Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Progressive to Pay $48M to New York Drivers Over Underpaid Total Loss Claims
Jul 5 2024 // Progressive Insurance has agreed to a $48 million settlement with a class of 93,000 New York policyholders who claim the insurer underpaid their total loss claims on their vehicles. The $48 million represents approximately...
California Commissioner’s Analysis Shows $7.7B in Losses From Extreme Heat Events
Jul 5 2024 // The cumulative cost of the seven heat events in California in the past decade amounted to $7.7 billion in losses, a new report shows. The analysis from California Insurance Commissioner Ricardo Lara’s office is the...
Report: Combined California Workers’ Comp Losses and Expenses Down in 2023
Jul 1 2024 // Total insurer combined losses and expenses incurred in 2023 were down, a new report shows. The Workers’ Compensation Insurance Rating Bureau of California released its report on workers’ compensation losses and...
Allstate, Nationwide Post Dramatic Q12024 Homeowners Loss Ratio Drops: S&P
Jun 28 2024 // In the topsy-turvy world of homeowners insurance, first-quarter loss ratios have been bouncing around for the last five years—from below 50 in 2020 to over 70 in 2021 and 2023, a new analysis shows. The S&P Global...
Insured Losses from Recent South Florida Floods Reaching into the Millions
Jun 21 2024 // Recent flooding in south Florida caused insured losses in the hundreds of millions of dollars, from auto and homeowners claims, Aon and AM Best reported. The Florida Office of Insurance Regulation is also reminding...
Allstate Reports May Pretax Catastrophe Losses of $1.4B
Jun 20 2024 // Allstate Corp. on Thursday reported May pretax catastrophe losses of about $1.4 billion. The Northbrook, Illinois-based insurer said 14 events contributed to nearly $1.5 billion in catastrophe losses for May, with 70%...
Businesses Do Not Have Proper Coverage for Rising Liability Losses, Says Chubb
Jun 20 2024 // An annual report from Chubb has revealed a couple of troubling trends for many businesses—the frequency and severity of large losses are up and companies are underestimating the amount of liability coverage they...
Dredger That Hit Tanker Reported Sudden Loss of Control; Oil Spill Cleanup Ongoing
Jun 18 2024 // Singapore authorities said Monday a dredger boat reported a sudden loss in engine and steering control that led it to hit a stationary cargo tanker, causing an oil spill that has blackened part of the city-island’s...
Severe Storms Caused $722M in Catastrophe Losses in May: Progressive
Jun 17 2024 // Progressive on Friday said severe storms mostly in Texas and the Midwest caused about $722 million in net catastrophe losses to the insurer. In its monthly announcement of financial results on Friday, the Mayfield Village,...
US P/C Insurers Investment Income
Jun 17 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
Mars Loses Appeal to Undo Dismissal of COVID-19 Business Loss Claims
Jun 17 2024 // Petcare, food and candy company Mars Inc. has lost its bid to revive its claims against Factory Mutual Insurance Co. for business interruption losses it incurred during the coronavirus pandemic. The Fourth Circuit Court of...
Singapore’s Income Insurance, Allianz in Talks on Potential Transaction
Jun 14 2024 // Singapore’s Income Insurance Ltd is in discussion with Allianz regarding a transaction relating to its shares in Income Insurance, it said in a statement on Friday. The company added in the statement that there is no...
Insured Flood Losses in Germany Could Range From US$2.1B to US$3.2B: Moody’s RMS
Jun 14 2024 // Insured losses from floods that hit Central Europe between Thursday, May 30 and Monday, June 3 will likely fall within the range of €2 billion to €3 billion (US$2.1 billion to US$3.2 billion), according to...
Evergrande Liquidation Lawyers Probe PwC, Others to Recoup Creditor Losses: Sources
Jun 14 2024 // Lawyers appointed by the liquidators of China Evergrande Group 3333.HK are investigating some of the property developer’s service providers including its former auditor PricewaterhouseCoopers, to potentially recoup...
Analysis: Underwriting Loss Estimates Highlight Ongoing Challenges for US P/C Industry
Jun 14 2024 // The U.S. property/casualty market sustained an estimated $21.1 billion in underwriting losses in 2023, highlighting the challenges the industry faces as a result of natural catastrophes and inflation. According to joint...
Thousands of Amazon Drivers File Arbitration Claims for Unpaid Wages, Other Losses
Jun 13 2024 // Thousands of delivery drivers filed legal claims against Amazon, alleging the company’s classification of them as independent contractors instead of employees has led to unpaid wages and other financial losses. Two...
Global Reinsurance Sector Outlook Revised to Positive on Robust Profits, Tighter T&Cs
Jun 10 2024 // The market segment outlook for the global reinsurance segment has been revised to positive from stable after the sector saw robust profit margins in 2023, according to AM Best, which attributed the sector’s improved...
Report Shows Increase in Total EV Loss Claims
Jun 7 2024 // A new report shows a jump in total loss frequency for both electric and newer internal combustion engine automobiles. Mitchell this week released its Q1 2024 trends report: Plugged-In: EV Collision Insights. The report...
Insurers Expect Major Loss Event From Floods in Southern Germany
Jun 4 2024 // Insurers are preparing for an above-average loss event as a result of floods in southern Germany. “The pictures from Bavaria and Baden-Württemberg foreshadow the worst. Our companies are already receiving many...
US Farmers Opt for Soy to Limit Losses as All Crop Prices Slump
Jun 4 2024 // Mark Tuttle planted more soy and less corn on his northern Illinois farm this spring as prices for both crops hover near three-year lows and soybeans’ lower production costs offered him the best chance of turning a...
