Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Target Closes Nine NYC, West Coast Stores to Stop Losses From Rising Theft
Sep 27 2023 // Target Corp. is closing nine stores in four states to stem losses from rising retail theft. One Manhattan location will be shuttered, along with two in Seattle, three in Northern California and three in Portland, Oregon,...
Florida Agriculture Losses from Idalia Reach $78M to $371M, Study Says
Sep 25 2023 // ST. PETERSBURG, Fla. (AP) — Florida agriculture losses from Hurricane Idalia are estimated at between $78 million and $371 million, with farmers also suffering widespread damage to such infrastructure as irrigation...
Allstate Records About $640M in August Cat Losses, Half From Maui Wildfire
Sep 21 2023 // Allstate reported about $641 million in August catastrophe losses from 18 events, with about half coming from the Maui wildfire. The losses for the month of August were $551 million or $435 million, after-tax, partially...
Hong Kong’s Floods to Hit Insurers’ Earnings, Could Pressure Reinsurance Renewals
Sep 18 2023 // The recent devastating floods following Super Typhoon Saola in Hong Kong and other parts of China may add further pressure to the upcoming reinsurance renewals in January, according to an AM Best commentary. The overall...
AM Best Revises US Homeowners Insurance Segment to Negative as Losses Persist
Sep 18 2023 // The U.S. homeowners insurance segment has been hit with three consecutive years of net underwriting losses as a result of above-average numbers of natural catastrophes, inflationary pressures and elevated reinsurance...
Clorox’s First-Quarter Results Could See ‘Material Impact’ From Cyber Attack
Sep 18 2023 // Pine-Sol maker Clorox said on Monday its first-quarter results could see a “material impact” from a cybersecurity attack last month that damaged portions of its IT infrastructure and caused widescale disruption...
Challenging Market, Elevated Claims, but Reinsurers’ Profits Return: Reports
Sep 18 2023 // Despite extremely challenging conditions, with persistent and elevated claims activity, the global reinsurance segment returned an underwriting profit in 2022, according to an AM Best report. “Reinsurers generally...
USDA Expands Whole Farm Revenue Protection, Micro Farm Insurance Plans
Sep 14 2023 // The U.S. Department of Agriculture’s Risk Management Agency (RMA) announced changes to the Whole Farm Revenue Protection (WFRP) and Micro Farm Insurance plans in an effort to increase participation and access to crop...
Wait ‘Til 2025: The Hartford Won’t See Auto Profit Next Year
Sep 12 2023 // Even after putting through 20% rate hikes over the course of this year, The Hartford needs another round of similar magnitude next year, the insurance company’s leader said recently. The Hartford’s auto book...
Markets/Coverages: US Cyber Industry Loss Index Launched by Perils, CyberAcuView
Sep 12 2023 // A U.S.-focused Cyber Industry Loss Index has been launched by Zurich-based Perils and CyberAcuView, an independent U.S.-based organization formed by leading cyber insurers, to keep capital flowing in the cyber insurance...
First-Half P/C Underwriting Loss Just $2B Shy of Loss for All of 2022
Sep 12 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 a new AM Best...
Insurance Industry Should Expect $100 Billion in Catastrophe Losses Every Year: Verisk
Sep 11 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 at least $100 billion every year, according...
Non-Life Insurers’ Profits to See Boost From Higher Rates
Sep 11 2023 // Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on...
Loss Trends for Severe Convective Storms
Sep 7 2023 // Loss trends for severe convective storms (SCS) have increased over the past 15 years and even more during the past five years, according to Dan Dick, global head of Catastrophe Management at Aon. “What’s...
Reinsurers’ Performance Keeps Improving on Underwriting Profits, ROE: Gallagher Re
Sep 6 2023 // Reinsurers reported “a robust increase” in their capital base, improved underwriting profits as well as higher returns on equity and investment income, according to a Gallagher Re report. The reinsurance...
RMS, Verisk Weigh in With Insured-Loss Estimates in Low Billions of Dollars From Idalia
Sep 5 2023 // Moody’s RMS and Verisk on Monday each released insured loss estimates for Hurricane Idalia. RMS estimated total private market insured losses from Idalia to be between $3 billion and $5 billion, with a best estimate...
Rate Hikes Not Bringing Profit to US Auto Insurers: Fitch
Sep 4 2023 // Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market...
About $2.2B Insured Losses From Hurricane Idalia, Says KCC
Sep 1 2023 // Though it made landfall as a Category 3 storm, Hurricane Idalia impacted an are of low population and is expected to cause private insured losses of about $2.2 billion, according to catastrophe modeler Karen Clark &...
Early Estimates Put Idalia’s Insured Losses at $3-9 Billion for Florida
Aug 31 2023 // Preliminary estimates of insured losses from Hurricane Idalia have already begun, with about $9 billion in losses predicted for Florida alone. The estimates are far lower than some in Florida had feared and well below the...
KCC Estimates Storm Hilary Caused Nearly $600M in Insured Losses
Aug 28 2023 // Catastrophe modeler Karen Clark & Co. said privately insured losses in the U.S. from Hurricane Hilary will be near $600 million. Once a Category 4 storm, Hurricane Hilary weakened to a tropical storm before it made...
