Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurers Ask Court in New York to Seize, Sell Vessel to Pay $39M in Cargo Losses
Sep 29 2022 // More than 30 insurers that have paid an estimated $39 million in lost cargo claims, along with cargo owners without insurance, have asked the courts to seize and sell the Japanese vessel ONE Apus to cover their claims. The...
Citizens’ Early Estimate of $3.8B in Ian Losses; Florida OIR Suspends Use and File
Sep 29 2022 // Hurricane Ian continued to churn through central Florida Thursday morning, leaving widespread flooding and wind damage in its wake. It was too early to know the extent of property insurance claims from the storm, although...
Insurers Should Be Ready for Global Average Disaster Losses of $123 Billion: Verisk
Sep 29 2022 // The global insurance industry should be prepared for insured losses from natural catastrophes well in excess of $100 billion every year, according to the 2022 Global Modeled Catastrophe Losses Report from Verisk Extreme...
Hurricane Fiona Losses Depend on Business Interruption, Cause
Sep 22 2022 // AM Best said it expects insured losses from Hurricane Fiona in Puerto Rico to be influenced by business interruption caused by widespread power outages but losses should be manageable for the industry. “It could take...
Auto Loss Costs Not Coming Down; Bigger Rate Hikes Ahead: Allstate CEO
Sep 20 2022 // Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year. Speaking at...
U.S. P/C Records $6.3 Billion First-Half Underwriting Loss: AM Best
Sep 19 2022 // Growth in net premiums and a decline in policyholder dividends were eclipsed by losses and expenses to result in a $6.3 billion net underwriting loss for the U.S. property/casualty industry at the half-way mark of...
Fitch Rates California Earthquake Authority’s New Revenue Bonds ‘A-‘
Sep 15 2022 // Fitch Ratings assigned an ‘A-‘ rating to the $500 million revenue bond issuance by The California Earthquake Authority. According to the rating agency, the CEA’s ratings reflect a risk transfer strategy...
Underwriting No Longer Sole Path to Profit, Say Berkley Execs
Sep 9 2022 // While the days of cash flow underwriting are a distant memory for veteran insurance executives, the need for industry’s more recent “preoccupation” with underwriting profit is starting to subside, two...
Lloyd’s Has Strong H1 Underwriting Profit, but Reports Overall Loss on Investment Hit
Sep 9 2022 // While Lloyd’s reported a strong underwriting profit during the first half and its best combined ratio in five years, similar to many insurers, it saw an overall loss as a result of its investments. Underwriting...
U.S. P/C Records $6.3 Billion First-Half Underwriting Loss: AM Best
Sep 6 2022 // Growth in net premiums and a decline in policyholder dividends were eclipsed by losses and expenses to result in a $6.3 billion net underwriting loss for the U.S. property/casualty industry at the half-way mark of...
It’s Over: Lasting Underwriting Profits in U.S. D&O Market Unlikely, Fitch Says
Sep 2 2022 // Three years of soaring directors and officers liability insurance prices pushed combined ratios down to the mid-to-high 90s, but new entrants and potential claims volatility may spell trouble for underwriters in the years...
Hartford Insurance Loses Appeal of Loss of Consortium Claim It Labeled a ‘Ploy’
Aug 31 2022 // Hartford Insurance Group has lost an appeal of a $1.45 million injury settlement between an injured employee and third parties where 60% was for loss of consortium for the wife of the injured worker. Hartford maintained...
Rising Premiums, Low Catastrophe Losses Boost U.S., Bermuda Reinsurers’ H1 Profits
Aug 24 2022 // U.S. and Bermuda reinsurers reported strong operating performance for the first six months of 2022, supported by continued pricing increases in most reinsurance and specialty lines of business as well as tighter terms and...
China’s Ping An Insurance H1 Profit Rises 3.9%
Aug 23 2022 // Ping An Insurance Group Co. of China, China’s largest insurer by market value, reported a 3.9% rise in first half net profit, the first increase over this period in three years, a filing with the Hong Kong stock...
Rising Inflation to Hit Profits of European P/C Insurers: GlobalData
Aug 23 2022 // Rising inflation in Europe, which jumped to 8.9% in July 2022, the highest in 25 years, will hurt the profitability of property/casualty insurers in 2022-24, according to the London-based data and analytics company...
Insured Losses From February’s European Windstorms Estimated at €3.7B: PERILS
Aug 19 2022 // Insured losses for the European windstorm series, which affected the British Isles and continental Europe in February 2022, are estimated at €3.739 billion (US$3.8 billion), according to PERILS, the independent...
Run-off Specialist Premia Completes Loss Portfolio Transfer With Hiscox
Aug 17 2022 // Premia Holdings Ltd., the Bermuda-based run-off specialist, announced that Premia Syndicate 1884 has entered into a loss portfolio transfer agreement with Hiscox Syndicate 33. The portfolio consists of a diverse mix of...
3M Faces $100 Billion in Losses From Veterans’ Earplug Suits, Expert Says
Aug 16 2022 // 3M Co. faces more than $100 billion in losses and bankruptcy because of lawsuits brought by veterans who blame their hearing problems on faulty earplugs, according to a litigation consultant hired by lawyers suing the...
Dutch Insurer NN Group’s H1 Profit Slips on Impact of Storm Claims
Aug 12 2022 // NN Group’s core profit fell 12.1% year-on-year in the first half of 2022, the Dutch insurer said on Thursday, citing the impact of weather events and the sale of its asset management arm. Operating profit came in at...
Update: Zurich Reports 25% Increase in H1 Operating Profit, Beating Expectations
Aug 11 2022 // Zurich Insurance Group reported a better-than-expected 25% rise in operating profit in the first half on strong performance across the board and announced a bumper 1.8 billion Swiss francs ($1.91 billion) share buyback on...
