Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Everest Re Group Estimates Q3 Catastrophe Losses of $280 Million
Oct 16 2019 // Everest Re Group Ltd. announced a preliminary pre-tax catastrophe loss estimate for the third quarter of 2019 in the amount of $280 million. This amount is net of reinsurance recoveries and reinstatement premiums, said...
Blockchain Initiative, B3i, Deploys Cat Excess of Loss Product for January Renewals
Oct 15 2019 // B3i announced it has released the latest version of its property catastrophe excess of loss (XoL) reinsurance application in time for the January 2020 renewals. The product enables customers and their counterparties to...
AXIS Capital Estimates Q3 Catastrophe Losses of Up to $175 Million
Oct 14 2019 // AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Hurricane Dorian, Japanese typhoons and other weather-related events in the range of $150 million to $175 million, net of estimated recoveries...
What Agents Should Know Before Joining an Insurance Agency Network
Oct 11 2019 // Today is a great time to be an independent agent, but running an independent agency is not easy. Without an awareness of how the industry is evolving, and having access to ongoing training and education, you may not be...
Holocaust Survivors Want Congress to Let Them Sue Insurers Over Nazi-Era Losses
Oct 10 2019 // When David Schaecter was a child in Slovakia in the 1930s, he counted more than 100 people in his extended family. By the end of World War II, he alone survived. The rest had been killed in Nazi concentration camps or by...
Arch Capital Group Expects 3rd Quarter Catastrophe Losses of Up to $75M
Oct 8 2019 // Arch Capital Group Ltd. announced it expects to report third quarter 2019 pre-tax catastrophe losses of approximately $65 million to $75 million, net of reinsurance recoveries and reinstatement premiums. These losses are...
States Suing Purdue Pharma Claim Sacklers Drew $13 Billion Profit from OxyContin
Oct 7 2019 // OxyContin maker Purdue Pharma LP steered up to $13 billion in profits to the company’s controlling Sackler family, according to U.S. states opposing efforts to halt lawsuits alleging the company and its owners helped...
Catastrophe Modelers: U.S. Insured Losses from Dorian Could Reach $1.5B in U.S.
Oct 7 2019 // Insured loss estimates for Hurricane Dorian will range from $500 million to $1.5 billion, according to catastrophe modeling firms Karen Clark & Co. and RMS. According to KCC, Dorian reached peak intensity of 185 mph...
Insured Losses from Typhoon Faxai Estimated at US$5 Billion to US$9 Billion: RMS
Sep 30 2019 // RMS, the Newark, Calif.-based risk modeling and analytics firm, has estimated that the insured loss from Typhoon Faxai will be between $5.0 and $9.0 billion (¥ 500 to ¥950 billion). This estimate includes property damage...
U.S. Private Flood Insurance: The Journey to Build a New Market
Sep 27 2019 // Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for residential flood...
Cyber Insurer Coalition Expands Coverage to Businesses With Up To $1B in Revenue
Sep 27 2019 // Coalition, an cyber insurance company focused on small- and midsize-businesses, has expanded its cyber and technology errors and omissions coverage — previously only available to companies with less than $250 million in...
Report: Louisiana Sees 13 Consecutive Quarters of Personal Income Growth
Sep 24 2019 // Data released by the Bureau of Economic Analysis (BEA) shows that Louisiana personal income grew by $2.67 billion to $224.43 billion between 2019 Q1 and 2019 Q2, a new series record. Louisiana personal income has grown for...
Workers’ Comp Loss Costs to Drop 5% in Oklahoma Next Year
Sep 24 2019 // A 5.1% percent decrease in workers’ compensation insurance loss costs in Oklahoma for 2020 has been approved by Insurance Commissioner Glen Mulready, the state insurance department announced. Loss costs are the...
Staying Profitable in an Increasingly Fragmented World: SCOR Global P&C CEO
Sep 23 2019 // There are several things that keep SCOR’s Jean-Paul Conoscente awake at night. Climate change is one of them; cyber risk is another. Only time will tell whether these risks are actually insurable, cautions...
Re/insurers Rethink Climate Change Risks as Losses Grow from Wildfires, Floods, Hail
Sep 20 2019 // By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burnt both his tractor and the shipping container where he kept some tools. His insurer...
Lloyd’s Returns to Profit in 1st Half After 2 Full Years of Losses
Sep 18 2019 // Lloyd’s of London, the world’s biggest insurance market, returned to profit in the first half after two full-year losses. The more than 300-year-old corporation made a profit before tax of 2.3 billion pounds...
Chubb Personal Auto Service Protects Insured Info for Total Loss Vehicles
Sep 18 2019 // Chubb has launched a new service designed to help personal auto clients remove sensitive electronic information from their vehicles in the event of an insured total loss. “While hands-free GPS and mobile connectivity...
Catastrophe Modelers: U.S. Insured Losses from Dorian Could Reach $1.5B in U.S.
Sep 17 2019 // Catastrophe modeling firms Karen Clark & Co. and RMS have released insured loss estimates for Hurricane Dorian, ranging from $500 million to $1.5 billion. According to KCC, Dorian reached peak intensity of 185 mph...
Insured Losses for Typhoon Faxai Estimated at US$3B-US$7B: AIR Worldwide
Sep 16 2019 // Industry insured losses from Typhoon Faxai, which made landfall in Japan on Sept. 9, will be between 340 billion Japanese yen (US$3 billion) and 740 billion yen (USD 7 billion), estimated Boston-based catastrophe risk...
When Billion Dollar Cyber Losses Strike: Guy Carpenter/CyberCube
Sep 16 2019 // As the cyber insurance market has continued its rapid growth, its loss vulnerabilities have become increasingly clear. A new report from Guy Carpenter and CyberCube Analytics has identified potential loss scenarios in the...
