Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Most of Texas Deep Freeze $90 Billion in Losses Avoidable, Modeler Says
Feb 25 2021 // Texas’s deep freeze and power outages last week could cost as much as $90 billion in losses, and most of it could have been avoided, according to Enki Research disaster modeler Chuck Watson. Arctic cold brought ice...
AXA Reports 18% Drop in Net Income During 2020 with COVID Claims of $1.8 Billion
Feb 25 2021 // AXA reported net income of €3.16 billion (US$3.8 billion) during 2020, an 18% drop from €3.86 billion (US$4.7 billion) in full-year 2019. The combined ratio for AXA’s P/C business increased 3.2 points to 99.5%,...
Liberty Mutual Boosts Profit for Q4 and Year
Feb 25 2021 // Liberty Mutual reported net income of $162 million for the fourth quarter and $758 million for the full year 2020, versus a fourth quarter net loss of $301 million and net income $1.037 billion for full year 2019 Liberty...
Federal Flood Insurance Premiums Far From Keeping Up With Expected Losses
Feb 22 2021 // If the nearly 4.3 million residential homes (1-4 units) across the country with substantial flood risk were to be insured through the National Flood Insurance Program (NFIP), the NFIP rates would need to increase 4.5 times...
QBE Reports Full-Year 2020 Loss of $1.5 Billion; No Final Dividend Declared
Feb 22 2021 // QBE officially announced a $1.5 billion bottom-line net loss for 2020 late last week, confirming a figure the Australia-based insurance group pre-announced in late mid-December. The result represents nearly $1 billion...
Uber’s UK Court Loss Likely to Trigger More Complaints from Gig Workers Across Europe
Feb 22 2021 // Uber Technologies Inc.’s defeat in a UK legal battle over the way it treats its drivers is set to trigger a wave of complaints from workers across the region. Britain’s Supreme Court ruled Friday that Uber must...
P/C Insurers’ Net Income for 9 Months Fell 27% on Impact of Catastrophes
Feb 22 2021 // In the first nine months of 2020, net income for the U.S. property/casualty insurance industry dropped 27.5% to $35.1 billion and net underwriting gains declined to $0.3 billion, from $5.4 billion a year earlier as the...
Insurance Losses From Texas Storm May Set First Quarter Record: A.M. Best
Feb 21 2021 // Insurers could suffer record first-quarter catastrophe losses after the historic Texas winter storm, which crippled the state’s electrical grid and caused extensive property damage including collapsed roofs and...
Fitch Sees ‘Modest’ Homeowners Insurance Underwriting Loss for 2020
Feb 19 2021 // The homeowners insurance industry is poised to shift to a modest underwriting loss for 2020, reports Fitch Ratings, citing losses from natural catastrophes and managing operations amid the global pandemic. However, barring...
Swiss Re Reports Larger-Than-Expected Annual Loss of US$878 Million
Feb 19 2021 // Swiss Re swung to a larger-than-expected annual loss on Friday, pressured by $3.9 billion in claims and reserves related to the coronavirus pandemic, but declared a dividend as the reinsurer expects a return to profit in...
Allianz’ 2020 Operating Profit Drops 9.3% in First Decline Since 2011
Feb 19 2021 // FRANKFURT – German insurer Allianz posted its first fall in annual operating profit in nearly a decade on Friday on higher claims from businesses hit by lockdowns and lower demand for car and travel insurance. Operating...
Winter Storm Uri to Generate Billions in Insured Losses: Moody’s
Feb 18 2021 // The massive winter storm that barreled through the mid-section of the United States and across the South in mid-February, hitting Texas particularly hard, will generate billions in insured losses, according to commentary...
California Commissioner Wants More Group Discounts for Lower-Income Drivers
Feb 18 2021 // California Insurance Commissioner Ricardo Lara on Thursday released revised draft regulations to expand drivers’ access to group discounts. The revised draft regulations will extend discounts to previously...
New York Court Finds Insurer Not Responsible for Theater’s COVID-19 Losses
Feb 17 2021 // The Supreme Court of the state of New York, Nassau County, has dismissed a movie theater’s claims that its insurer is responsible for covering its COVID-19 related losses and that its insurance brokers were negligent...
AIG Sees ‘Continued Progress’ Despite P/C Underwriting Loss of $171 Million in Q4
Feb 17 2021 // American International Group’s property/casualty business booked a $171 million underwriting loss in the 2020 fourth quarter, barely a year after the insurer celebrated the division’s return to...
Citrus Crop Losses Expected in Texas After Deep Freeze
Feb 16 2021 // The historic cold snap that has frozen Texas this week with brutal winter weather and brought snow all the way to beaches along the Gulf of Mexico is also bringing headaches for citrus growers at the southern tip of the...
FEMA: Aid Deadline for Residential Losses from Hurricane Zeta — March 15
Feb 12 2021 // Residents in six Louisiana parishes have until mid-March to apply for Hurricane Zeta, the Federal Emergency Management Agency says. The deadline for parishes and other public entities to apply for Zeta aid has passed. The...
Finnish Insurer Sampo Books Q4 Loss on Banking Group Stake
Feb 12 2021 // Finnish financial group Sampo on Thursday reported a fourth-quarter loss as the company booked a 899 million euro ($1.09 billion) impairment charge due to a revaluation of its shares in banking group Nordea. The unexpected...
Zurich 2020 Profit Drop of 8% Reflects Pandemic, Catastrophe Claims
Feb 12 2021 // Zurich Insurance’s new capital target disappointed market expectations on Thursday, even as claims related to the COVID-19 pandemic and higher losses from natural catastrophes bit less than expected into full-year...
Texas Bill Would Mandate Business Interruption Cover for Pandemic Losses
Feb 10 2021 // A bill filed in Texas would require business interruption insurance policies to cover losses from a pandemic. Under SB 249, filed by Sen. Charles Schwertner, business interruption insurance would be required to...
