court to Hear Case on Retirement Plan Losses
Jun 4 2019 // The U.S. Supreme Court will use a case involving International Business Machines Corp. to consider making it harder for workers to sue when their retirement plans lose money because the employer’s stock price...
P/C Insurance Industry’s Net Underwriting Income Up 24% in Q1, Reports A.M. Best
Jun 3 2019 // The U.S. property/casualty industry posted net underwriting income of $4.2 billion in first-quarter 2019, a 24.0% increase from the same period in the previous year, according to preliminary financial results. According to...
Hawaii Eruption Caused $94M Loss in Economic Benefit
May 29 2019 // Communities near Hawaii Volcanoes National Park lost up to $94 million in economic benefit last year compared to the previous year due to the eruption of Kilauea Volcano, officials said. The National Park Service found the...
