Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Hannover Re, Parent Firm Talanx Withdraw 2020 Profit Guidance on Virus Uncertainties
Apr 22 2020 // In view of the ongoing COVID-19 crisis and the associated uncertainties surrounding both the claims development and the capital market environment, Hannover Re and its parent company, Talanx, have withdrawn their profit...
Florida Dive Shop Alleges Insurer Breach of Contract, Bad Faith in BI Denial Suit
Apr 22 2020 // A dive shop in South Florida is one of the first businesses in the state to file suit against its insurer for the denial of a business interruption claim initiated because of the current coronavirus pandemic. The lawsuit,...
Travelers Sees Q1 Profit Fall From Storms; It’s Watching COVID-19 Workers’ Comp Claims
Apr 21 2020 // Property and casualty insurer Travelers Cos. Inc. reported a 25% drop in quarterly profit on Tuesday and warned that potential claims tied to compensation coverage for furloughed and laid-off employees would hit results...
Travelers, Insured Law Firm Spar Over Civil Authority Business Income Loss Claim
Apr 21 2020 // Travelers Cos. has gone to federal court in California seeking a declaratory judgment that it is not obligated to pay any business income losses of a law firm it has insured under two business owner policies. Its law firm...
Wisconsin’s Society Insurance Hit with Lawsuits Over Coronavirus Claim Denials
Apr 20 2020 // Two lawsuits have been filed in federal court in Illinois by a group of businesses that were forced to close their operations by government authorities as a result of the COVID-19 pandemic over the denial of business...
D&O Insurance Coverage and Coronavirus: Avoiding Exclusions
Apr 20 2020 // Sometimes an article needs an introduction to put the subject in context for the reader. Sadly, no introduction is needed for the coronavirus. It will have affected everyone who reads this. Some will have suffered...
Coronavirus Will Cause ‘Massive’ Losses Across Insurance Industry, Says Allianz CEO
Apr 17 2020 // Allianz SE Chief Executive Officer Oliver Baete warned the coronavirus has upended insurers’ business models and will cause “massive” losses across the industry. The virus has forced closures across the...
Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry
Apr 16 2020 // Chubb Ltd. Chief Executive Officer Evan Greenberg has a stark warning for policy makers pushing insurers to pay out some uncovered business-interruption losses. “The insurance industry is a fundamental part of the...
Analysts See Auto Insurers’ Coronavirus Rebates As a Solid Short-Term Move
Apr 16 2020 // Auto insurers have seen something new with the coronavirus pandemic: an historic reduction in driving due to millions of customers staying home and sheltering in place. That change led to carriers issuing between $8...
Arch Capital’s Estimated COVID-19 Losses During 1st Quarter Could Hit $145 Million
Apr 16 2020 // Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million. Breaking down the total, Arch said COVID-19 claims across its property casualty insurance...
Preventing Losses Due to Growing Cyber Crime During the Coronavirus Crisis
Apr 15 2020 // Powered by InsuranceJournal.tv The insurance industry needs to spend time educating clients on how to best protect themselves as cyber criminals continue to capitalize on new vulnerabilities in the wake of the COVID-19...
Suddenly There Is Big Demand for Pandemic Cover, Says Underwriter
Apr 14 2020 // In the midst of this pandemic, insurance buyers and their brokers are looking for COVID-19 pandemic coverage, which is like buying property insurance when your house is on fire, according to Tracey Gibbons, senior vice...
Anticipated Coronavirus Claims Scenarios Across Major Coverage Lines: Viewpoint
Apr 9 2020 // As the COVID-19 pandemic has progressed over the past several months, participants in the insurance industry have recognized the likelihood of a resulting increase in claims volume. Much of the early focus has been on the...
Litigation Builds Against Insurers Over Coronavirus Business Interruption
Apr 8 2020 // Barbara Snowden dreamed of opening a wig shop to help women who’d lost their hair during chemotherapy feel better as they battled cancer. In November, she beamed at the grand opening of Hair Goals Club in the Houston...
Failure to Act on Climate Change Could Make Weather Risks Uninsurable: Swiss Re
Apr 8 2020 // Global warming will lead to growing intensity and frequency of severe weather events, rising losses, as well as greater uncertainty in the assessment of these events by the insurance industry, which could make some weather...
Canadian Insurers Hit with Lawsuit on Refusal to Pay COVID-19 Biz Income Claims
Apr 6 2020 // A class action lawsuit has been filed against Canada’s top indemnity insurers for breach of contract in their refusal to pay business interruption claims from the COVID-19 crisis. “Indemnity insurers are...
Insurers Say Forced Payouts for Excluded Virus Losses Risk Destabilizing Industry
Apr 6 2020 // World insurers told governments on Monday that making them pay out on losses suffered due to the coronavirus that were not covered by policies risked destabilizing the insurance industry. With the global economy hammered...
Losses Could Be Substantial for P/C Insurers Writing Event Cancellation Business: A.M. Best
Apr 6 2020 // Although event cancellation insurance represents a very small percentage of overall property/casualty premium, the losses for carriers that write this line of business amid the COVID-19 outbreak still could be significant,...
Lloyd’s Returns to Profit; ‘Strong Position’ to Respond to COVID-19
Apr 6 2020 // While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s return to profit was...
Coronavirus Effect on Agency Value
Apr 6 2020 // Life has changed for everyone since the lockdown of US citizens and businesses a few weeks ago by our local and federal governments. No one can really believe that in such a short time, beginning mid-March, that our lives...
