Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Insurance Industry Told to Expect Global Average Annual Disaster Loss of $106B: AIR
Oct 26 2021 // The global insurance industry can currently expect a long-run annual average loss of $106 billion and a greater than a 40% chance of experiencing an annual loss of more than $200 billion in the next decade, according to...
Munich Re Doubles Q3 Profit Despite Big Storm Losses in Europe, U.S.
Oct 20 2021 // German reinsurer Munich Re doubled its profit in the third quarter, despite big losses from storms in Europe and the United States, it said on Tuesday, but left its forecasts for the year unchanged. Profit rose to around...
Unvaccinated Employees Risk Job Losses as Employer Mandates Take Effect
Oct 20 2021 // Thousands of unvaccinated workers across the United States are facing potential job losses as a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19. In the...
Higher Investment Returns Help Offset Catastrophe, Auto Losses for Travelers in Q3
Oct 19 2021 // Third quarter profit fell 20% at The Travelers Companies due to higher catastrophe and auto losses but the insurer also reported a 15% boost in investment returns. Net income of $662 million for the third quarter compared...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 18 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
As Louisiana Port Rebuilds After Hurricane Ida, Loss of Wetlands Seen as Threat
Oct 15 2021 // On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted...
Reinsurer Natural Disaster Losses to Exceed Budget Expectations for 5th Year: S&P
Oct 15 2021 // For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion,...
Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses
Oct 15 2021 // Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax...
Biz Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report
Oct 14 2021 // During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted,...
Johnson & Wales University Sues Insurer Over Pandemic Losses
Oct 13 2021 // Johnson & Wales University is suing its insurer over financial losses caused by the coronavirus pandemic, alleging the company breached its contract because it did not allow the university to claim pandemic-related...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 12 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
U.S. Has Had 18 Weather Events Each With $1 Billion Losses Thus Far in 2021
Oct 12 2021 // Through the end of September, there have been 18 weather and climate disaster events with losses exceeding $1 billion each across the U.S. during 2021. These events include one drought/heat wave event, two flooding events,...
S. Africa Insurer Santam Loses Appeal in COVID-19 Business Income Case With Hotelier
Oct 7 2021 // JOHANNESBURG – South Africa’s Supreme Court of Appeal has ruled Santam is liable to cover the impact of COVID-19 restrictions on hotel group Ma-Afrika for 18 months, rejecting the insurer’s request for a...
July’s European Floods Generated Largest Non-U.S. Insurance Industry Loss in 2021
Oct 7 2021 // The extreme flooding event in Western Europe in mid-July generated the largest insurance industry loss figure so far this year – at current estimates of US$11.0 billion, according to CRESTA, the insurance industry...
6th Circuit Reverses Finding That COVID Orders Caused Direct Physical Loss
Oct 5 2021 // A federal appellate court reversed a rare policyholder win in a COVID-19 related business-interruption claim, once again holding that government orders that restrict the use of a property do not constitute a “direct...
Fungus Endorsement Outweighs Resulting Loss in Florida State Farm Case
Oct 5 2021 // A Florida appeals court has reversed a trial judge, finding that a homeowner’s State Farm policy did not cover damages from a septic tank leak because of a fungus endorsement on the policy. In State Farm Florida...
Whistleblower Tells Congress Facebook Puts Profits Over Safety, Urges Regulation
Oct 5 2021 // Former Facebook employee and whistleblower Frances Haugen will urge the U.S. Congress on Tuesday to regulate the social media giant, which she plans to liken to tobacco companies that for decades denied that smoking...
Revenue Hiding in Your Book of Business
Oct 4 2021 // Most independent agents overlook surety bonds as an additional product they can offer their clients. They believe surety is too much of a niche specialty. The bonds are difficult to write, and best left to larger firms,...
Catastrophe Data Firm PERILS Launches Real-Time Hailstorm Loss Platform for Australia
Oct 1 2021 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has announced the launch of a new platform providing real-time industry loss estimates for hailstorm events in...
Oklahoma to See 9.4% Drop in Workers’ Comp Loss Costs in 2022
Sep 22 2021 // The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said. Loss...
