Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Arch Capital’s Estimated COVID-19 Losses During 1st Quarter Could Hit $145 Million
Apr 16 2020 // Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million. Breaking down the total, Arch said COVID-19 claims across its property casualty insurance...
Preventing Losses Due to Growing Cyber Crime During the Coronavirus Crisis
Apr 15 2020 // Powered by InsuranceJournal.tv The insurance industry needs to spend time educating clients on how to best protect themselves as cyber criminals continue to capitalize on new vulnerabilities in the wake of the COVID-19...
Suddenly There Is Big Demand for Pandemic Cover, Says Underwriter
Apr 14 2020 // In the midst of this pandemic, insurance buyers and their brokers are looking for COVID-19 pandemic coverage, which is like buying property insurance when your house is on fire, according to Tracey Gibbons, senior vice...
Anticipated Coronavirus Claims Scenarios Across Major Coverage Lines: Viewpoint
Apr 9 2020 // As the COVID-19 pandemic has progressed over the past several months, participants in the insurance industry have recognized the likelihood of a resulting increase in claims volume. Much of the early focus has been on the...
Litigation Builds Against Insurers Over Coronavirus Business Interruption
Apr 8 2020 // Barbara Snowden dreamed of opening a wig shop to help women who’d lost their hair during chemotherapy feel better as they battled cancer. In November, she beamed at the grand opening of Hair Goals Club in the Houston...
Failure to Act on Climate Change Could Make Weather Risks Uninsurable: Swiss Re
Apr 8 2020 // Global warming will lead to growing intensity and frequency of severe weather events, rising losses, as well as greater uncertainty in the assessment of these events by the insurance industry, which could make some weather...
Canadian Insurers Hit with Lawsuit on Refusal to Pay COVID-19 Biz Income Claims
Apr 6 2020 // A class action lawsuit has been filed against Canada’s top indemnity insurers for breach of contract in their refusal to pay business interruption claims from the COVID-19 crisis. “Indemnity insurers are...
Insurers Say Forced Payouts for Excluded Virus Losses Risk Destabilizing Industry
Apr 6 2020 // World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered...
Losses Could Be Substantial for P/C Insurers Writing Event Cancellation Business: A.M. Best
Apr 6 2020 // Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant,...
Lloyd’s Returns to Profit; ‘Strong Position’ to Respond to COVID-19
Apr 6 2020 // While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s return to profit was...
Coronavirus Effect on Agency Value
Apr 6 2020 // Life has changed for everyone since the lockdown of US citizens and businesses a few weeks ago by our local and federal governments. No one can really believe that in such a short time, beginning mid-March, that our lives...
Illinois Lawsuits Challenge Society Insurance’s Coronavirus Claim Denials
Apr 3 2020 // Two lawsuits have been filed in federal court in Illinois by a group of businesses — who were forced to close their operations by government authorities as a result of the COVID-19 pandemic — over the denial of...
This Insurance Would Have Helped in Coronavirus Crisis But Nobody Bought It
Apr 3 2020 // Like everyone else, Peter Lacovara is coping with COVID-19, working at home to limit contagion to the coronavirus and stay healthy. He’s also plugging away trying to keep businesses healthy, as well. In his role as a...
Fitch Places Lloyd’s of London’s on Rating Watch Negative on COVID-19 Crisis
Apr 3 2020 // Fitch Ratings has placed Lloyd’s of London’s ‘AA-‘ Insurer Financial Strength (IFS) ratings on rating watch negative, on the uncertainty and increased risk to Lloyd’s earnings and underwriting...
How Social Inflation May Affect Coronavirus Business Interruption Losses
Apr 2 2020 // COVID-19 could produce a big increase in social inflation, according to A.M. Best. The reason: expectations that businesses will sue their insurers in an attempt to access their business interruption coverage for losses...
COVID-19 Pandemic Threatens Gulf Insurers’ Earnings: S&P Report
Apr 2 2020 // The fallout from the coronavirus pandemic and tumbling oil prices threaten the earnings of insurers in the Gulf, S&P Global Ratings said on Wednesday, possibly leading to negative rating actions. “Most insurers...
Initial Insured Losses for UK’s February Floods Estimated at £297M (US$367.8M): PERILS
Apr 2 2020 // Initial insured losses for the floods that hit the UK in February are estimated at £297 million (US$367.8 milion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe...
Munich Re Withdraws 2020 Profit Guidance on COVID-19 Uncertainties
Apr 1 2020 // Munich Re is withdrawing its profit guidance of €2.8 billion (3.1 billion) for 2020 as a result of the “great uncertainty” caused by the macroeconomic and financial impacts of COVID-19 in combination with the...
Insurance Agency Employees Making More Money But Not as Happy
Mar 30 2020 // Insurance agency personnel on average made a little more money in 2019 but they were not as happy as they were in 2018. Nearly all personnel — owners, producers and support staff — enjoyed a slight uptick in...
P/C Insurers Put a Price Tag on Uncovered Coronavirus Business Interruption Losses
Mar 30 2020 // The property/casualty industry estimates that business interruption losses from the coronavirus just for small businesses in the U.S. could be between $220-$383 billion per month — or a quarter to half of the total...
