Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Guest Post: Looming Large: Liability for Flood Losses
Jun 9 2020 // Thanks to Friend of the Academy of Insurance, Joe Harringon, for this guest post. Joe is an independent business researcher and writer specializing in property and casualty coverages. He is also a regular instructor with...
Willis Towers Watson Faces Shareholder Lawsuits in U.S. Over Sale to Aon
Jun 8 2020 // There have been at least three shareholder lawsuits filed over the mega-deal that would have insurance broker Aon acquire rival Willis Towers Watson. The suits allege that Willis and its directors breached their fiduciary...
Diverging Views: Is COVID a One-Off Catastrophe or Not?
Jun 5 2020 // While reinsurers are “open for business” and insurers and reinsurers are reporting the impacts of COVID-19 as a one-off catastrophe impacting earnings rather than capital, equity markets are viewing the...
Businesses Hurt First by Coronavirus Then by Looting Have New Insurance Questions
Jun 5 2020 // Al’s, a sporting-goods store tucked in Wilmington, Delaware’s small shopping district, opened during the Great Depression, weathered World War II and has been able to keep workers on the job during the...
Wisconsin Wages, Income Should Rebound in 2021, Revenue Report Says
Jun 4 2020 // Wisconsin’s income levels and wages should rebound next year after the coronavirus pandemic crippled the state’s economy, according to a report released by Gov. Tony Evers’ administration. The analysis...
Did Debate Over Business Income Insurance Just Get More Complicated?
Jun 4 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...
Insurers Prepare for Claims as East States See Property Damage from Civil Unrest
Jun 4 2020 // Scenes that played out over the past few days in several East region states are serving as a stark reminder for the insurance industry of civil unrest that took place in New York and other U.S. states more than 50 years...
Riots in Wake of Floyd’s Death Could Become Most Costly Civil Disorder for Insurers
Jun 3 2020 // Rioting that erupted in cities across the country after peaceful protests mourning the death of George Floyd in Minneapolis may rival the 1992 Los Angeles riots to become the most costly civil disorder for insurers in...
Lexington Insurance Wins Texas Battle of Hurricane Harvey Deductibles
Jun 1 2020 // In a case of competing deductibles, a federal appeals court has sided with an insurer and against the owner of two Houston office buildings, holding that a larger windstorm deductible applied to flood damage caused by...
Pandemic-Hit Re/insurers Expect a Costly Hurricane Season – and Rates Are Rising
Jun 1 2020 // The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment...
S&P Affirms Munich Re’s ‘AA-‘ Ratings, Reflecting Sufficient Capital for COVID-19 Crisis
May 29 2020 // S&P Global Ratings has affirmed its “AA-” long-term issuer credit and financial strength ratings for Munich Re and its subsidiaries, with a stable outlook. The stable outlook reflects S&P’s view...
Lawmaker Details Federal Reinsurance for Pandemic Business Interruption, Event Losses
May 27 2020 // New York Congresswoman Carolyn Maloney has introduced the Pandemic Risk Insurance Act of 2020, a federal backstop for pandemic-related business interruption insurance modeled after the Terrorism Risk Insurance...
P/C Insurance Underwriting Profits Up 21% for Q1: AM Best Analysis
May 27 2020 // Even though unrealized capital losses pushed surplus down 9 percent from year-end 2019 for the U.S. property/casualty insurance industry, aggregate underwriting profits for first-quarter 2020 were more than 21 percent...
Property Damage – Is It Because the Government Says It Is?
May 27 2020 // Property Damage: Is it “Property Damage” Just Because a Jurisdictional Order Uses the Term “Property Damage”? Some plaintiff attorneys are almost giddy over the fact that several jurisdictions used...
French Court Orders AXA to Pay Restaurant’s COVID-19 Business Interruption Losses; AXA Vows to Appeal
May 22 2020 // A Paris court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, potentially opening the door to a wave of...
Update: Generali 1st Quarter Net Profit Plunges 84.8% on COVID-19 Investment Hit
May 21 2020 // Generali’s first quarter net profit plunged 84.8% to €113 million (US$124 million) from €744 million (US$815.5 million) reported in Q1 2019, as a result of the impact of the COVID-19 pandemic on financial...
For Third Point Re, COVID-19 Crisis Hurts, but It Celebrates 1st Underwriting Profit
May 20 2020 // Third Point Re reported a net loss of $183.6 million for the first quarter of 2020 due to COVID-19-related investment volatility – but the company still had big reasons to celebrate. For the first time since its...
P/C Insurers Back a Federal Pandemic Loss Fund But Not a Backstop Like TRIA
May 19 2020 // Property/casualty insurance carrier groups are developing a proposal for a federal program to replace revenues lost by businesses shut down during pandemics like COVID-19, but their program won’t be modeled after the...
Profits to Sink Until 2021 Second Half: Fitch
May 18 2020 // While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of...
Enforceability of Cannabis Coverage Remains Hazy
May 18 2020 // While the number of states that have legalized marijuana for medical or recreational use continues to grow, the cultivation, sale, distribution and possession of marijuana remains illegal under the federal Controlled...
