Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Chubb’s Q3 Numbers: Net Income Falls on Realized Losses; P/C Profits Up 15%
Oct 26 2022 // In spite of incurring nearly $1 billion in pre-tax net losses from Hurricane Ian, Chubb reported a combined ratio of 93.1 for the third quarter of 2022, representing $710 million in underwriting income. Property/casualty...
All The Latest Insurance Company Estimates: Hurricane Ian Losses
Oct 21 2022 // Just a few days into earnings season for the third quarter, a number of carriers have published loss estimates for insurance claims from Hurricane Ian, or prewarned investors about loss figures that will dent their bottom...
Global Natural Disasters Cost Insurers $99B in Q3, With Economic Losses of $227B: Aon
Oct 21 2022 // Global natural disaster events to the end of Q3 2022 caused total economic losses estimated minimally at $227 billion – of which $99 billion was covered by public and private insurers, which means that insured losses...
The Hanover: $28M Loss From Ian as Overall Cat Losses Exceed Assumption
Oct 20 2022 // The Hanover Insurance Group on Oct. 20 released an estimate of third-quarter overall catastrophe and Hurricane Ian-related losses. Q3 catastrophe losses are expected to be about $90 million, pre tax. Estimated losses from...
Report: Hurricane Ian Farm Loss Could Reach $1.56 Billion
Oct 20 2022 // Agriculture losses in Florida from Hurricane Ian’s high winds and drenching rains could reach $1.56 billion, with citrus, cattle, vegetable and melon operations among the hardest hit, the University of Florida...
Allstate Expects Q3 Net Loss Up to $725M; Ian Caused $366M Net Loss
Oct 19 2022 // Allstate Corp said it expects to report a third quarter net loss of of between $675 million and $725 million with pre-tax catastrophe losses, net of reinsurance, of $763 million. Catastrophe losses net of reinsurance for...
Travelers Q3 Net Income Falls 31%
Oct 19 2022 // Third quarter net income at Travelers Companies dropped 31%, compared with the same period a year ago, to $454 million. The P/C insurer said net income fell due to lower core income – $526 million compared with $655...
Arch Capital Estimates Q3 Catastrophe Losses Could Hit $560 Million
Oct 19 2022 // Arch Capital Group Ltd., the Bermuda-based re/insurer, reports that its 2022 third quarter results will be negatively affected by claims from global catastrophe events such as Hurricane Ian, U.S. convective storms, Typhoon...
Swiss Re Expects Claims From Hurricane Ian to Bring Q3 Loss
Oct 18 2022 // Swiss Re forecast on Tuesday a third-quarter net loss of around $500 million after the reinsurance company absorbed preliminary claims from Hurricane Ian of approximately $1.3 billion. “While the 2022 target of 10%...
Progressive Loses A Bundle: Nearly $2.0B Gross Ian Losses; $760M Net
Oct 13 2022 // Insurer Progressive incurred nearly $2.0 billion in gross loss and loss adjustment expenses for vehicle and property claims related to Hurricane Ian, sending over $1 billion of the total to reinsurers, the company reported...
Universal Predicts $1B in Losses from Ian; HCI’s Wind Exposure Less than Irma’s
Oct 13 2022 // The parent company of Universal Property & Casualty Co., the second-largest property insurer in Florida, projects its total losses from Hurricane Ian to be about $1 billion, well below its $3 billion reinsurance...
Top U.S. Homeowners Insurers Minimally Exposed to Losses from Ian: Moody’s
Oct 12 2022 // A report from Moody’s Investors Service clearly paints Ian as a loss event for Florida-only home insurers since large, national insurers have significantly reduced exposure in the Sunshine State throughout the...
Stonybrook Capital Says Hurricane Ian Is Largest-Ever Insured Loss Event at Over $75B
Oct 12 2022 // According to Stonybrook Capital, the damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars. The advisory and investment banking firm focused on the insurance industry said the...
RMS Range of Insured Losses From Ian $53-$74B, ‘Best Estimate’ of $67B
Oct 10 2022 // Catastrophe modeler RMS chimed in on Hurricane Ian with an estimate of private-market insured losses from the storm of $67 billion. The Moody’s Analytics company said the amount was a “best estimate,” and...
Ending Florida Agency Led to More Development, Losses in Ian, Report Says
Oct 10 2022 // The shuttering of a state agency that was created to manage growth in Florida’s vulnerable coastal areas may have helped fuel the steady development that during Hurricane Ian resulted in some of the largest insured...
Florida Citrus Industry Squeezed by Hurricane Ian; Crop Insurance to Cover Some Losses
Oct 7 2022 // The waters have receded, but the stink lingers. As Emma Reynolds Ezell surveys the damage that a night of 100 mile-per-hour winds wrought on her orange groves, she just can’t get over the stench. It’s nothing...
Amended Complaint: Texas Public Adjuster Losses Nearly $8 Million
Oct 6 2022 // A public adjuster who is accused of pocketing insurance payouts intended for policyholders took a total of $7.9 million from 14 customers, including four churches, according to an amended complaint filed by the Texas...
California Tells Auto Insurers to Disclose Pandemic Profits
Oct 4 2022 // California’s insurance commissioner ordered nearly 50 auto insurers to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he says were overcharged as...
Viewpoint: Hurricane Ian, Anti-Concurrent Loss Language, and Ambiguities
Oct 4 2022 // On September 28, 2022, the nearly Category 5 Hurricane Ian made landfall in southwest Florida with maximum sustained winds clocked at approximately 150 MPH. Reports out of Lee County, Florida have been particularly...
Verisk: Up to $57B Insured Losses from Hurricane Ian
Oct 3 2022 // Insured losses from Hurricane Ian to onshore property will be between $42 billion and $57 billion, with much of the damage – $38-51 billion – coming from wind damage, according to Verisk. “Damage was more severe...
