Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Southern California Edison Seeks to Recover $1.6B of Wildfire-Related Losses
Aug 29 2024 // Southern California Edison, a unit of utility Edison International said on Thursday it was seeking approval for a settlement agreement to recover nearly 60% of losses related to wildfires and mudslides in 2017 and...
Insured Losses From Canada’s Jasper Wildfire Surpass C$880 Million
Aug 28 2024 // This summer’s devastating wildfire in Jasper, Canada resulted in more than C$880 million (US$653.4 million) in insured damage, according to the Insurance Bureau of Canada (IBC), quoting data provided by Catastrophe...
Ping An Profit Rises Nearly 7% as Market Recovery Bolsters Returns
Aug 23 2024 // Ping An Insurance (Group) Co. said profit rose nearly 7% in the first half, after a stock-market recovery helped bolster investment returns at China’s second-largest insurer by market value. Net income climbed to...
Insurance Technology: Aon Tool Analyzes and Quantifies Potential D&O Losses
Aug 22 2024 // Corporate risk managers looking to gauge the likelihood that their directors and officers will be sued and how much that might cost have a new digital tool to help them. Global insurance broker Aon has launched its...
Swiss Re First-Half Profit Beats Estimates on Lower Catastrophe Claims
Aug 22 2024 // Swiss Re AG’s first-half net income beat estimates, as the re-insurer avoided higher claims from natural catastrophes that have impacted the broader insurance industry. Profit for the second quarter was $996 million,...
Puerto Rico Insurers to Absorb Hurricane Ernesto Losses: AM Best
Aug 21 2024 // Losses in Puerto Rico from Hurricane Ernesto are expected to be absorbed by the island’s domiciled insurers, according to industry rating AM Best. Initial feedback from AM Best-rated insurers—though it is early in...
The Huge Profits Investors Have Made on Catastrophe Bonds Are Raising Eyebrows
Aug 19 2024 // A strategy that’s delivered specialist investors huge returns is now facing scrutiny, amid concerns that its risk-reward dynamics might be skewed against some issuers. Catastrophe bonds, which are issued by insurers,...
AM Best: Migration to Cat-Prone States Fuels Record HO Underwriting Losses in 2023
Aug 19 2024 // The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss in the previous year and the line’s worst underwriting results since at least 2000, according to a...
Guy Carpenter: ‘Kitty Cat’ CrowdStrike Outage to Cause $300M-$1B in Insured Losses
Aug 19 2024 // Due to the limited amount of impacted companies with insurance and the deployment of a quick fix to mitigate losses, Guy Carpenter said the insured losses from the CrowdStrike outage is likely between $300 million and $1...
Personal Auto Driving P/C Insurers to 2024 Underwriting Profit
Aug 19 2024 // S&P Global Market Intelligence is forecasting a combined ratio of 99.2 for the U.S. P/C insurance industry overall in 2024, signifying a return to underwriting profitability for the first time since 2021. According to...
Auto Insurance Shopping Elevated As Loss Costs Potentially Moderate
Aug 16 2024 // As industrywide auto insurance loss costs appear to be moderating, consumers continue to shop policies at elevated rates, according to the latest quarterly Insurance Personal Lines and Perspectives report from...
Karen Clark Puts Insured Losses from Debby at $1.4 Billion
Aug 15 2024 // Hurricane Debby caused almost $1.4 billion in privately insured losses as it moved across the East Coast this month. That’s about half of the losses incurred in Hurricane Idalia, a stronger storm that followed a...
UK Insurer Aviva Beats Earnings Forecasts on Home, Motor Insurance Price Hikes
Aug 14 2024 // British insurer Aviva beat first-half profit expectations following a rise in general insurance premiums in Britain and Ireland, and said on Wednesday it remained confident of meeting its 2026 targets. The life and general...
West Virginia Governor Touts 20th-Straight Workers’ Comp Loss Cost Decrease
Aug 13 2024 // The National Council on Compensation Insurance is recommending a 9.1% decrease in workers’ compensation loss cost projections for the West Virginia voluntary market. If approved by regulators, it would mark the 20th...
Insured Losses From UK Riots Will Be Manageable, With Claims Below £250M: Report
Aug 13 2024 // Insured losses from recent riots in the United Kingdom are expected to remain at manageable levels with a limited impact on insurers’ credit profiles, according to credit agency Morningstar DBRS, in a market...
Hawaiian Electric Pegs Loss at $1.7 Billion From Maui Fire
Aug 12 2024 // Hawaiian Electric Industries Inc. pegged losses from estimated accrual of liabilities stemming from one of the worst wildfires in US history at $1.7 billion and issued a going-concern warning. Hawaiian Electric said last...
Generali Profit Falls as Europe Flooding Hurts Non-Life Results
Aug 12 2024 // Assicurazioni Generali SpA’s second-quarter profit fell 24% from a year earlier, as claims from storms and flooding in Europe weighed on results. Net income in the three months through June declined to €797 million...
Gallagher Re: Insured Losses From Hurricane Debby to Be ‘Very Manageable’
Aug 12 2024 // Insurers and reinsurers’ losses from Hurricane Debby are expected to be in the low single-digit billions of dollars, a figure that would be “very manageable” for the industry, according to a report from...
Update: Australia’s QBE More Than Doubles First-Half Profit, but Misses Estimates
Aug 9 2024 // Australia’s QBE Insurance Group on Friday reported a more than twofold jump in its first-half profit, boosted by higher income from premiums, but missed analysts’ view, sending its shares to over a six months...
Liberty Mutual’s ‘Deliberate Actions’ Keep It on Path to Profit
Aug 8 2024 // Liberty Mutual Holding Co. continued to put 2023’s losses behind it and carefully manage growth in 2024, reporting consolidated net income of $717 million for the second quarter versus a net loss of $585 million for...
