Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Combined Losses from Laura and Delta Top $5B in Louisiana
Dec 22 2020 // Reported insured losses from Hurricanes Laura and Delta collectively have topped more than $5 billion as of Nov. 20, the state insurance department said. More than 236,938 claims had been reported as of Nov. 20 for the two...
Federal Court Advances COVID-19 Business Income Suit Despite Virus Exclusion
Dec 18 2020 // A federal district court in Virginia has ruled that a spa’s COVID-19-related business income loss lawsuit can move forward despite a virus exclusion in its insurance policy. The United States District Court for the...
RMS Estimates that Total Insured Losses from the 2020 Western U.S. Wildfires Will Be Between US$7bn – US$13bn
Dec 17 2020 // Latest RMS estimate includes loss from new fires that started and spread following the previous RMS loss estimate in September Newark, CA – December 15, 2020 – RMS, the world’s leading catastrophe risk solutions...
RMS Says Insured Losses from 2020 Western U.S. Wildfires $7-$13B
Dec 15 2020 // RMS estimates insured losses from the record-breaking western U.S. wildfires this season will be between $7 and $13 billion. These losses reflect estimates as of Dec. 1. The ignition of the highly damaging Glass Fire and...
German Insurtech Startup Wefox Expects Profitable 2021
Dec 15 2020 // BERLIN – German insurance technology startup Wefox expects to achieve revenue of 300 million euros ($365 million) and be profitable at the operating level next year, its founder and CEO, Julian Teicke, said in an...
Kansas Fitness Studio Sues State Over COVID-19 Restrictions, Losses
Dec 14 2020 // A Wichita fitness studio’s owner and his business are suing Kansas for compensation for being forced to shut down and reopen with restrictions this year because of the coronavirus pandemic, arguing that the state...
LDI: Proof of Loss Deadlines for Hurricane Claims in Louisiana Extended
Dec 9 2020 // Property insurance policyholders Louisiana policyholders who need to file hurricane damage claims have an more time than usual to do so under Louisiana law, according to the Louisiana Department of Insurance. In a media...
30 Major League Baseball Teams Sue insurers Over Lost Revenue Due to Coronavirus
Dec 7 2020 // Major League Baseball and all 30 of its teams are suing their insurance providers, citing billions of dollars in losses during the 2020 season played almost entirely without fans due to the coronavirus pandemic. The suit,...
Workers’ Comp Loss Cost Decrease of 9.2% Approved in Tennessee
Dec 3 2020 // Workers’ compensation rates in Tennessee are expected to decrease next year after a 9.2% overall loss cost decrease was approved. Tennessee Department of Commerce & Insurance Commissioner Carter Lawrence approved...
AXA’s Chief Risk and Investment Officer Says Biodiversity Loss Among ‘Very Top Risks’
Dec 3 2020 // AXA Group’s chief risk and investment officer, Alban de Mailly Nesle is required to ponder myriad dangers to the Paris-based insurer and its 830 billion-euro ($995 billion) asset management arm. He says one of the...
Mississippi Casino Sues Insurer Westchester for Not Paying COVID-19 Loss
Nov 23 2020 // A Mississippi Gulf Coast casino has become one of many businesses nationwide to sue its insurer for refusing to cover business losses because of the coronavirus pandemic. Island View Casino Resort in Gulfport contends in...
NTSB: Offshore Louisiana $750K Liftboat Loss Caused by Faulty Preload Procedure
Nov 20 2020 // The overturning of a liftboat servicing an oil platform in the Gulf of Mexico off the Louisiana coast was the result of an inadequate preload procedure, according to federal report. The National Transportation Safety Board...
Global COVID-19 Insurance Losses to Be Higher than Early Estimates: Lloyd’s Chairman
Nov 19 2020 // Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told...
Kevelighan: Talks with Institutes on Creating 21st Century Triple III Began Years Ago
Nov 16 2020 // Affiliating with The Institutes provides an opportunity for the industry’s Insurance Information Institute (III) to become more of a 21st Century trade association, rather than one suited for the 1950s, according to...
Zeta’s Total Onshore U.S. Insured Losses Could Rise to $5B: RMS
Nov 16 2020 // Catastrophe risk modeler RMS has estimated that insured losses from Hurricane Zeta could rise to as high as $5 billion in the U.S. That figure is slightly higher than estimates announced earlier by catastrophe modelers AIR...
Home, Pet Insurer Lemonade Bypasses Auto in Favor of Life… for Now
Nov 13 2020 // Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report this week. During an investor conference...
Italy’s UnipolSai Stays on Profit Track Despite Coronavirus Resurgence
Nov 13 2020 // UnipolSai, Italy’s second-largest insurer, confirmed its full-year targets on Friday after a 37.7% rise in nine-month earnings, despite an uncertain economic outlook caused by the resurgence of the COVID-19...
Louisiana Court Schedules Trial on First Coronavirus Business Interruption Lawsuit
Nov 12 2020 // A trial will begin Monday in what is thought to be the first lawsuit to be filed against an insurer for denying coverage for business-interruption losses caused by COVID-19 shutdown orders. Judge Paulette R. Irons ruled...
How Lloyd’s Underwriters Are Viewing Today’s U.S. Property Insurance Environment
Nov 12 2020 // While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may...
P/C Insurers Face Workforce, Risk, Policy Challenges as Pandemic Continues
Nov 9 2020 // Given that business-as-usual is unlikely to return soon due to the coronavirus pandemic, U.S. property/casualty insurers will continue to face challenges related to virus-related insurance losses and premium volume...
