Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
There’s Plenty of Room for Improvement in U.S. Commercial Lines: Fitch
Jun 22 2020 // With an industry overall combined ratio for 2019 hovering just below 100, and individual lines like long-tail liability moving 10 points over breakeven, the U.S. commercial lines market has “plenty of room for...
Allstate: May 2020 Catastrophe Losses Mostly in Midwest, Texas
Jun 22 2020 // Allstate says severe weather events in Texas and the Midwest account for the majority of its $350 million in catastrophe losses in May 2020. Northbrook, Illinois-based Allstate Corp. has estimated catastrophe losses for...
Insurer Counters Income Loss Claims by Arguing Restaurants Operated Takeout Service
Jun 18 2020 // An insurer fighting business income claims from restaurants is arguing in part that there is no coverage because businesses were allowed to provide takeout and delivery service during lockdowns. Society Insurance, based in...
UK Insurers Cite Swedish Example in Bid to Dodge Coronavirus Biz Income Payouts
Jun 17 2020 // Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown. The strategy was raised at the...
Moody’s Assigns First-Time A3 Rating to Fosun-Backed Peak Re
Jun 16 2020 // Moody’s Investors Service has assigned an A3 insurance financial strength rating (IFSR) to Hong Kong-based Peak Reinsurance Co. Ltd. with a stable rating outlook. Peak Re’s A3 IFSR reflects its good franchise...
Reassuring Customers Part of Job for Minnesota Agent in Aftermath of Riots
Jun 15 2020 // Dan Gutlovics did a lot of virtual hand holding during the first days of the violent protests in Minneapolis and St. Paul following the death of George Floyd while in the custody of Minneapolis police on May 25. Gutlovics,...
The Debate Between Business Owners, Insurers Over Business Interruption Claims Continues
Jun 15 2020 // As the insurance industry faces litigation and questions over virus-related claim denials, it could soon be dealing with another business income hurdle due to the civil unrest that has taken place in many U.S. cities...
How COVID-19 Will Change Insurance Sales
Jun 15 2020 // An agent who is a client of mine asked me, “Do you really think any business owner is truly happy with their agent or insurance company today?” Good question. Having to tell the public over and over and over,...
What’s New Today in Producer Compensation?
Jun 15 2020 // What makes a good and motivating producer compensation model does not need to be rocket science. The key is to pay what the agency can afford to pay and for what the firm is providing the producers. Lastly, the plan needs...
Lexington Insurance Wins Texas Battle of Hurricane Harvey Deductibles
Jun 15 2020 // In a case of competing deductibles, a federal appeals court has sided with an insurer and against the owner of two Houston office buildings, holding that a larger windstorm deductible applied to flood damage caused by...
Nebraska Farm Bureau: Potential Ag Losses from Pandemic – $3.7B
Jun 12 2020 // Nebraska potentially faces nearly $3.7 billion in agricultural losses from the coronavirus pandemic if economic conditions do not improve, the Nebraska Farm Bureau said. Its estimate projects revenue losses for this...
Insured Losses from Storm Cristobal Estimated at $150 Million
Jun 10 2020 // Catastrophe modeling firm Karen Clark & Company (KCC) said on Wednesday it expects insured losses of close to $150 million from tropical storm Cristobal. Cristobal is the third named storm to form and impact the United...
Captives Can Be an Insurtech Accelerator
Jun 10 2020 // With the immense financial and operational challenges brought on by the spread of the COVID-19 pandemic, many insurers have had to dramatically cut back on insurtech funding. Insurtech solutions were starting to help...
S&P Pegs Coronavirus Losses at $15-$30B. Chief Risk Officers Think That’s Low.
Jun 9 2020 // Analysts for Standard & Poor’s Global Ratings shared a view that U.S. underwriting losses from COVID-19 would fall in the $15-$30 billion range. However, risk officers speaking at a rating agency conference last...
Guest Post: Looming Large: Liability for Flood Losses
Jun 9 2020 // Thanks to Friend of the Academy of Insurance, Joe Harringon, for this guest post. Joe is an independent business researcher and writer specializing in property and casualty coverages. He is also a regular instructor with...
Willis Towers Watson Faces Shareholder Lawsuits in U.S. Over Sale to Aon
Jun 8 2020 // There have been at least three shareholder lawsuits filed over the mega-deal that would have insurance broker Aon acquire rival Willis Towers Watson. The suits allege that Willis and its directors breached their fiduciary...
Diverging Views: Is COVID a One-Off Catastrophe or Not?
Jun 5 2020 // While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the...
Businesses Hurt First by Coronavirus Then by Looting Have New Insurance Questions
Jun 5 2020 // Al’s, a sporting-goods store tucked in Wilmington, Delaware’s small shopping district, opened during the Great Depression, weathered World War II and has been able to keep workers on the job during the...
Wisconsin Wages, Income Should Rebound in 2021, Revenue Report Says
Jun 4 2020 // Wisconsin’s income levels and wages should rebound next year after the coronavirus pandemic crippled the state’s economy, according to a report released by Gov. Tony Evers’ administration. The analysis...
Did Debate Over Business Income Insurance Just Get More Complicated?
Jun 4 2020 // As the insurance industry faces litigation and questions over virus-related claim denials, it could soon be dealing with another business income hurdle due to the civil unrest that has taken place in many U.S. cities...
