Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Consolidation of COVID Business Loss Suits Denied; But Grouping by Insurer Eyed
Aug 13 2020 // The legal panel on multidistrict litigation (MDL) has denied a proposal to consolidate cases brought by multiple businesses against various insurers for coronavirus-related business losses. The U.S. Judicial Panel on...
Major Reinsurers Brace for Large Losses from Beirut Port Blast
Aug 13 2020 // Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the...
Judge Allows Businesses’ Lawsuits Against Insurer Over Coronavirus Losses
Aug 12 2020 // A federal judge in Missouri said on Wednesday a group of hair salons and restaurants can sue their insurance carrier for business interruption losses caused by the coronavirus pandemic, which they say caused a...
Wetlands Loss Suits Against Oil Companies to Stay in Louisiana State Courts
Aug 12 2020 // Oil companies facing lawsuits that blame them for coastal wetlands loss in Louisiana have lost an attempt to move the suits to federal court. The 5th U.S. Circuit Court of Appeals in New Orleans on Aug. 10 upheld a...
Secondary Perils Drive Global Insured Catastrophe Losses of $31B During H1: Swiss Re
Aug 12 2020 // Global insured property losses from disasters were US$31 billion in the first half of 2020, up from US$23 billion during the same period last year, according to Swiss Re Institute’s sigma estimates. Natural...
Ralph Lauren Suit Alleges Fraud by Insurer Refusing to Cover Coronavirus Losses
Aug 11 2020 // Fashion firm Ralph Lauren Corp. is suing its insurer to recoup what it says has been a huge drop of two-thirds of its revenues in the first quarter alone due to the pandemic. Ralph Lauren Corp. (RLC) maintains that Factory...
Companies Risk Losing More Than 40% of Annual Profit on Supply Chain Shocks: McKinsey
Aug 11 2020 // Companies risk losing more than 40% of annual profit once a decade in a world threatened by trade wars, cyber attacks, pandemics and climate change, according to McKinsey & Co., which estimates the COVID-19 crisis...
Insured Losses for Europe’s Storm Sabine (aka Ciara/Elsa) Estimated at €1.6B: PERILS
Aug 11 2020 // The industry loss footprint for extratropical cyclone “Sabine” – also known as “Ciara” and “Elsa” – is estimated at €1.61 billion (US$1.9 billion), according to PERILS, the...
Marine Insurance Losses Likely to Be Under $250M from Beirut Port Blast: Carpenter
Aug 11 2020 // Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on...
Insured Losses From Hurricane Isaias Could Reach $4 Billion in U.S.
Aug 10 2020 // Hurricane Isaias likely caused $4 billion of insured losses in the U.S. and $200 million in the Caribbean, according to risk modelers at Karen Clark & Co. The estimates cover privately insured wind and storm surge...
Berkshire Insurance Units Hold Their Own While Pandemic Slams Other Buffett Firms
Aug 10 2020 // Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft...
Global Commercial Insurance Rates Up 19% on COVID-19, Other Large Losses: Marsh
Aug 10 2020 // Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the latest Global Insurance Market Index released by broker and risk adviser Marsh. The increase, the largest since the...
Allstate Reports Strong Q2 with Profit Up 49% Despite Pandemic
Aug 10 2020 // What pandemic? Allstate’s doing just fine. The giant personal lines insurer reported net income of $1.2 billion for the second quarter, an increase of 49% compared to the prior year quarter. Underwriting income...
Progressive Q2 Profit Up on Fewer Accidents; CEO Says ‘Black Lives Matter,’ Vows Action
Aug 10 2020 // “Black Lives Matter to me and they matter to us as an organization,” Progressive Corp. CEO Tricia Griffith wrote in a letter to shareholders. In the letter that was mostly commentary on second quarter results,...
Why Condominium Associations Should Consider Risk Management and Financing with Caution
Aug 10 2020 // Insurance for a condominium association is designed to finance the insurable exposures for the association. These exposures include the property and several liability exposures, including what would be covered by a...
D.C. Judge Rules For Insurer, Dismisses Restaurants’ Business Interruption Claims
Aug 7 2020 // The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus. In a case brought by the owner of several restaurants...
CNA Reports Q2 Profit Despite COVID-19, Weather, Civil Unrest Losses
Aug 6 2020 // CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to “considerable catastrophe losses” from COVID-19, civil unrest and weather-related...
Munich Re’s Q2 Net Profit Slumps 42% on COVID-Related Losses
Aug 6 2020 // German reinsurance group Munich Re posted a 42% decline in second-quarter net profit, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period. The company, which had already...
Insurer AXA, With H1 Net Income Down 40%, Warns of Future COVID-19 Shocks
Aug 6 2020 // AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39%...
AIG’s Zaffino Sees COVID-19 Creating Beneficial ‘Flight to Quality’
Aug 6 2020 // AIG President and Chief Operating Officer Peter Zaffino said that the insurer has seen accelerated rate improvements and other gains as clients react to the ongoing COVID-19 pandemic. “We believe that COVID has...
