Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Update on Helene Loss Estimates: CoreLogic Sees $10.5B-$17.5B Insured Loss
Oct 7 2024 // Total insured loss from Hurricane Helene is now estimated at between $10.5 billion and $17.5 billion—a figure that continues to grow as more damages are assessed, pushing catastrophe modelers to continually revise...
Hurricane Francine Insured Losses Expected to Be Manageable
Oct 7 2024 // Losses from Hurricane Francine are expected to be manageable for property/casualty insurers, with major population centers sparred from the worst of the storm’s damage. Privately insured loss from Hurricane Francine...
Softbank Says Credit Suisse to Blame For Fund’s $440 Million Greensill Loss
Oct 4 2024 // Softbank Group Corp., facing a $440 million lawsuit from Credit Suisse, said the bank was to blame for some of the investor losses tied to the collapse of Greensill Capital. In the latest stage of the long-running dispute,...
AccuWeather Increases Estimate of Helene’s Economic Loss to $225B-$250B
Oct 4 2024 // AccuWeather has increased its estimate of the total damage and economic loss from Hurricane Helene in the U.S. to between $225 billion and $250 billion. The range makes Hurricane Helene one of the most damaging and...
Modeler KCC Puts Privately Insured Losses at $6.4B From Helene
Oct 3 2024 // Karen Clark & Co., the well-regarded storm modeling and analytics firm, estimated that privately insured losses from Hurricane Helene will be about $6.4 billion – from wind, storm surge and inland flooding in nine...
Insured Losses from Central European Floods Range From US$2.2B to US$3.4B: Verisk
Oct 2 2024 // Insured industry losses from the flooding in the Czech Republic, Poland and Austria in September 2024 will range from €2 billion (US$2.2 billion) to €3 billion (US$3.4 billion), according to Verisk, the data analytics...
Insured Losses Top $5B With Heavy Flooding but Few Covered by Flood Insurance
Sep 30 2024 // Estimates of insured losses from Hurricane Helene continue to range around $5 billion, not including flood insurance losses, as the death toll in the Southeast continued to rise, reaching 107 by Monday morning. In Florida,...
75% of Independent Agencies Report Revenue Gains From 2022-23
Sep 27 2024 // Despite challenging conditions, 75% of independent insurance agencies saw revenue gains from 2022 to 2023, according to the 2024 Agency Universe Study. That number is significantly higher than between 2020 and 2021, during...
Ransomware, Email Compromise Leading Causes of Cyber Loss: NetDiligence
Sep 27 2024 // Cybersecurity claims reported in recent years vary sharply, with larger claims reaching $500 million of data loss and smaller claims as low $1,000. NetDilligence released its annual report, which analyzes 10,464 claims...
State Farm Posts Worst HO Loss Ratio Since 2011; Peers Recover: S&P
Sep 26 2024 // State Farm was the only one of 10 major players in the homeowners insurance market reporting a worse second-quarter loss ratio for the line than it did in 2023, according to a new analysis. The outlier result came even as...
Moody’s: Private Market Insured Losses From Francine to Not Exceed $2B
Sep 18 2024 // U.S. private market insured losses from Hurricane Francine are estimated to not exceed $2 billion, Moody’s RMS Event Response team said. Losses to the National Flood Insurance Program from the hurricane are estimated...
Flooding in Central Europe Could Cause Billions in Economic Losses, Analysts Say
Sep 17 2024 // The latest flooding in central Europe could cause economic losses ranging from several hundred million euros to billions, early estimates published on Monday found, as the region braced for more damage. Credit rating...
Hurricane Francine Insured Losses to Be Manageable With New Orleans Miss
Sep 16 2024 // Losses from Hurricane Francine are expected to be manageable for property/casualty insurers, with major population centers sparred from the worst of the storm’s damage. Privately insured loss from Hurricane Francine...
Hawaii Probe Finds No Single Factor Led to Maui Wildfire Losses
Sep 16 2024 // No single factor led a fire in the seaside Hawaiian town of Lahaina last year to rage out of control and kill 102 people, according to a state report that assesses the government’s response to the disaster but not...
US P/C Insurance Industry Posts First H1 Underwriting Profit Since 2021
Sep 16 2024 // The U.S. property/casualty insurance industry recorded a net underwriting gain of $3.7 billion and net income of $94.6 billion for the first-half of 2024, according to a new report. “After years of consistent losses,...
Francine Estimated to Cause $9B in Damage With $1.5B in Insured Losses
Sep 13 2024 // A preliminary estimate shows total damage and economic loss from Hurricane Francine in the U.S. is expected to be $9 billion. The storm effects are continuing to be felt, and some areas have yet to report complete...
Hurricane Debby Florida Losses Top $121M; 60% of Claims Closed
Sep 11 2024 // A month after Hurricane Debby made landfall in northern Florida, the number of property insurance claims has reached almost 20,000, and total estimated insured losses are more than $121.5 million, the Florida Office of...
California Policyholders May Be On the Hook for Wildfire Losses
Sep 9 2024 // California homeowners could be required to pay a surcharge if the state’s insurer of last resort is unable to cover losses from a catastrophic wildfire. The California Department of Insurance sent a bulletin to...
London’s ExCel Centre Wins Insurance Appeal Over COVID-19 Losses
Sep 6 2024 // The owners of London’s ExCel conference center on Friday won an appeal brought by insurers, including Allianz, over pandemic-related losses, which its lawyers said could help thousands of other policyholders. London...
Update: NYC’s Largest Cab Insurer Ordered to Explore Sale After Losses
Sep 6 2024 // New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition. The report laid out dozens of...
