Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
AM Best: Japan Quake’s Effect on Insurers ‘Manageable; KCC Says Losses to Hit $6.4B
Jan 5 2024 // The earnings impact on the major domestic non-life insurers of claims from the Jan. 1, 2024 earthquake in Japan is expected to be manageable relative to the sector’s net profit, according to AM Best in a market...
Update: Japan Airlines Counts Losses From Wrecked Tokyo Plane
Jan 4 2024 // Japan Airlines (JAL) on Thursday said it expected losses of more than $100 million after one of its planes was destroyed when it collided with another aircraft on the runway at Tokyo’s Haneda airport this week. All...
Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA
Jan 2 2024 // The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market,...
5th Circuit Reverses Class Certification in Lawsuit Alleging State Farm Undervalued Total-Loss Claims
Dec 28 2023 // A federal appellate court reversed a trial court’s decision to certify a class of plaintiffs in a lawsuit that alleged State Farm Mutual Automobile Insurance Co. undervalued total-loss claims by Louisiana...
SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses in 2023
Dec 27 2023 // Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the COVID-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for...
A&E Loss Payouts on the Rise; Reserves Will Run Off in 8 Years
Dec 20 2023 // A new AM Best segment report details asbestos and environmental (A&E) losses and reserve decline through the end of 2022. AM Best maintains its estimate for net asbestos losses at $100 billion and environmental losses...
Initial Insured Losses for Windstorm Ciarán (aka Emir) Estimated at €1.9B: PERILS
Dec 18 2023 // Initial industry losses for extratropical windstorm Ciarán, also known as Emir, are estimated at €1.9 billion (US$2.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
California Workers’ Comp Public Self-Insured Claim Volume, Total Paid and Incurred Losses Fall
Dec 14 2023 // Initial data on fiscal year 2022/23 public self-insured claims experience in the California workers’ compensation system show that public self-insured’s total claim volume, spurred by a sharp drop in indemnity...
Google’s Court Loss to Epic Games May Cost Billions but Final Outcome Years Away
Dec 13 2023 // Google’s stunning defeat in a legal battle with “Fortnite” maker Epic Games may clear the way for rival app stores on its Android mobile system but a lengthy appeals process will likely prevent any...
US Commercial Lines Survey Results Show Aggregate Increase of 6.1% in Q3: WTW
Dec 11 2023 // U.S. commercial insurance prices increased 6.1% in the third quarter, maintaining an upward trend. According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in the third...
US P/C Industry Turns in $32.2B Underwriting Loss After 9 Months
Dec 8 2023 // U.S. property/casualty underwriting results deteriorated during the first nine months of 2023 to a loss of $32.2 billion. The result, highlighted in short financial review from AM Best, is $7.6 billion worse than the same...
Global Insured Losses From Severe Convective Storms Hit New High of $60B: Swiss Re
Dec 7 2023 // Global insured losses from severe thunderstorms have hit a new all-time high of US$60 billion in 2023, with overall natural catastrophe claims surpassing $100 billion, according to Swiss Re Institute in a new report. As...
Federal Crop Insurance Provides Billions in Profit for Insurers, Says USDA
Dec 5 2023 // Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government...
ANALYSIS: As Bayer Confronts Mounting Roundup Losses, All Eyes on Philadelphia Trial
Dec 5 2023 // With Bayer facing investor pressure to resolve thousands of lawsuits over its Roundup weedkiller after being hit with $2 billion in verdicts in recent weeks, all eyes are on a trial wrapping up in Philadelphia. Plaintiffs...
US Senate Committee Wants Investigation Into Florida Citizens’ Loss Reserves
Dec 1 2023 // The chairman of the U.S. Senate’s Budget Committee has begun an investigation into Florida’s Citizens Property Insurance Corp. and how the state-created insurer plans to address potential underwriting losses...
Reinsurers Cautious About US Regional Property Cat as Storm Losses Rise: Gallagher Re
Nov 22 2023 // After a costly 2023 severe convective storm season in the US, reinsurers underwriting in the regional property catastrophe market are skeptical about providing frequency cover, but their overall appetite remains healthy,...
Reinsurers’ Earnings Rise on Lower Disaster Losses, Improved Investment Results: Fitch
Nov 21 2023 // Lower natural catastrophe losses, a better investment result and strong revenue growth in property/casualty reinsurance led to strong earnings’ increases for the four main European reinsurers in the nine month-period...
AM Best Places Florida Farm Bureau Ratings Under Review After Idalia Losses Pile On
Nov 20 2023 // AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Florida Farm Bureau Casualty Insurance Co. and...
Bayer Ordered to Pay $1.56B in Latest Trial Loss Over Roundup Weedkiller
Nov 20 2023 // A Missouri jury ordered Bayer to pay $1.56 billion to four plaintiffs who claimed the company’s Roundup weedkiller caused injuries including cancer, a verdict that could intensify investor pressure on the German...
Harvard Claims Marsh Is to Blame for Its Loss of $15M in Coverage for Admissions Fight
Nov 20 2023 // Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh,...
