Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Accuweather: Record Warm Winter Costs Businesses Billions in Losses
Apr 18 2024 // Unseasonably warm winter weather cost businesses and event planners in the northern Plains and upper Midwest billions of dollars in estimated losses, according to estimates from Accuweather. Minnesota, North Dakota,...
Travelers CEO on Q1 Results: ‘We’re Firing On All Cylinders’ With Net Income Up 16%
Apr 17 2024 // The Travelers Companies, Inc. today reported first quarter net income of $1.1 billion, compared to $975 million in the prior year quarter. Core income in the current quarter was up 14% to about $1.1 billion, compared to...
Time-Tested Loss Reserving Methods Challenged: AM Best
Apr 17 2024 // Reflecting on one of the trends that surfaced as property/casualty insurers announced 2023 financial results recently, AM Best expects reserve strengthening for accident years 2015-2019 to continue, the rating agency said...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
Apr 16 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
Insurer Bowhead Specialty’s IPO Filing Shows Profit More Than Doubled in 2023
Apr 15 2024 // Bowhead Specialty Holdings disclosed on Friday that its net profit more than doubled in 2023, as the insurance underwriting company made its IPO filing public amid a rebound in fresh U.S. listings. The U.S. initial public...
Cargo Owners in Baltimore Disaster Face ‘General Average’ Loss Sharing, MSC Says
Apr 15 2024 // The owner of the ship that destroyed Baltimore’s Francis Scott Key Bridge has started a formal process in which companies that own goods on the stricken Dali will have to share some of the financial losses, according...
What Industry Executives Are Saying About Loss Reserves, Social Inflation
Apr 15 2024 // Executives at carriers and reinsurers that announced reserve loss charges taken during fourth-quarter 2023, and even at some that did not, discussed the “problematic accident years” and lines of business,...
2023 Underwriting Losses Improve but Persist in US P/C Industry
Apr 15 2024 // The U.S. property/casualty insurance industry recorded a slight underwriting improvement in 2023, but losses persisted, according to a new AM Best report. Preliminary data from the global credit rating agency shows that...
The New Norm? Global Insured Losses for Nat Cats Keep Breaking Records: Swiss Re
Apr 15 2024 // Global insured losses from natural catastrophes in 2023 totaled $108 billion, exceeding US$100 billion for the fourth consecutive year – an indication of the new norm for nat cat losses, according to Swiss Re. Other...
R&Q to Sell Stake in Obra Joint Venture for $30M, Expects “Significant Pre-Tax Loss”
Apr 12 2024 // R&Q Insurance Holdings, (R&Q) the Bermuda-based non-life speciality insurer that focuses on program management and legacy insurance business, announced it has agreed to sell its stake in a joint venture with Obra...
Progressive Records Five-Fold Increase in Q1 Net Income
Apr 12 2024 // Progressive Corp. today reported strong first quarter 2024 results with net income of $2.3 billion and a combined ratio of 86.1 Last year, net income for the first three months at the Mayfield Village, Ohio-based insurer...
Global Election Super-Cycle Raises Risk of Political Violence, Large Insurance Losses
Apr 11 2024 // Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An...
Inflation Contributes to Rising Loss Costs for US Commercial P/C Insurers: Fitch
Apr 9 2024 // Inflation is bringing rising loss costs for US commercial property/casualty insurers, according to Fitch Ratings, which reviewed reports from three US insurers — Cincinnati Financial Corp., HCC Insurance Holdings...
Global Accounting Rule Ends Leeway Over Operating Profit
Apr 9 2024 // Companies will have to publish standardized operating profit figures from 2027 under new requirements from a global accounting rulesetter to help end what international investor Warren Buffett has called...
Loss of Engine Cover on Southwest Boeing 737-800 Prompts FAA Probe
Apr 8 2024 // An engine cover on a Southwest Airlines Boeing 737-800 fell off on Sunday during takeoff in Denver and struck the wing flap, prompting the Federal Aviation Administration (FAA) to open an investigation. No one was injured...
Report: $2.1B Loss if Noneconomic Damage Caps Removed in Colorado
Apr 8 2024 // A report from the Colorado Chamber of Commerce and the American Property Casualty Insurance Association estimates a proposal to remove the noneconomic damage caps in Colorado would result in a $2.1 billion annual loss in...
Taiwan Property Insurers Likely to Remain Profitable Despite Quake Losses: GlobalData
Apr 5 2024 // The 7.2 magnitude earthquake that struck Taiwan’s east coast on April 3 caused substantial damage, particularly in Hualien with collapsed buildings and infrastructure disruptions. However, insurers are expected to...
Viewpoint: Many Businesses May Be Exposed to Losses From Snow Melt Flooding
Apr 3 2024 // Executive summary: Snow melt flooding is an imminent threat in the U.S., but there are steps insurance professionals can take to mitigate their clients’ risk, says Richard Coyle, U.S. commercial director at...
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
Mar 29 2024 // It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according...
Baltimore Bridge May Trigger Historic Marine Loss, Lloyd’s of London Says
Mar 28 2024 // Insurance payouts for Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore could be among the largest ever in marine insurance, according to Lloyd’s of London Chief Executive Officer John...
