Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Natural Catastrophe Claims Cost Insurers More Than Coronavirus in First Half: Fitch
Aug 26 2020 // COVID-19-related claims were not the biggest driver of the North American property/casualty insurance industry’s overall combined ratio during the first six months of 2020. Natural catastrophes cost insurers more,...
3 Reasons COVID-19 Business Income Suits Should Not be Combined
Aug 26 2020 // Recently a U.S. Judicial Panel on multidistrict litigation denied a proposal to consolidate cases related to business income losses related to coronavirus. Read that story on Insurance Journal here. This was the right...
Michigan Sets New 30-Day Loss Benefit Amount for Personal Protection Policies
Aug 25 2020 // The Michigan Department of Insurance and Financial Services has adjusted the amount of the maximum work loss benefit and survivors’ loss benefits payable under personal protection insurance policies for the coming...
Hurricane Laura Expected to Slam Energy Coast; On Track for $5-12B in Losses
Aug 25 2020 // Hurricane Laura is poised to strengthen rapidly and come ashore along the Texas-Louisiana coast as a tree-snapping Category 3 storm, forcing residents to flee their homes despite the threat of Covid-19. Laura’s winds...
Alphabet’s Verily to Launch Insurer Focused on Employer Medical Stop Loss Market
Aug 25 2020 // San Francisco-based Verily, an Alphabet company, is creating a subsidiary, Coefficient Insurance Co., to compete in the medical stop loss market. The new business will be backed by Swiss Re Corporate Solutions, the...
How COVID-19 Could Impact Post-Hurricane Loss Inflation in Florida: AIR Worldwide
Aug 24 2020 // By the end of March 2020 people were wondering what the impact of COVID-19 on the upcoming hurricane season would be. There is no historical event to provide evidence for how the scenario might unfold, so we need to start...
Insured Losses from Hurricane Isaias $3-$5 Billion: RMS
Aug 24 2020 // Estimated total insured losses from Hurricane Isaias will be between $3.0 and $4.5 billion in the U.S. This includes estimated losses to the National Flood Insurance Program (NFIP) of between $400 and $700 million,...
Pandemic Boosted Personal Auto Insurers’ Profits in the Short-Term
Aug 24 2020 // As bad as the coronavirus pandemic has been for many insurance lines, personal automobile profits have soared thanks to reduced driving, as quarantines and shelter-at-home restrictions took hold across the United States...
Texas Insurance Agency Released from Suit by Restaurant Group Over Virus Losses
Aug 21 2020 // A federal judge in Texas has dismissed an independent insurance agency from a lawsuit brought by a Dallas restaurant group seeking reimbursement for business income losses stemming from the civil authority enforced...
Claims for Business Income Loss Due to Construction Dust Denied in Pre-COVID Case
Aug 21 2020 // In an opinion that could inform coronavirus business interruption claims now before various courts, a federal appeals court has ruled that a Florida restaurant is unable to collect on its insurance for business...
Lemonade Cites Progress Despite Loss in Its First Public Earnings Report
Aug 21 2020 // Lemonade, an insurtech selling home, renters and now pet insurance, lost money in its 2020 second quarter, according to its first earnings disclosure as a public company. That’s not a surprise, as the strategy for...
Replacement Cost and the 180-Day Limitation Myth
Aug 19 2020 // What is the best way to launch this article? I don’t know if I should say I’m itching for a fight or if it’s better to say that insurance carriers are misinterpreting coverage forms and I am trying to...
As Harvest Losses Continue, German Farmers Seek Insurance Subsidy
Aug 18 2020 // Germany’s 2020 grain harvest will fall below average for the third year in a row as farmers grapple with extreme weather conditions, the DBV farmer’s association said on Tuesday. The grain harvest this year is...
Pandemic Boosted Personal Auto Insurers’ Profits in the Short-Term
Aug 17 2020 // As bad as the coronavirus pandemic has been for many insurance lines, personal automobile profits have soared thanks to reduced driving, as quarantines and shelter-at-home restrictions took hold across the United States...
Federal Judge Advances Business Interruption Dispute Between Law Firm, Travelers
Aug 17 2020 // A federal judge in California disappointed a law firm suing Travelers Insurance over coronavirus lockdown related business interruption claims in refusing to remove its case to state court and denying its request for a...
University Insured Chinese Student Tuition Revenue Against Virus. Then COVID-19 Hit.
Aug 17 2020 // After becoming dean of the University of Illinois business school in 2015, Jeffrey Brown worried that politics or a virus would choke off a major source of revenue for his school: Chinese graduate students. So, in 2017,...
RMS Estimates Insured Losses from Hurricane Isaias at $3-$5 Billion
Aug 17 2020 // Estimated total insured losses from Hurricane Isaias will be between $3.0 and $4.5 billion in the U.S. This includes estimated losses to the National Flood Insurance Program (NFIP) of between $400 and $700 million,...
Judge Tosses Texas Barbershops’ Suit Against Insurer Over Coronavirus Losses
Aug 16 2020 // A federal judge has agreed with an insurer that a group of barbershops in the San Antonio, Texas-area have no basis for claims seeking coverage under their commercial insurance policies for business interruption losses...
Middle East Insurers Likely to Absorb Bulk of Losses from Beirut Port Blast: Sources
Aug 14 2020 // Insurers in the Middle East are expected to absorb a large part of the losses from Beirut’s explosion last week with Lloyd’s of London and other international players expected to be less exposed, insurance...
Last Year Was Among Earth’s 3 Hottest Years on Record, Climate Report Shows
Aug 13 2020 // Last year will be remembered as among the world’s hottest, while greenhouse gases reached their highest levels on record, according to the 30th annual State of the Climate report. The international annual review of...
