Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
33 Million Homes at Risk, but New Models Aim to Better Predict Storm Surge, Losses from Hurricanes
Jun 19 2023 // About 33 million U.S. homes with a combined reconstruction cost value of $11.6 trillion are at risk of hurricane-force winds. But two new computer models promise to help property owners and insurers better predict where...
KCC Estimates June Texas Hailstorm Losses at $1B
Jun 16 2023 // The impact from a June hailstorm over Texas with baseball to softball-sized hail is expected to cause over $1 billion in insured losses, according to catastrophe modeling firm Karen Clark and Company. The storm occurred...
US P/C Records $8.2 Billion Underwriting Loss in Q1: AM Best
Jun 15 2023 // A rise in first quarter losses in the homeowners insurance line of business primarily put U.S. property/casualty underwriting results in the red, according to AM Best. The U.S. P/C industry booked a $8.2 billion...
Allstate Announces May Catastrophe Losses, Auto Rate Hikes
Jun 15 2023 // Allstate Corp. today released estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax. There were a dozen events in May causing $893 million in catastrophe losses, Allstate said, but...
Core Specialty Forms Medical Stop Loss Division With Acquisition of Texas’ American National Group
Jun 13 2023 // Core Specialty Insurance Holdings, Inc., and its subsidiaries announced today that it will form a medical stop-loss division through the acquisition of the MGU/Stop-Loss business of American National Group. The acquisition...
Branch CEO Lekas Announces Layoffs, Cites Inflation, Loss Costs
Jun 12 2023 // Branch Insurance has conducted a round of layoffs, according to a June 8 LinkedIn post by co-founder and CEO Steve Lekas. Lekas did not announce the number of employees who were let go, but cited “ongoing challenges...
New Models Aim to Better Predict Storm Surge, Insured Losses From Hurricanes
Jun 2 2023 // Two new hurricane forecast models promise to help property owners and insurers better predict the losses from storms that may be increasing in intensity as ocean waters continue to warm. The National Hurricane Center...
How Disasters and Inflation Fueled Insurance Loss Ratios in 2022
May 30 2023 // This post is part of a series sponsored by AgentSync. It’s no longer just a hypothesis that more and larger natural disasters, along with general inflation and social inflation, are driving up insurers’ claims...
Generali Confirms 2024 Targets After Q1 Profits Rise on Strong Non-Life Performance
May 25 2023 // Italy’s Generali confirmed all its 2024 business plan targets on Thursday after first quarter profits rose on a strong non-life performance which more than offsetting weakness in the insurer’s life...
U.S. P/C Industry Posts Record Q1 Underwriting Loss: S&P
May 24 2023 // An analysis from S&P Global Market Intelligence found that the finger can be pointed at personal lines carriers for most of the property/casualty industry underwriting red ink during the first quarter. The U.S. P/C...
Exxon Says Guyana Insurance Dispute Could Cut Revenue $350M/Month
May 22 2023 // Exxon Mobil Corp on Friday said an ongoing dispute over oil-spill insurance in Guyana could halt production at its first offshore platform there, cutting revenue by about $350 million per month. A Guyanese court this month...
TypTap Insurance President Talks About Insurtech’s First Profit, Future
May 19 2023 // When HCI Group’s TypTap Insurance launched in 2016, it created a buzz in the industry and some skepticism, due to the company’s plan to rely heavily on mapping technology and property data. This month,...
Broadway Theaters, Insurer Agree to End COVID-19 Business Loss Claims
May 16 2023 // An owner of Broadway theaters and Pacific Indemnity Insurance Co. have voluntarily agreed to end their remaining litigation over COVID-19 coverage claims. Under the stipulation filed May 11, each party will bear its own...
NCCI Symposium: Strong Profits for Workers’ Comp, but Medical Still a Concern
May 10 2023 // While the property/casualty insurance industry overall may have seen a slight loss in profitability in 2022, workers’ compensation continues to be the most profitable line, with a “very healthy”...
Berkshire’s Jain on GEICO Profit: ‘Don’t Take It to the Bank’
May 8 2023 // Even though Berkshire Hathaway’s GEICO achieved a 93 first-quarter combined ratio, an enviable result measured against industry peers, the leader of Berkshire’s insurance operations said the figure is not a...
Insured Losses for New Zealand North Island Floods Estimated at NZ$1.8B: PERILS
May 8 2023 // Insured losses for New Zealand’s North Island floods of Jan. 27 to Feb. 2 are estimated at NZ$1.75 billion ($1.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
Warren Buffett Predicts Earnings Decline at Berkshire Units
May 8 2023 // Warren Buffett, whose economic insights are craved for Berkshire Hathaway Inc.’s deep ties to the American economy, had a gloomy prediction for his own businesses: the good times may be over. The billionaire investor...
U.S. P/C Underwriting Profit in 2023? Not Yet, Fitch Predicts
May 8 2023 // Analysts at Fitch Ratings predict a better underwriting result for U.S. property/casualty insurers in 2023 compared to 2022, but the combined ratio is still going to hover above breakeven, according to their...
AIG Records Strongest Q1 Underwriting Results in General Insurance
May 5 2023 // American International Group said first quarter 2023 underwriting income in its general insurance segment was $502 million, “representing the strongest first quarter underwriting results AIG has achieved,” said...
The Impacts of Inflation: Uncertainty and Non-Modelled Loss
May 4 2023 // This post is part of a series sponsored by CoreLogic. Insurers affected by Hurricane Ian’s damaging path across Florida at the end of September 2022 faced operational, regulatory and statutory requirements for...
