Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Plaintiffs Suffer Another Loss in Michigan COVID-19 Business Interruption Suit
Sep 9 2020 // Another federal court has dismissed a COVID-19 business interruption lawsuit, finding that a closure order does not constitute a covered “direct physical loss” and that the policy excluded damages caused by...
N.H. Approves Reduced Workers’ Comp Voluntary Loss Costs
Sep 9 2020 // The New Hampshire workers’ compensation insurance market will continue to experience historically low rates in 2021, according to a press release issued by the New Hampshire Insurance Department. This comes after the...
Reinsurance Sector Can Expect More Negative Rating Actions over Next Year: S&P
Sep 9 2020 // Despite the global reinsurance sector’s “robust capital position” and “very high rate rises,” which are expected to “carry on for the remainder of year, and continue for major renewals...
Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market
Sep 9 2020 // Even before the coronavirus crisis hit, the re/insurance 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...
Munich Re Expects Beirut Losses of €100 Million; Sees Slowdown in COVID-19 Losses
Sep 8 2020 // Munich Re said it faces claims of at least 100 million euros ($118 million) stemming from the deadly explosion that ravaged much of downtown Beirut last month. The German reinsurer said losses in the “low...
Property/Casualty Insurance First-Half Underwriting, Net Income Drops Tied to COVID
Sep 7 2020 // U.S. property/casualty insurance underwriting income dropped 5.5% in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19 costs are...
Defendants in Separate COVID-19 Business Interruption Suits Score Wins in Texas Courts
Sep 7 2020 // Rulings in two lawsuits originating in Texas over business income losses related to the COVID-19 pandemic were handed down in August in favor of insurance firms. In one, an insurance agency was added to a restaurant...
Owners Say Insurance Inadequate to Cover Demolition of Riot-Destroyed Buildings
Sep 4 2020 // Some commercial property owners whose businesses were torched by rioters are learning that they don’t have enough insurance to clear away the debris. The StarTribune newspaper reported that many property owners in...
Federal Judge Dismisses Florida Dentist’s Coronavirus Business Interruption Claim
Sep 4 2020 // A federal judge in Florida has dismissed a suit for business interruption insurance payments by a Florida dentist who claimed the damages were caused by COVID-19 virus and related civil authority shutdowns of dental...
Insurers, Covid-Hit Businesses May Be at Odds Over Interruption Claims for Disasters
Sep 4 2020 // As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged...
Unrest Causes $2M in Insured Losses to City Property in Kenosha, Wisconsin
Sep 2 2020 // Damage to city-owned property from violence that erupted over the police shooting of Jacob Blake in Kenosha is estimated at nearly $2 million so far, a city official said. The city’s public works director, Shelly...
Cat Risk Modelers Air Worldwide, KCC Release Laura Insured Loss Estimates
Aug 31 2020 // Estimates for insured property losses associated with Hurricane Laura by catastrophe risk modeling firms Air Worldwide and Karen Clark and Co. (KCC) are similar — both fall into the $8 billion range — but they are not...
Insurer Travelers Overcomes California Restaurant’s COVID-19 Business Loss Claim
Aug 31 2020 // A federal court in California has dismissed a lawsuit filed by a Los Angeles restaurant seeking business interruption losses from Travelers Indemnity due to coronavirus-related restrictions on its business. Judge Stephen...
Insured Loss for UK’s February Floods Estimated at £375 Million
Aug 31 2020 // The updated estimate of the insured property market loss for floods that hit February 9 to 29, 2020, across the United Kingdom is £375 million. PERILS, the independent Zurich-based organisation providing industry-wide...
CoreLogic Estimates Hurricane Laura Insured Losses at $8B to $12B
Aug 28 2020 // Property information, analytics and data provider, CoreLogic, has estimated residential and commercial insured losses from Hurricane Laura in Louisiana and Texas will come in at between $8 billion and $12 billion. That...
China’s Ping An Reports Steady Results for First Half
Aug 28 2020 // Ping An Insurance Company of China announced its 2020 interim results for the six month period ended June 30, 2020. The integrated financial services company said it maintained steady business performance in the period by...
Insured Pandemic Losses ‘Manageable’ as Earnings’ Event, Not a Capital Event
Aug 28 2020 // While COVID-19 losses are large and significant for the insurance sector, they are an earnings’ event, rather than a capital event, according to report issued by Hyperion X, the data and analytics division of...
Pricing Is Only Bright Spot in ‘Anemic’ Earnings Picture for Reinsurers: Moody’s
Aug 27 2020 // Even though investment returns rebounded from first-quarter levels during the second quarter of 2020, claims from COVID-19 created an “anemic earnings” picture for global reinsurers, Moody’s Investor...
Analysts Warn of Effects of Hurricane Laura Losses on P/C Insurers
Aug 27 2020 // Ratings analysts A.M. Best and Moody’s are expecting property/casualty insurers and reinsurers to suffer meaningful losses from Hurricane Laura. A.M. Best expects losses from Hurricane Laura to place added stress on...
P/C Insurance First-Half Underwriting, Net Income Drops Tied to COVID
Aug 27 2020 // U.S. property/casualty insurance underwriting income dropped 5.5 percent in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19...
