Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Sedgwick Acquires Portuguese Loss Adjusting and Claims Management Firm
Oct 1 2020 // Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has acquired Perigest, a loss adjusting and claims management company in Portugal. “The transaction represents an...
Study: 82% of Georgia Farmers Have Seen Decline in Revenue from Pandemic
Sep 29 2020 // A study conducted by the University of Georgia found that 82% of farmers in the state have seen their revenue decline due to the coronavirus pandemic. The findings released this month come from a May survey of more than...
U.S. Pension Funds Sue Allianz After $4 Billion in Coronavirus Losses
Sep 28 2020 // Pension funds for truckers, teachers and subway workers have lodged lawsuits in the United States against Germany’s Allianz, one of the world’s top asset managers, for failing to safeguard their investments...
2 Reasons COVID-19 Legislation is the Wrong Solution
Sep 23 2020 // Back in March and April, I gave two webinars on COVID-19 for the Academy of Insurance. If you haven’t had a chance to take those, click here to get the Academy of Insurance COVID-19 related classes. One of the topics...
Insurer Impact from Sally Expected to be Moderate; Losses Estimated at $1B to $3B
Sep 23 2020 // Insured losses from Hurricane Sally could reach as much as $3 billion, according to catastrophe modelers, but ratings agency Moody’s expects a moderate impact on property & casualty insurers and...
Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change
Sep 23 2020 // Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe...
Business Income: When a Covered Cause of Loss Occurs During a Coronavirus Shut Down
Sep 21 2020 // To analyze the business income policy’s response to the crossover of an excluded event and a covered event, we begin with the Business Income Insuring Agreement found in Insurance Services Offices (ISO’s)...
Hurricane Sally Adds to Mounting Losses in Historic Gulf Coast Storm Season
Sep 21 2020 // Hundreds of thousands of people were without power Friday along the Alabama coast and the Florida Panhandle in the aftermath of Hurricane Sally as officials assessed millions of dollars in damage that included a broken...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 21 2020 // Even before the coronavirus crisis hit, the reinsurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price...
Welcome to Insurance Journal’s annual Top 20 Agency Partnerships report. This report is ranked by total property/casualty revenue for 2019.
Sep 21 2020 // Today’s Agency Partnerships are numerous and offer value and benefits to their members, including independence, growth opportunities, access to markets, profit sharing, perpetuation planning, relationships,...
NFIP’s Flood Losses Expected to Be ‘Significant’ from Hurricane Sally: AM Best
Sep 18 2020 // Hurricane Sally is not expected to cause a major insurance loss – compared to events such as the ongoing wildfires in California, Oregon, and Washington, or Hurricane Laura, according to AM Best. As the storm was more of...
What to Expect in 2021: Reinsurance Market Moving From ‘Timid’ to ‘Hard’
Sep 18 2020 // Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a...
Moody’s Says Property/Casualty Insurers Face Significant Losses from Western Wildfires
Sep 17 2020 // Dozens of wildfires raging in California, Oregon, Washington and other Western states have resulted in loss of life, damaged or destroyed about 9,657 homes and commercial structures and burned more than 5 million acres,...
Tracking Tool Spotlights Repetitive Flood Loss Homes Receiving U.S. Taxpayer Funds
Sep 15 2020 // Passaic County in New Jersey is not in the hurricane belt nor is it on the banks of a major river, and yet 810 properties there received $170 million of taxpayer money through the National Flood Insurance Program (NFIP)...
Reinsurers Enter January Renewals, Focusing on Underwriting Discipline: Carpenter, Aon
Sep 14 2020 // Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds,...
Lloyd’s Underlying Underwriting Results See ‘Huge Improvement’ Despite COVID Losses
Sep 11 2020 // While Lloyd’s overall results in the second half were hit by £2.4 billion ($3.12 billion) of COVID-19 claims, the market’s underlying underwriting performance saw a “huge improvement,” which Chief...
Munich Re to Stop Selling Pandemic Business Coverage
Sep 11 2020 // Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half. “We are currently...
Fitch’s Reinsurance Outlook Remains Negative, Despite Entry into Hard Market Phase
Sep 11 2020 // Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates. The good news for companies,...
Hurricane Irma’s ‘Last Gasp’: 3-Year Claims Deadline Put to the Test
Sep 10 2020 // It’s been 3 years since Hurricane Irma made landfall in Florida as a Category 4 storm, and the trail of damage left in its wake is still being felt across the state today, particularly by the insurance industry as it...
Lloyd’s Reports First Half Loss of $520M on COVID-19 Insurance Claims
Sep 10 2020 // Lloyd’s of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday. Insurers around the world...
