Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AIG CEO Zaffino on Approach to Catastrophe Losses in Today’s Reinsurance Market
Nov 6 2024 // American International Group CEO Peter Zaffino said he expects the reinsurance market’s attachment points to remain on top of losses generated by the frequency and severity of natural catastrophes. Losses will...
NHTSA Closes Probe Into 411,000 Ford Vehicles Due to Loss of Power
Nov 5 2024 // The National Highway Traffic Safety Administration said on Monday it has closed a probe into 411,000 Ford SUVs and pickup trucks over a potentially defective engine that could lose power without warning. In July 2022, the...
AIG General Insurance Underwriting Profit Falls 28% in Q3
Nov 5 2024 // American International Group saw third quarter underwriting income in its general insurance segment fall 28% to $437 million due to higher catastrophe losses and lower favorable development on prior year reserves. The...
Berkshire’s GEICO Turns in Strong Q3 but Overall Insurance UW Income Slips
Nov 4 2024 // Third quarter underwriting income with Berkshire Hathaway’s insurance units fell about $1.7 billion to $750 million due to estimated losses of about $565 million from Hurricane Helene and increases in losses from...
Would Letting Roofers Do More Wind-Mit Work Help Cut Florida’s Insured Losses?
Nov 4 2024 // A recent photograph of destruction left by Hurricane Milton’s wind tells the story: An entire roof section on a residential complex in Bradenton, Florida – including rafters and ceiling joists – was ripped off,...
Natural Disaster Losses Below Average Through Q3, Despite Higher Frequency: Report
Nov 4 2024 // Although 2024 has seen significant global natural catastrophe activity, economic costs were slightly below average through the third quarter, according to Gallagher Re’s latest Nat Cat report. The total economic loss...
Lemonade Remains in the Red With $68M Loss in Q3
Oct 31 2024 // Insurtech Lemonade reported a third quarter 20243 net loss of nearly $68 million and a year-to-date loss of $172.2 million. Results were in comparison to a net loss of $61.5 during the same quarter and a loss of $194.5 as...
‘Pivotal’ Q3 Sees Insurtech Root Achieves Net Income Profit for the First Time
Oct 31 2024 // For the first time in the company’s history, Root Inc. recorded a quarterly net income profit. The Columbus, Ohio-based parent company of Root Insurance founded in 2015 recorded third quarter net income of about $23...
Allstate Turns in Net Income of $1.2B After Q3 Hurricanes
Oct 31 2024 // Allstate Corp. said its net income attributable to common shareholders for the third quarter was about $1.2 billion compared to a loss of $41 million during the same time a year ago. The Northbrook, Illinois-based insurer...
Chubb Continues ‘Record’ Year With 13.8% Jump in Q3 Net Income
Oct 29 2024 // Chubb recorded an 11.7% increase in P/C underwriting income with a combined ratio of 87.7 as part of third quarter net income of about $2.2 billion, up 13.8% CEO Evan G. Greenberg said the Whitehouse Station, New...
Global Natural Catastrophe Insured Losses Exceed $102B During Q1-Q3 2024: Aon
Oct 29 2024 // The third quarter of 2024 saw a significant number of natural disaster events, which drove year-to date economic losses above at least $258 billion and insured losses of at least $102 billion, according to Aon plc in its...
Liberty Mutual Estimates Up to $900M in Losses From Helene and Milton
Oct 28 2024 // Liberty Mutual Insurance today said it expects up to $900 million in losses from hurricanes Helene and Milton. Parent Liberty Mutual Holding Company (LMHC) in a statement released some preliminary third quarter information...
Economic, Social Inflation Influence Drop in Commercial Auto UW Profits: Triple-I/CAS
Oct 28 2024 // Commercial auto insurance has struggled to achieve underwriting profitability, even before inflationary conditions affected property/casualty lines in recent years. The trend has been accompanied by steady growth in net...
Q3 Net Income Up 18% at The Hartford
Oct 25 2024 // Third quarter 2024 net income at The Hartford improved about 18% compared to the same period a year ago despite $247 million in pretax catastrophe losses—$104 million from Hurricane Helene. Net income was $767 million...
Catastrophe-Bond Funds Suffered Virtually No Losses From Hurricane Milton
Oct 25 2024 // After two weeks of number-crunching, it now seems clear that investors in catastrophe bonds emerged from Hurricane Milton relatively unscathed. In fact, holders of the bonds may be looking at returns of as much as 12%,...
Florida’s Heritage Insurance Reports 5,400 Claims, $57M in Cat Losses From Milton
Oct 24 2024 // More loss and claims estimates are trickling in from carriers after Hurricane Milton caused widespread wind and flood damage in Florida this month. Tampa-based Heritage Insurance Holdings said in a preliminary statement...
BHP Says Claim it Put Profit Over Safety ‘Unjustified’ in Brazil Dam Collapse Case in UK
Oct 23 2024 // BHP said on Wednesday that allegations a pursuit of profit over safety contributed to Brazil’s worst environmental disaster were “far-fetched and unjustified,” as the miner opened its defense to a mammoth...
Hurricane Milton Caused $1.5B-$2.5B in Losses to Florida Agriculture
Oct 22 2024 // Hurricane Milton caused an estimated $1.5 billion to $2.5 billion in damage to Florida’s crops and agricultural infrastructure, according to a preliminary assessment released by the state’s Department of...
‘G-Shock’ Watchmaker Casio Delays Earnings Release Due to Ransomware Attack
Oct 22 2024 // Japanese watchmaker Casio Computer said on Tuesday it will delay the release of its second-quarter earnings due to the impact of a ransomware attack on its accounting process, to mid-November from Nov. 6. Casio, known for...
W.R. Berkley Posts Record Q3 Net Income
Oct 22 2024 // Third quarter 2024 net income at W.R. Berkley Corp. increased to about $365.6 million compared to $333.6 million the same period the prior year on underwriting and investments. Net income was a record for the third...
