Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Catastrophe Risk Experts Estimate Up to $3B in U.S. Insured Losses from Delta
Oct 15 2020 // Two catastrophe risk and property data providers have estimated U.S. onshore insured losses from Hurricane Delta will come in at between $0.7 billion and $3 billion. Global property information, analytics and data provider...
AXIS Capital Estimates Q3 Pre-Tax Catastrophe Losses of $225M-$255M
Oct 14 2020 // AXIS Capital Holdings Ltd. announced a preliminary pre-tax net loss estimate in the range of $225 million to $255 million ($190 million to $220 million, after-tax) for third quarter catastrophes and other events. This net...
Arch Capital Group Estimates Q3 Natural Catastrophe Losses of $190M-$210M
Oct 14 2020 // Arch Capital Group Ltd. estimates its pretax third quarter natural catastrophe losses could range from $190 million to $210 million. These catastrophe events include Hurricanes Isaias, Laura, and Sally, as well as the...
Karen Clark & Co. Estimates $950M Insured Loss in U.S. from Delta
Oct 13 2020 // The catastrophe risk modeling firm Karen Clark & Co. (KCC) has estimated that the insured loss to onshore properties from Hurricane Delta will be close to $1.25 billion, which includes $950 million wind and storm surge...
The Impact of Political Risks on Businesses
Oct 13 2020 // Civil unrest incidents such as protests and riots are challenging terrorism as the main political risk exposure for companies. Recently, events such as the French “yellow vest” protests (insured losses around...
Iowa’s Derecho Crop Losses Increase by More Than 50%, Report Shows
Oct 12 2020 // A new report shows that crop loss estimates from a rare windstorm that slammed Iowa in August have increased by more than 50%. The U.S. Department of Agriculture said on Oct. 9 that the number of crop acres that Iowa...
Plaintiffs Win One, Lose One in COVID-19 BI Legal Fight
Oct 5 2020 // A federal judge in Florida late last month denied an insurer’s petition to dismiss a COVID-19 business-interruption lawsuit, while a federal magistrate judge in California threw out a similar claim. Both lawsuits...
Insurer Impact from Sally Expected to be Moderate; Losses Estimated at $1B to $3B
Oct 5 2020 // Insured losses from Hurricane Sally could reach as much as $3 billion, according to catastrophe modelers, but ratings agency Moody’s expects a moderate impact on property and casualty insurers and...
California Commissioner Asks Insurers to Cover Wildfire Losses Sans Home Inventory
Oct 2 2020 // California Insurance Commissioner Ricardo Lara is asking insurance companies help wildfire survivors by providing up to 100% of personal property coverage limits without a detailed inventory to those who suffered a total...
Sedgwick Acquires Portuguese Loss Adjusting and Claims Management Firm
Oct 1 2020 // Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has acquired Perigest, a loss adjusting and claims management company in Portugal. “The transaction represents an...
Study: 82% of Georgia Farmers Have Seen Decline in Revenue from Pandemic
Sep 29 2020 // A study conducted by the University of Georgia found that 82% of farmers in the state have seen their revenue decline due to the coronavirus pandemic. The findings released this month come from a May survey of more than...
U.S. Pension Funds Sue Allianz After $4 Billion in Coronavirus Losses
Sep 28 2020 // Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments...
2 Reasons COVID-19 Legislation is the Wrong Solution
Sep 23 2020 // Back in March and April, I gave two webinars on COVID-19 for the Academy of Insurance. If you haven’t had a chance to take those, click here to get the Academy of Insurance COVID-19 related classes. One of the topics...
Insurer Impact from Sally Expected to be Moderate; Losses Estimated at $1B to $3B
Sep 23 2020 // Insured losses from Hurricane Sally could reach as much as $3 billion, according to catastrophe modelers, but ratings agency Moody’s expects a moderate impact on property & casualty insurers and...
Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change
Sep 23 2020 // Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe...
Business Income: When a Covered Cause of Loss Occurs During a Coronavirus Shut Down
Sep 21 2020 // To analyze the business income policy’s response to the crossover of an excluded event and a covered event, we begin with the Business Income Insuring Agreement found in Insurance Services Offices (ISO’s)...
Hurricane Sally Adds to Mounting Losses in Historic Gulf Coast Storm Season
Sep 21 2020 // Hundreds of thousands of people were without power Friday along the Alabama coast and the Florida Panhandle in the aftermath of Hurricane Sally as officials assessed millions of dollars in damage that included a broken...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 21 2020 // Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
Welcome to Insurance Journal’s annual Top 20 Agency Partnerships report. This report is ranked by total property/casualty revenue for 2019.
Sep 21 2020 // Today’s Agency Partnerships are numerous and offer value and benefits to their members, including independence, growth opportunities, access to markets, profit sharing, perpetuation planning, relationships,...
NFIP’s Flood Losses Expected to Be ‘Significant’ from Hurricane Sally: AM Best
Sep 18 2020 // Hurricane Sally is not expected to cause a major insurance loss – compared to events such as the ongoing wildfires in California, Oregon, and Washington, or Hurricane Laura, according to AM Best. As the storm was more of...
