Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Munich Re: Sandy Tops 2012 Disasters
Jan 14 2013 // A series of severe weather-related catastrophes led to higher-than-normal losses in the United States last year. The world’s largest reinsurer Munich Re took a close look at these catastrophes in its “2012...
Governments Struggle with Financial Crisis as the Planet Warms up
Jan 11 2013 // The global economy has been through economic recessions before, and has eventually recovered from them. This time around, however, it must do so while coping with the ever increasing menace of climate change – that makes...
2011 Joplin Tornado Losses Could Reach $2B
Jan 11 2013 // State regulators say insurance claims from the May 2011 Joplin, Mo., tornado are likely to reach $2 billion. The tornado killed 161 people, injured hundreds of others and damaged or destroyed thousands of homes and...
Double-Digit Returns Absent From Year-End, 2013 Financial Forecasts
Jan 11 2013 // Although analysts following the property/casualty insurance industry expect underwriting results for 2012 to be better than 2011 when full-year numbers are tallied, double-digit overall returns-on-equity are still not...
List of Company-Specific Sandy-Related Loss Estimates
Jan 10 2013 // Since Superstorm Sandy slammed into the New Jersey coastline on Oct. 29, 2012, dozens of insurers and reinsurers have publicly announced their Sandy-related preliminary loss estimates. The following are the latest...
Montana Doctor Sues for $22M Over Loss Of Hospital Privileges
Jan 10 2013 // A physician is seeking $22 million in damages after Holy Rosary Healthcare in Miles City, Mont. revoked his medical staff privileges in December 2009. The Miles City Star reported Dr. J. Randall Rauh is suing for breach of...
Lockton Adds Loss Control Expert in St. Louis
Jan 9 2013 // Insurance broker Lockton has expanded its loss control team with the addition of Kevin Hoffman as senior loss control consultant in its St. Louis, Mo., office. Hoffman has more than 15 years of experience in managing...
Northeastern Fishing Industry Hoping for Help With Sandy Storm Losses
Jan 8 2013 // While Superstorm Sandy did highly visible damage to homes, boardwalks and roads, it also walloped the Northeastern fishing industry, whose workers are hoping for a small piece of any future disaster assistance that...
Shipping Losses Up in 2012 But Down Over 10-Years: AGCS Report
Jan 8 2013 // There have been 106 ship losses reported worldwide in the 12 months since last to November 25 – an increase of 91 ships from the previous year but a 27 percent decrease on the 10- year average of 146 ships per annum. The...
Texas Weather Catastrophes Cause $2.3 Billion Losses in 2012
Jan 7 2013 // Texas recorded seven catastrophic weather events in 2012 that resulted in $2.3 billion in insured losses, the Insurance Council of Texas reported. The Dallas/Fort Worth area received the brunt of the damage from tornadoes...
Delaware OKs 14.6% Hike in Workers’ Comp Voluntary Market Loss Costs
Jan 4 2013 // Delaware Insurance Commissioner Karen Weldin Stewart today announced action taken with respect to workers’ compensation insurance rates and loss costs effective Dec. 1, 2012. Commissioner Stewart approved an amended...
Zurich, Swiss Re in $270 Million Excess of Loss Deal for No. Am. Quake Coverage
Jan 4 2013 // Zurich Insurance Group and Swiss Re have announced that Zurich has obtained, through its subsidiaries Zurich American Insurance Company and Zurich Insurance Company Ltd, a 3-year $270 million catastrophe excess of loss...
PERILS’ Final Windstorm Andrea Loss Cost is $438 Million
Jan 4 2013 // PERILS, the Swiss-based cat modeling firm, has announced that its fourth and final loss report for windstorm Andrea, which affected the UK and Western Europe from 4 to 5 January 2012, is estimated at €336 million [$437.5...
Oklahoma Insurance Department Mourns Loss of Horace Rhodes
Jan 3 2013 // The Oklahoma Insurance Department is mourning the loss of former Deputy Insurance Commissioner Horace Rhodes. Rhodes, 86, died Jan. 1 after a long illness, the department announced. “I am deeply saddened to hear...
Munich Re 2012 Cat Report Underscores Extreme Weather in U.S.; Sandy Losses
Jan 3 2013 // The figures for natural catastrophse that occurred in 2012 are “dominated by weather extremes in the USA,” according to a report from Munich Re. The reinsurers said the U.S. “accounted for a higher...
10 Insurance Ins and Outs, Ups and Downs of Year of Dragon 2012
Jan 2 2013 // In Chinese astrology, the year 2012 was the Year of the Dragon, a symbol of unpredictability and uncertainty. The dragon represents mystery because its head and tail cannot be seen at the same time, according to Chinese...
Willis Re Sees No Rate Increases for Jan. 1 Renewals despite Sandy Impact
Dec 31 2012 // Willis Re’s Jan. 1 renewal report points out that 2012 natural catastrophe losses are estimated to be “50 percent less than last year’s losses of $120 billion.” As a result the report concludes that...
P/C Industry’s 9 Month Results Show Insurers Can Handle Sandy Losses: ISO, PCI
Dec 28 2012 // Before Hurricane Sandy hit, private U.S. property/casualty insurers’ net income after taxes grew to $27 billion in nine-months 2012 from $8.4 billion in nine-months 2011. Insurers’ overall profitability as...
P/C Insurers’ Loss Reserves Continue to Surprise Analysts
Dec 27 2012 // Analysts at two rating agencies, Fitch and Moody’s, believe property/casualty insurers’ prior-year loss reserve takedowns will continue to outpace reserve additions in 2013. The analysts spoke about P/C...
Up to $25 Million in Sandy Losses for N.Y.-Based Navigators Group
Dec 26 2012 // The Navigators Group Inc. announced on Dec. 21 that its preliminary estimate of losses relating to Superstorm Sandy ranges between $18 million and $25 million, net of reinsurance and the effects of reinstatement premiums....
