Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Will Companies Exiting Russia Be Able to Recoup Losses With Insurance?
Mar 23 2022 // Hundreds of companies have said they are withdrawing or suspending operations in Russia after its invasion of Ukraine, from energy producer Shell Plc to carmaker Hyundai Motor Co. to PwC, a global professional services...
Arkansas Teachers Fund Agrees to $643M Settlement With Allianz Over Losses
Mar 21 2022 // A pension fund for teachers in Arkansas has settled with Allianz and dropped its lawsuit over losses in a multibillion-dollar trading debacle at the German insurer’s funds arm, according to a court document. The...
Aircraft Insurers Brace for Barrage of Russia Claims in Possibly Biggest Aviation Loss
Mar 18 2022 // Aircraft-leasing firms working to retrieve planes from Russia are set to collide with an aviation-insurance industry bracing for an unprecedented barrage of claims. Lessors of planes stuck in Russia since the onset of...
Ping An Insurance Profit Falls 29%
Mar 18 2022 // Ping An Insurance Group Co of China Ltd., the country’s largest insurer, on Friday reported its biggest annual profit fall since 2008 as the country’s property market soured, but said it expected such...
Fire Damages Cause ‘Total Loss’ to Hastings, Nebraska Downtown
Mar 16 2022 // An investigation has begun to determine what caused a fire that badly damaged several buildings in downtown Hastings. Firefighters were called just before 11:30 p.m. March 13 to a report of a fire on the awning of...
Generali Reports Record Operating Profit in 2021, as Board Battle Looms
Mar 15 2022 // Italy’s top insurer Generali, facing a power struggle over its management, said on Tuesday it posted record operating profit last year thanks to a strong contribution from all of its business segments. Generali also...
Vermont Court Sides With Ambassador Insurance in Allocation of Asbestos Losses
Mar 8 2022 // The Vermont Supreme Court has denied a bid by a manufacturer of asbestos products to bypass Vermont law in determining the allocation of losses for insurance purposes. In so doing, the Vermont court sided with Ambassador...
Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years
Mar 7 2022 // The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to the cost of commercial...
U.S. P/C Industry Grew Surplus Despite Underwriting Loss in 2021
Mar 7 2022 // Insurance rating agency AM Best said it expects the U.S. property/casualty insurance industry to record an increase in surplus in 2021 thanks to investment income and capital gains improvements despite booking an...
2021 Natural Catastrophe Losses From Major Events Reached $56.92B – Here’s Why
Mar 4 2022 // This post is part of a series sponsored by CoreLogic. When a natural catastrophe hits a community, there can be significant long-term impacts. When a large portion of the local population leaves the area during the rebuild...
ANALYSIS-Who Pays? UN Climate Report Reignites Global Fight for Compensation
Mar 4 2022 // With this week’s U.N. climate science report laying bare the staggering economic costs and losses already faced from climate change, an inevitable question arises: who should pay? Within U.N. climate negotiations,...
Arkansas Teachers Fund Agrees to $643M Settlement With Allianz Over Losses
Mar 3 2022 // A pension fund for teachers in Arkansas has settled with Allianz and dropped its lawsuit over losses in a multibillion-dollar trading debacle at the German insurer’s funds arm, according to a court document. The...
D&O Loss Ratios Unchanged by Rate Hikes; Supply Disruption to Fuel Suits
Mar 2 2022 // Directors and officers liability insurance premium rate hikes have not had the anticipated impacts on loss ratios that carriers had hoped for, AM Best reported Monday, citing the impact of social inflation on rising claims...
People Moves: Pathpoint Names Blust Chief Revenue Officer; Woodruff Sawyer Adds Urick in California
Mar 2 2022 // Pathpoint Inc. named Ralph Blust chief revenue officer and president. Blust oversees Pathpoint’s sales and underwriting operations teams. Blust has more than 35 years of insurance industry leadership. He was most...
Insured Losses From February’s Windstorms in Europe Could Reach €4.5 Billion: RMS
Mar 2 2022 // Insured losses from February’s windstorms Dudley and Eunice will likely fall between 3.0 and 4.5 billion Euro (US$3.4 and US$5.1 billion), with Germany accounting for around 40% of the total loss, according to risk...
Major Investors to Settle, End Suits Against Allianz Over Losses in Funds Collapse
Mar 1 2022 // A number of big investors on Monday filed to end their lawsuits against Allianz after a settlement was reached over their losses in a multibillion-dollar trading debacle at the German asset manager’s funds arm. The...
Berkshire’s GEICO Posts 2021 Profit Much Lower Than 2020
Feb 28 2022 // Although Berkshire Hathaway’s biggest insurance operation GEICO reported a 63 percent drop in pretax underwriting income in 2021, overall the conglomerate’s insurance and reinsurance operations saw pretax...
Ohio Supreme Court Hears Lawsuit Over Company’s COVID Losses
Feb 28 2022 // An Ohio business says its insurance company must compensate it for financial losses suffered during a pandemic-related shutdown. The insurance company refused to pay, saying its policy didn’t cover such losses. The...
Lemonade Execs Expect ‘Peak Losses’ in 2022
Feb 25 2022 // With unfavorable development and product mix changes propelling fourth-quarter and full-year loss 2021 ratios into the 90s—up 20 points over comparable 2020 periods—Lemonade guided shareholders that results will get...
Insured Losses for 2 Recent European Windstorms Estimated at €3B-€5B: Verisk
Feb 25 2022 // Insured losses due to wind from Winter Storms Dudley/Ylenia and Eunice/Zeynep will range between €3 billion and €5 billion (US$2.2 billion-$5.6 billion), the majority of which are expected in Germany, UK, and the...
