Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Losses From Civil Protests May Cause Insurers to Rethink Property Coverage
Jul 8 2020 // The civil disturbance that started in Minneapolis after the killing by police of George Floyd spread to 20 other states, leading to an unprecedented property insurance catastrophe. The experience will likely impact policy...
Chubb Estimates $1.4 Billion in Q2 Global Losses Tied to Coronavirus
Jul 7 2020 // Chubb’s disclosure of second quarter 2020 global net catastrophe losses underscores the damage COVID-19 is doing to some carriers’ bottom lines. The global property/casualty insurer estimated $1.8 billion in...
Insured Losses for 2019/2020 Australia Bushfires Estimated at A$1.9B (US$1.3B): PERILS
Jul 7 2020 // The insurance industry’s loss footprint for the Australian bushfires of 2019/2020 is estimated at A$1.9 billion (US$1.3 billion), according to PERILS, the independent Zurich-based organization providing industry-wide...
Commercial Auto Insurers Report Worst Losses in Decade: AM Best
Jul 6 2020 // The U.S. commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting...
Allianz Expects to Be Back on Track with Profit Targets as COVID Crisis Subsides: CEO
Jul 2 2020 // Allianz, which is facing headwinds from the coronavirus crisis, expects to be back on track in 2021 barring a second major outbreak or financial market correction, the German insurer’s chief executive said in an...
Fort Worth P/C Insurer, Hallmark Financial, Reports $34M Loss
Jul 1 2020 // Hallmark Financial Services Inc. (HALL) has reported a loss of $34 million in its fourth quarter. The Fort Worth, Texas-based company said it had a loss of $1.87 per share. Losses, adjusted for investment gains, were $2.01...
California Workers’ Comp Bureau Paid $4.6B Medical, $3.8B Indemnity Losses in 2019
Jun 30 2020 // The Workers’ Compensation Insurance Rating Bureau of California has released its report on workers’ comp losses and expenses for 2019. Findings in the WCIRB report, 2019 California Workers’ Compensation...
U.S. Commercial Auto Insurers Report Worst Losses in Decade: AM Best
Jun 30 2020 // The U.S.commercial automobile insurance segment’s underwriting losses deepened to $4.0 billion in 2019, the segment’s worst loss in 10 years and a continuation of a decade-long trend of worsening underwriting...
U.S. Economic Losses from Severe Weather During May Topped $4 Billion: Aon
Jun 24 2020 // Severe weather outbreaks across the United States, with a lot of hailstorm damage, resulted in another costly month for insurers as a significant proportion of the US$4 billion economic cost was covered by insurance,...
Minor League Baseball Teams Sue Insurers for Coronavirus Business Income Losses
Jun 24 2020 // Fifteen U.S. minor league baseball teams on Tuesday sued several insurers for not paying out claims for business interruption losses after the cancellation of “much or all” of the league’s season as a...
Business Cyber Losses Soar but Firms Fight Back with Extra Security Spending: Study
Jun 23 2020 // Cyber losses among businesses have risen nearly six-fold during the past year, from a median cost of $10,000 per firm to $57,000, according to an international survey commissioned by insurer Hiscox. Total cyber losses...
There’s Plenty of Room for Improvement in U.S. Commercial Lines: Fitch
Jun 22 2020 // With an industry overall combined ratio for 2019 hovering just below 100, and individual lines like long-tail liability moving 10 points over breakeven, the U.S. commercial lines market has “plenty of room for...
Allstate: May 2020 Catastrophe Losses Mostly in Midwest, Texas
Jun 22 2020 // Allstate says severe weather events in Texas and the Midwest account for the majority of its $350 million in catastrophe losses in May 2020. Northbrook, Illinois-based Allstate Corp. has estimated catastrophe losses for...
Insurer Counters Income Loss Claims by Arguing Restaurants Operated Takeout Service
Jun 18 2020 // An insurer fighting business income claims from restaurants is arguing in part that there is no coverage because businesses were allowed to provide takeout and delivery service during lockdowns. Society Insurance, based in...
UK Insurers Cite Swedish Example in Bid to Dodge Coronavirus Biz Income Payouts
Jun 17 2020 // Insurers are set to argue against paying out fully on claims made by businesses forced to shut because of the pandemic, saying that shops in Sweden lost money even without a strict lockdown. The strategy was raised at the...
Moody’s Assigns First-Time A3 Rating to Fosun-Backed Peak Re
Jun 16 2020 // Moody’s Investors Service has assigned an A3 insurance financial strength rating (IFSR) to Hong Kong-based Peak Reinsurance Co. Ltd. with a stable rating outlook. Peak Re’s A3 IFSR reflects its good franchise...
Reassuring Customers Part of Job for Minnesota Agent in Aftermath of Riots
Jun 15 2020 // Dan Gutlovics did a lot of virtual hand holding during the first days of the violent protests in Minneapolis and St. Paul following the death of George Floyd while in the custody of Minneapolis police on May 25. Gutlovics,...
The Debate Between Business Owners, Insurers Over Business Interruption Claims Continues
Jun 15 2020 // As the insurance industry faces litigation and questions over virus-related claim denials, it could soon be dealing with another business income hurdle due to the civil unrest that has taken place in many U.S. cities...
How COVID-19 Will Change Insurance Sales
Jun 15 2020 // An agent who is a client of mine asked me, “Do you really think any business owner is truly happy with their agent or insurance company today?” Good question. Having to tell the public over and over and over,...
What’s New Today in Producer Compensation?
Jun 15 2020 // What makes a good and motivating producer compensation model does not need to be rocket science. The key is to pay what the agency can afford to pay and for what the firm is providing the producers. Lastly, the plan needs...
