Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Revenue-Seeking Cyber Criminals Increasingly Target Businesses Over Individuals
Feb 2 2021 // Cyber criminals shifted away from stealing individual consumers’ information in 2020 to focus on bigger, more profitable attacks on businesses, according to a report from the Identity Theft Resource Center. The...
Cryptocurrency Crime Drops in 2020 but ‘Decentralized Finance’ Losses Rise: Study
Jan 29 2021 // Losses from cryptocurrency theft, hacks and fraud fell 57% last year to $1.9 billion, as market participants boosted security systems, but crime in the “decentralized finance” space continued to grow, a report...
Industry Underestimating COVID-19 Biz Interruption Losses: RenRe CEO
Jan 29 2021 // During an upbeat earnings call focused on how RenaissanceRe is using $1 billion of capital it raised last year in 2021, the CEO highlighted one negative development for the industry overall — inadequate estimates of...
W.R. Berkley Reports Record Q4 Net Income
Jan 28 2021 // W.R. Berkley Corp. generated record net income in its 2020 fourth-quarter and a healthy combined ratio, results that company attributed to rate hikes, bigger investment returns and ongoing underwriting...
If Tokyo Olympics Canceled, Loss for Insurers Would Be ‘Mind-Blowingly’ Big
Jan 27 2021 // LONDON — Insurers are facing a $2-3 billion loss if the Tokyo Olympics are canceled this year, amounting to the largest ever claim in the global event cancellation market, brokers say. With less than six months until the...
Brown & Brown Revenues, Profit Jump in Q4
Jan 26 2021 // Insurance agency Brown & Brown reported revenues for the fourth quarter of 2020 of $642.1 million, a jump of 10.9% or $63.1 million compared to the fourth quarter of 2019. Agency commissions and fees increased in the...
Nearly Two-Thirds of Global Catastrophe Economic Losses Unaddressed by Insurance
Jan 25 2021 // There were 416 natural catastrophe events globally in 2020 that resulted in economic losses of $268 billion – 8% above the average annual losses for this century, according to insurance broker Aon’s latest...
Travelers Insurance Profit Soared in Q4 on Fewer Claims, Investment Gains
Jan 21 2021 // Property and casualty insurer Travelers Cos. Inc. reported a jump in quarterly profit that beat analysts’ estimates on Thursday, helped by an increase in returns from investments and lower catastrophe...
How Climate Change May Affect Hurricane Risk and Losses: AIR, Brookings, AXIS
Jan 19 2021 // By 2050, climate change-related weather events will have a meaningful impact on future hurricane losses, increasing them by 20% or more and in some cases doubling them, even without any increase in the concentration of...
Deep Fake Losses to Challenge Cyber Insurers, CyberCube Warns
Jan 7 2021 // What do Ulysses and his Trojan Horse, the pickpocket Fagan in Charles Dickens’ Oliver Twist and a video of Facebook’s Mark Zuckerberg touting how his company “owns” its customers have in...
Global Risk Solutions Acquires Texas Energy Loss Specialist, R Winkler & Co.
Jan 6 2021 // Claims adjusting and environmental risk management solutions provider, Global Risk Solutions Inc., has acquired specialist energy sector adjusting and consultancy firm R Winkler & Co., based in Sugar Land, Texas. Terms...
Final Insured Losses for Australian Bushfires of 2019/2020 Estimated at A$1.866B
Jan 6 2021 // Insured losses for the Australian bushfires of 2019/2020 rose to A$1.866 billion (US$1.441 billion), according to estimates issued by PERILS, the independent Zurich-based organization that provides industry-wide...
Combined Losses from Laura and Delta Top $5B in Louisiana
Dec 22 2020 // Reported insured losses from Hurricanes Laura and Delta collectively have topped more than $5 billion as of Nov. 20, the state insurance department said. More than 236,938 claims had been reported as of Nov. 20 for the two...
Federal Court Advances COVID-19 Business Income Suit Despite Virus Exclusion
Dec 18 2020 // A federal district court in Virginia has ruled that a spa’s COVID-19-related business income loss lawsuit can move forward despite a virus exclusion in its insurance policy. The United States District Court for the...
RMS Estimates that Total Insured Losses from the 2020 Western U.S. Wildfires Will Be Between US$7bn – US$13bn
Dec 17 2020 // Latest RMS estimate includes loss from new fires that started and spread following the previous RMS loss estimate in September Newark, CA – December 15, 2020 – RMS, the world’s leading catastrophe risk solutions...
RMS Says Insured Losses from 2020 Western U.S. Wildfires $7-$13B
Dec 15 2020 // RMS estimates insured losses from the record-breaking western U.S. wildfires this season will be between $7 and $13 billion. These losses reflect estimates as of Dec. 1. The ignition of the highly damaging Glass Fire and...
German Insurtech Startup Wefox Expects Profitable 2021
Dec 15 2020 // BERLIN – German insurance technology startup Wefox expects to achieve revenue of 300 million euros ($365 million) and be profitable at the operating level next year, its founder and CEO, Julian Teicke, said in an...
Kansas Fitness Studio Sues State Over COVID-19 Restrictions, Losses
Dec 14 2020 // A Wichita fitness studio’s owner and his business are suing Kansas for compensation for being forced to shut down and reopen with restrictions this year because of the coronavirus pandemic, arguing that the state...
LDI: Proof of Loss Deadlines for Hurricane Claims in Louisiana Extended
Dec 9 2020 // Property insurance policyholders Louisiana policyholders who need to file hurricane damage claims have an more time than usual to do so under Louisiana law, according to the Louisiana Department of Insurance. In a media...
30 Major League Baseball Teams Sue insurers Over Lost Revenue Due to Coronavirus
Dec 7 2020 // Major League Baseball and all 30 of its teams are suing their insurance providers, citing billions of dollars in losses during the 2020 season played almost entirely without fans due to the coronavirus pandemic. The suit,...
