Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Texas OKs NCCI’s Workers’ Comp Loss Cost Filing Effective July 1
Apr 6 2021 // The National Council on Compensation Insurance’s (NCCI’s) advisory loss cost filing for Texas with an effective date of July 1, 2021, has been accepted by state insurance regulators. The Texas Department of...
London Market Insurers’ 2020 Profits Canceled by COVID-19 but Rates Are Rising
Apr 1 2021 // Pandemic-related losses in 2020 were substantial for London market insurers and offset most underwriting and investment returns, according to a report published by Fitch Ratings. The main drivers of losses were event...
K2 Insurance Services Acquires Montana’s Loss Run Pro
Apr 1 2021 // K2 Insurance Services, based in San Diego, Calif., has invested in Loss Run Pro LLC, headquartered in Missoula, Montana. LRP, founded in early 2020 by Reghan Brandt, was a participant in BrokerTech Ventures’ (BTV)...
Australia’s Floods to Hit Insurers’ Earnings, Put Upward Pressure on Reinsurance Rates
Mar 31 2021 // Insured losses from Australia’s March floods are expected to hit general (or property/casualty) insurers’ underwriting margins and earnings in 2021, while putting more upward pressure on reinsurance rates,...
Lloyd’s Expects Large Loss from Suez Canal Blockage
Mar 31 2021 // The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion)...
Caesars in Nevada Puts Pandemic Losses At $2B, Wants Insurers to Pay
Mar 29 2021 // Casino giant Caesars Entertainment Inc. is putting its losses because of the coronavirus pandemic in 2020 at more than $2 billion, and is suing a long list of insurance carriers it accuses of balking at paying its business...
Suez Canal Blockage Likely to Bring Large Losses for Global Reinsurers: Fitch
Mar 29 2021 // The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, according to Fitch Ratings. This event will reduce global reinsurers’...
Bail Bond Insurance Industry Spends to Defend Profitable Business Against Critics
Mar 26 2021 // Insurance companies have spent $17 million to defeat proposals to weaken or abolish the for-profit bail industry in the United States, a system that brings insurers $15 billion in business a year, according to a Reuters...
Industry Loss Reserves Redundant by $28 Billion: Assured Research
Mar 24 2021 // Analysts at Assured Research delivered some surprises in a report on property/casualty insurance industry loss reserves Monday, finding that reserves are $28 billion redundant and predicting that some hard market pricing...
Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 22 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Florida Insurers Sustain ‘A’ Ratings, For Now, As 2020 Industry Losses Top $1.5B
Mar 17 2021 // Ratings agency Demotech has affirmed the ‘A’ ratings of the Florida homeowners carriers it rates, which account for approximately 66% of the state’s market, after review of 2020 year-end and projected Q1...
Disaster Loans Available for Drought Losses in Arizona Counties
Mar 16 2021 // The U.S. Small Business Administration has announced that small non-farm businesses in all 15 counties in Arizona may apply for low-interest federal disaster loans to offset economic losses from drought. Eligibility...
Insurers Face Disputes with Their Reinsurers over UK COVID-19 Business Income Claims
Mar 11 2021 // Top insurance companies, ordered by Britain’s highest court to pay thousands of small businesses millions of pounds in claims for COVID-19 disruption, are facing a battle with reinsurers over who should foot the...
Total Pandemic Losses for P/C Insurers Will Take Years to Determine: Fitch
Mar 10 2021 // Incurred pandemic losses for U.S. property/casualty insurers increased only modestly in fourth quarter of 2020 from earlier quarters in the year. Still, the amount of ultimate losses remains unclear and will take several...
Fitch Sees 2020’s Personal Auto Insurer Profits as Unsustainable
Mar 8 2021 // Highly profitable sub-90 personal auto combined ratios recorded by 10 publicly traded property/casualty insurers in 2020 don’t look anything like the 106 recorded in 2016. But they’re headed in that direction,...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Mar 8 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
AccuWeather Raises Texas Damage, Loss Estimate from Winter Storm to $130B
Mar 5 2021 // Damage costs and economic losses from the intense winter storm that hit the country in mid-February may rise to as much as $130 billion in Texas alone, according to AccuWeather. That figure is up from the $50 billion to...
Greensill Capital’s Funding Crisis Could Lead to Losses for Insurers, Banks: Analysis
Mar 4 2021 // LONDON – A funding crisis at Greensill Capital could spill over to some of its high-risk borrowers and lead to losses for insurers and banks that have done business with the UK-based supply chain finance firm if its...
Startup Auto Insurer Root Reports $363M Loss in 2020; Will Spend to Grow in 2021
Mar 4 2021 // Root Inc.’s second earnings report as a public company reveals that the digital auto insurance startup continues to lose substantial amounts of money but it is generating substantial premium and customer growth...
Hiscox Cites Loss on COVID, BI Dispute ‘Brand Damage’; Will Alter Liability, Cyber Books
Mar 3 2021 // British insurer Hiscox reported a big loss for 2020 after a jump in claims from businesses disrupted by the COVID-19 pandemic and also faces “brand damage” from a legal dispute over policy wordings for...
