Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
California State Fund Reports Increase in Net Income in 2018
Apr 15 2019 // California’s State Compensation Insurance Fund reported an increase of net income and written premium in its just-released annual report for 2018. Financial highlights of the 2018 annual report include: Net income of...
Markel Internal Review Finds ‘No Bad Faith’ Related to Loss Reserves Under Investigation
Apr 15 2019 // Markel Corp. said that an internal review conducted by outside counsel found “no evidence that personnel of its CATCo unit acted in bad faith in exercising business judgment in the setting of reserves and making...
Global Floods Cause $8B in Economic Losses During March: Aon Catastrophe Report
Apr 10 2019 // Damage from flooding in March 2019 is estimated at US$8 billion from events across the globe, according to Aon’s “Global Catastrophe Recap – March 2019.” “The major catastrophe events of March...
What to Know About Contingent Business Interruption Insurance
Apr 3 2019 // The steady extension of supply chains over recent decades has exposed businesses to various risks resulting from temporary interruption. These types of interruptions to a supply chain can result in significant losses, even...
Loss-Cost Reduction for Workers’ Comp Insurance Approved in Pennsylvania
Apr 2 2019 // Pennsylvania Insurance Commissioner Jessica Altman has approved a loss-cost filing, including a 12.95% reduction in loss-costs – a component in determining workers’ comp insurance rates paid by businesses. This...
How Disasters, Tax Reform Affected P/C Insurers’ Performance in 2018
Apr 1 2019 // Mainly due to above-average catastrophe losses, the aggregate financial performance of U.S. publicly traded property/casualty insurers deteriorated slightly in 2018, according to a new A.M. Best special report. The...
A Mix of Flood Insurance Reforms
Apr 1 2019 // Conservation, CarFax-Like Disclosure, Means-Test for Rates Up for Discussion The federal flood insurance program has a knack for inspiring ideas from reformers across the political spectrum on how to improve government. If...
Rates, Lower Loss Frequency, Innovation Drove Personal Auto Market Turnaround
Mar 29 2019 // After a weakened performance in 2015-2016, the U.S. private passenger auto segment has turned around as rate actions and underwriting initiatives have driven a 3.8-point year-over-year improvement in the sector’s...
Report: Farm Income Continues to Drop in Minnesota
Mar 27 2019 // A report finds Minnesota farm income continues to drop and hit a new low last year. University of Minnesota Extension and Minnesota State tracked the past 23 years of data and found after adjusting for information,...
Natural Disasters Drive £1 Billion (US$1.3 Billion) Loss at Lloyd’s During 2018
Mar 27 2019 // Lloyd’s of London reported a £1 billion (US$ 1.3 billion) loss for 2018, attributed to an above-average number of major natural catastrophes such Hurricanes Florence and Michael, Typhoon Jebi in Japan, as well as...
Analysis: Warren Buffett Champions an Inferior Product in THREE Policy
Mar 25 2019 // Warren Buffett, often ahead of the curve, sounded like a disrupter in a 2004 shareholder letter. Fifteen years ago, Buffett wrote, “Insurers have generally earned poor returns for a single reason: They sell a...
Conservation, CarFax-Like Disclosure, Means-Test in Mix of Flood Insurance Reforms
Mar 21 2019 // The federal flood insurance program has a knack for inspiring ideas from reformers across the political spectrum on how to improve government. If some of today’s reformers get their way, flood insurance will become a...
Farm Bureau: Flooding-Related Ag Losses in Nebraska Nearing $1B
Mar 20 2019 // The Nebraska Farm Bureau president says farm and ranch losses to the devastating flooding could reach $1 billion in the state. President Steve Nelson estimates $400 million on crop losses because of crops that will be...
PERILS Lowers Loss Estimate for December 2018 Sydney Hailstorms to A$633M
Mar 20 2019 // PERILS AG disclosed its second loss estimate of A$633 million (US$449.2 million) for the hailstorms which affected the greater Sydney region on Dec. 20, 2018. The estimate also includes the losses from the storm activity...
Houston-Area Chemical Blaze Intensifies After Loss of Water Pressure
Mar 19 2019 // A fire at a petrochemical storage facility that’s covered Houston in a thick pall of smoke for the past two days intensified overnight after firefighters briefly lost water pressure. Two additional storage tanks are...
Insured Property Loss for Northern Australia Floods Estimated at A$957M: PERILS
Mar 18 2019 // Initial insured property losses for floods that recently affected northern Queensland, Australia, and in particular the city of Townsville, are estimated at A$957 million, according to PERILS, the independent Zurich-based...
Alabama Tornadoes Caused Nearly $6M in Timber Losses
Mar 18 2019 // The Alabama Forestry Commission estimates timber losses caused by deadly tornadoes on March 3 at nearly $5.9 million. That’s almost $1,000 per acre of timberland damaged by two or three tornadoes in Macon, Lee and...
How Workers’ Comp Brokers Can Increase Commissions by 81%
Mar 18 2019 // Workers’ compensation brokers frequently overlook a risk-free method to nearly double their commissions while improving their client’s overall financial position. The use of a captive insurance company to...
Disabled Workers Paid Less Than Minimum Wage Sue Non-Profit for Wage Theft
Mar 14 2019 // A New Mexico non-profit that’s assembled gift bags for the Oscars and Grammys is facing a class action lawsuit brought by disabled employees who say it pays as little as 18 cents an hour. The suit is the latest to...
Italy’s Generali Beats Targets, Reports 9.4% Rise in Net Profit for 2018
Mar 14 2019 // Italy’s top insurer Assicurazioni Generali raised its dividend for 2018 after beating its business plan targets and posting growth in net and operating profits. In a statement on Thursday, the company said it was...
