Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insured Cat Losses in 2016 Totaled $49B, with $158B of Economic Costs: Swiss Re
Dec 15 2016 // More than 10,000 people died as a result of natural and man-made disasters during 2016, with financial losses totaling at least $158 billion, Swiss Re said on Thursday. At an estimated $49 billion, insured losses rose by...
Texas Hail Losses Set Record in 2016
Dec 14 2016 // In 2016, Texas suffered through another costly year of weather related losses for homeowners and autos. Looking only at loss information through the end of September, it has been a year of record losses for hailstorms. The...
Tax Reformers Must Take Care Not to Kill Reinsurance Market
Dec 13 2016 // During the 2016 presidential election, one theme from President-elect Donald Trump rang louder than any other: the importance of keeping jobs in America and finding ways to encourage (or perhaps force) companies that have...
Lloyd’s Insurers Urged to Focus on U/W Discipline as 2016 Losses Loom
Dec 13 2016 // Underwriters at Lloyd’s of London lost money in 2016, driving the 90-plus syndicates in the insurance market to be more selective in the risks they take on and forcing Lloyd’s to cut its subscription rates. To...
New Zealand Quake’s Insured Losses Estimated at $705M-$3.5B: Aon Cat Report
Dec 8 2016 // Insurance losses from last month’s magnitude 7.8 earthquake in New Zealand are likely to range between NZ$1.0 to 5.0 billion (US$705 million and US$3.5 billion), according to a report published by Impact Forecasting,...
Indonesia’s M6.5 Quake Kills Nearly 100 with Low Insurance Losses Expected: AIR
Dec 8 2016 // An M6.5 earthquake jolted the northernmost area of Sumatra, Indonesia, on Dec. 7 at 5:03 a.m. local time, with nearly 100 fatalities and more than 600 injuries reported. The epicenter was 19 kilometers (11.8 miles)...
Insured Losses from Italy’s October Earthquakes Estimated at $33.3M: PERILS
Dec 7 2016 // The initial estimate of the property insurance market loss from the series of earthquakes that hit central Italy in October is €31 million ($33.3 million), according to PERILS, the independent Zurich-based organization...
Florida Supreme Court Rules Against Insurer in Concurrent Loss Case
Dec 6 2016 // The Florida Supreme Court has ruled in favor of policyholders seeking coverage on claims where there is the possibility of multiple concurrent losses but at least one of the losses is covered under their policy. Though the...
Minding Your Business: Producer Compensation – What’s New Today?
Dec 5 2016 // Designing a good and motivating producer compensation model does not need to be a mystery. The bottom line is to pay what can you afford to pay, for what you are providing the producers, and be in line with the important...
PERILS Discloses Final Loss Estimate for UK Storm Desmond of £604M
Dec 2 2016 // PERILS AG has today disclosed its fourth and final loss estimate for the floods in the UK which occurred Dec. 4-24, 2015 and were linked to storm Desmond and other low pressure systems. The revised estimate of the insured...
Most Organizations Not Adequately Prepared for Cyber Attacks: Marsh & McLennan Cyber Handbook
Nov 30 2016 // No company is fully secure from cyber breaches, no matter how sophisticated its cyber defense mechanisms, which is why every company should develop a cyber risk management strategy, according Marsh & McLennan’s...
Asbestos Losses Continue to Haunt P/C Insurers: A.M. Best
Nov 29 2016 // Net ultimate asbestos losses for the U.S. property/casualty industry have risen once again. They’re now at $100 billion, and that’s $15 billion higher than the previous estimate, according to a new A.M. Best...
Too Often, Small Businesses Learn Insurance Lessons After Disaster Strikes
Nov 28 2016 // A fire at the gun shop next door never reached Kathy Laurienti’s sausage and specialty food store, but the water and smoke damage was enough to shut her business down. Because Laurienti didn’t have enough...
New Zealand EQ Insured Losses Could Top $3B: AIR Worldwide
Nov 18 2016 // Catastrophe modeling firm AIR Worldwide released its initial estimates of industry insured losses from the earthquake that struck New Zealand’s South Island early this week, putting a range of $762 million to $3.5...
Zurich’s Re-Underwriting Program Begins to Bear Fruit – in Its Financials
Nov 16 2016 // Zurich Insurance Group’s re-underwriting program is starting to bear fruit – as evidenced by the company’s improved third-quarter results – but Group CFO George Quinn readily admits there is still work to...
California Earthquake Risk: New Science is Transforming the Way Earthquake Risk is Managed
Nov 15 2016 // This post is part of a series sponsored by CoreLogic. Recent changes in earthquake hazard science in California are transforming the way we think about managing earthquake risk. The Uniform California Earthquake Rupture...
Allianz Q3 Profit Rises 36%, Helped by Higher Life & Health Earnings
Nov 11 2016 // Allianz SE, Europe’s biggest insurer, said third-quarter profit rose 36 percent, helped by higher earnings at the life and health insurance unit. The shares rose. Net income increased to 1.86 billion euros ($2.03...
Berkshire Hathaway Re/Insurance Profit Falls 30% in Q3
Nov 7 2016 // Berkshire Hathaway reported a 10.5 percent drop in operating profit for its insurance and reinsurance operations during the third quarter, with underwriting income falling 34 percent. While General Re reported an increase...
Navigators Group Reports Net Income Up 21% in Q3
Nov 7 2016 // The Navigators Group Inc. reported net income was up 20.9 percent to $22.0 million for the third quarter compared to $18.2 million for the comparable period in 2015. Operating earnings were $21.1 million compared to $20.3...
Repeat Plaintiffs, Non-Profits Target Businesses for ADA Compliance
Nov 7 2016 // Americans with Disabilities Act (ADA) Title III lawsuits are up 63 percent over 2015, according to law firm Seyfarth Shaw. ADA Title III prohibits businesses open to the public from discriminating on the basis of...
