Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Caribbean Insurers’ Net Income Rebounds After 2016-2017 Hurricane Seasons: AM Best
Jun 19 2019 // An analysis of AM Best-rated property/casualty insurers based in the Caribbean found that overall net income rebounded significantly following the 2016-2017 hurricanes to $32.2 million in 2018 compared with a $4.3 million...
PERILS Buys Canada’s Catastrophe Loss & Exposure Analysis Firm CatIQ
Jun 18 2019 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has acquired Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ). Financial details of the deal were...
Officials Say Multi-Million Dollar Loss in Nine-Alarm Boston Fire
Jun 17 2019 // Authorities in Boston say a fire that started at a vacant property and spread to nearby homes likely caused millions of dollars in damages. The Boston Fire Department tweeted that the cause of Saturday evening’s...
Nobody Seems to Know Why Hail Storm Losses Suddenly Began Rising in 2008
Jun 17 2019 // In 2008, the year the stock market crashed and Barack Obama won the presidency, the U.S. was hit with a weather phenomenon little noted by anyone beyond the insurance industry. The country’s losses from hail breached...
Comparing Coverage: Umbrella and Excess Liability
Jun 17 2019 // Liability insurance protects the customer when something happens to someone else. Customers have liability exposures if they do something, sell something, have a place, go to a place or hire someone, among other...
Insured Loss Estimate for European Storm Dragi-Eberhard Rises to €798M ($898.1M)
Jun 7 2019 // PERILS AG has disclosed its second loss estimate of €798 million ($898.1 million) for windstorm Dragi-Eberhard. This estimate compares to the initial loss estimate of €740 million ($832.9 million) which was issued by...
Norsk Hydro’s Core Profit Plunges 82% After March Cyber Attack, Brazilian Spill
Jun 5 2019 // Aluminum producer Norsk Hydro, the victim of a cyber attack in March that paralyzed its IT systems, posted an 82% drop in first-quarter core profit on Wednesday and said a rise in global uncertainty could impact its...
Large Shipping Losses in 2018 Drop to Lowest Level this Century but New Risks Emerge
Jun 4 2019 // Large shipping losses declined by more than 50% in 2018 from the previous year – their lowest level this century, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review...
Supreme Court to Hear Case on Retirement Plan Losses
Jun 4 2019 // The U.S. Supreme Court will use a case involving International Business Machines Corp. to consider making it harder for workers to sue when their retirement plans lose money because the employer’s stock price...
P/C Insurance Industry’s Net Underwriting Income Up 24% in Q1, Reports A.M. Best
Jun 3 2019 // The U.S. property/casualty industry posted net underwriting income of $4.2 billion in first-quarter 2019, a 24.0% increase from the same period in the previous year, according to preliminary financial results. According to...
Hawaii Eruption Caused $94M Loss in Economic Benefit
May 29 2019 // Communities near Hawaii Volcanoes National Park lost up to $94 million in economic benefit last year compared to the previous year due to the eruption of Kilauea Volcano, officials said. The National Park Service found the...
Insurers Face Minimal Losses from Peru and Ecuador Earthquake: A.M. Best
May 29 2019 // A.M. Best said it does not foresee a major impact to the domestic insurance markets in Peru or Ecuador following a significant earthquake centered in Peru that also affected several provinces in neighboring Ecuador. On May...
Cyber MGU At-Bay Launches Excess Policy for High Revenue Clients
May 29 2019 // Cyber insurance MGU At-Bay has launched an excess cyber insurance policy for clients with up to $5 billion in annual revenue, with available limits up to $10 million. At-Bay developed this product to fulfill broker demand...
Issuer Credit Rating Outlook Revised to Stable for Church Mutual Insurance Group
May 28 2019 // AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of...
P/C Insurance Industry’s Net Underwriting Income Up 24% in Q1, Reports A.M. Best
May 21 2019 // The U.S. property/casualty industry posted net underwriting income of $4.2 billion in first-quarter 2019, a 24.0% increase from the same period in the previous year, according to preliminary financial results. According to...
Generali’s Net Profit Rises 28% in First Quarter, Boosted by Asset Sales
May 16 2019 // Generali, Italy’s biggest insurer, reported a larger-than-expected 28 percent rise in first-quarter net profit helped by asset sales, though capital ratios fell due to regulatory changes. Generali’s solvency...
Allianz Posts Q1 Net Profit of $2.21B, a Small Rise from Q1 2018
May 14 2019 // German insurer Allianz SE on Tuesday posted a small rise in net profit in the first quarter from a year earlier, marginally ahead of expectations, and confirmed its targets for 2019. Results were helped by lower claims...
Loss Estimate for Australia’s Townsville Flood Rises to A$1.041 Billion: PERILS
May 10 2019 // Insured property losses for floods that affected northern Queensland, Australia, and in particular the city of Townsville, have risen to A$1.041 billion ($727 million), according to PERILS, the independent Zurich-based...
Liberty Mutual Q1 Saw Better Underwriting Results, Strong Specialty Insurance
May 9 2019 // Liberty Mutual Holding Co. Inc. and its subsidiaries reported net income of $671 million for the three months ended March 31, 2019, an increase of $23 million or 3.5% over the same period in 2018. Consolidated net income...
Insured Losses from November 2018 California Wildfires Top $12B
May 8 2019 // Insured losses from the most destructive wildfire month in California’s history climbed $614 million in the first three months of the year, pushing total claims over $12 billion as of April, the California Department...
