Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Chubb Q3 Net Income Increases 158% to $2 Billion
Oct 25 2023 // Third quarter net income at Chubb Ltd. shot up to $2.04 billion, an increase of nearly 158% over last year’s $792 million during the same quarter. Chubb’s P/C underwriting income was up about 84% to $1.3...
Munich Re Lifts Target as Lower-Than-Expected Claims Fuel Profit
Oct 24 2023 // Munich Re raised its profit target for the year as lower-than-expected claims helped push earnings in the third quarter past analysts’ estimates. The reinsurer said it expects a profit of €4.5 billion ($4.8...
Q3 Net Income Up 45.7% at W.R. Berkley as it Handles Unabated ‘Burn’ of Social Inflation
Oct 24 2023 // Third quarter net income at W.R. Berkley Corp. increased nearly 46% compared to the same period last year to about $334 million. The Greenwich, Connecticut-based insurer’s consolidated combined ratio for the quarter...
Insured Losses From Severe Convective Storms in US Top $50B for 1st Time: Aon
Oct 20 2023 // Insured losses from severe convective storms in the United States continued to increase during the third quarter, surpassing the $50 billion mark for the first time on record and accounting for roughly 60% of all global...
Allstate Says Q3 Catastrophe Losses Were $1.2 Billion
Oct 19 2023 // Allstate Corp. today reported September catastrophe losses of $317 million and total catastrophe losses for the third quarter of about $1.2 billion pretax. Seventeen events in September resulted in catastrophe losses of...
The Hanover Expects $196M in Q3 Catastrophe Losses
Oct 19 2023 // Ahead of its third quarter earnings announcement early next month, The Hanover Insurance Group released a preliminary estimate of catastrophe losses of nearly $196 million primarily from multiple convective storms in the...
Travelers Q3 Net Income Down 11% on Catastrophe Losses, Reserve Development
Oct 18 2023 // Third quarter net income at Travelers Cos. fell 11% compared to the prior-year quarter to $404 million on higher catastrophe losses and unfavorable reserve development. As one of the first insurers to report quarterly...
Kids Suing Social Media Over Addiction Find a Win Amid Losses
Oct 16 2023 // Minors and parents suing Meta Inc.’s Facebook and other technology giants for the kids’ social media platform addictions won an important ruling advancing their collection of lawsuits in a California court. A...
Progressive Q3 Earnings Skyrocket as Combined Ratio Gets Closer to Goal
Oct 16 2023 // Progressive Corp. posted significant improvement in third quarter earnings late last week – with net income of $1.12 billion compared to $124.1 million a year ago during the same period. Progressive gave a snapshot of...
Insurers Prioritizing Profit Over Growth: Exec Survey
Oct 13 2023 // Nearly half of 400 insurance executives responding to a recent survey said their current priorities center on improving profitability rather than growing their businesses. Forty-eight percent of participants reported they...
AIG Makes Leadership Promotions for ‘Next Phase of Profitable Growth’
Oct 12 2023 // American International Group (AIG) on Oct. 11 announced three significant appointments within its executive leadership team. David McElroy, currently chief executive officer of General Insurance, will assume a newly...
Global Economic Losses From Extreme Weather Could Hit $5 Trillion: Lloyd’s
Oct 11 2023 // Global economic losses could reach $5 trillion under a “plausible increase” in extreme weather events linked to climate change that cause crop failures and food and water shortages, insurance marketplace...
Aon Estimates Losses From September Flooding in New York City Area
Oct 11 2023 // The severe weather in New York City and other spots around the country in late September could end up costing hundreds of millions of dollars in economic and insurance losses, according to global insurance broker...
Economic Losses From China Disasters Reach $42B in First Nine Months of 2023
Oct 10 2023 // China suffered direct economic losses of 308.29 billion yuan ($42 billion) over the first nine months of 2023, the government said, from natural disasters such as torrential rains, deadly landslides, freakish hailstorms...
Commercial Auto Up Against Persistent Headwinds to Underwriting Profit
Oct 4 2023 // Underwriting losses in U.S. commercial auto have returned to pre-pandemic levels and rate increases have not been enough to keep up with severity trends. “The liability component has been more problematic than the...
Is Industry Prepared? Hail, Convective Storms, Population Now Driving Billions in Losses
Oct 4 2023 // Hurricanes in the East. Wildfires in the West. Those are the big disasters that grab the headlines and are driving property insurance costs and cancellations, to a large degree, right? Yes, but insurers also are seeing a...
Insurance Industry Should Expect $130 Billion in Catastrophe Losses Every Year: Verisk
Oct 2 2023 // Total global insured losses from natural catastrophes of more than $100 billion a year may be less newsworthy than in the past. In fact, the industry should expect loss totals of much more than that every year, according...
First-Half P/C Underwriting Loss Just $2B Shy of Loss for All of 2022
Oct 2 2023 // The total net underwriting loss of $24.5 billion for the U.S. property/casualty industry after the first six months of 2023 is $2 billion less than total losses recorded for all of 2022, according to AM Best. Catastrophe...
Texas Comptroller: State Revenue Driven by Increasing Insurance Premiums
Sep 29 2023 // When Texas lawmakers meet next month for a special session on funding public education, they will have more money available to them to spend than they anticipated when they passed the state’s $321.3 billion budget...
EU Probes Anesthesia Complication for New Weight-Loss Drugs
Sep 29 2023 // European authorities are investigating whether popular weight-loss and diabetes drugs including Novo Nordisk A/S’s Wegovy may be linked to complications during anesthesia. The European Medicines Agency’s safety...
