Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Assessing Wildfires’ Impact on P/C Insurers’ 2018 Results
Dec 20 2018 // Fitch Ratings said it expects the November wildfires in California to have some but not great impact on property/casualty insurers’ year-end results and it anticipates limited or no rating actions due to the fires....
Global Insured Losses From Disasters at $79 Billion in 2018: Swiss Re Sigma Estimate
Dec 18 2018 // According to preliminary sigma estimates from Swiss Re, total economic losses from natural and man-made catastrophes in 2018 declined to USD $155 billion from USD $350 billion in 2017. Global insured losses are estimated...
Massive Fire Destroys 28K Square-Foot Kansas Warehouse; Loss Tagged at $1.6M
Dec 17 2018 // Authorities say a massive fire has destroyed a 28,000 square-foot warehouse in a Wichita, Kansas, suburb. Television station KSNW reports that the fire at the Park City warehouse was reported around 9 p.m. on Dec. 14....
Allstate’s Shares Fall Under Weight of Wildfire Losses
Dec 17 2018 // Allstate Corp. tumbled for nine straight days, the longest string of losses since 2001, as coverage costs from the deadliest fires in California’s history are tallied. The company seemed to have “out-sized...
9 Month Results Show U.S. P/C Insurance Pivot to Big Profit: A.M. Best
Dec 17 2018 // The U.S. property/casualty insurance industry’s net underwriting income has so far swung from a massive loss in 2017 to substantial profit, according to an A.M. Best report. Carriers booked $3.5 billion in net...
ICT: Central Texas October Flood Insured Losses Top $22M, So Far
Dec 14 2018 // Payments made by FEMA’s National Flood Insurance Program (NFIP) for insured losses from flooding in central Texas in mid-October have exceeded $22 million and could exceed $30 million when all claims have been filed...
Allstate Says Losses from California Fires $670M, CEO Wants to Address Climate Change
Dec 13 2018 // Allstate this week announced estimated catastrophe losses for the month of November 2018 of $685 million, pre-tax ($541 million, after-tax). Catastrophe losses occurring in November comprised six events at an estimated...
Most UK SMEs Don’t Understand Risks of Cyber Attacks, Data Loss: Aon Poll
Dec 13 2018 // A poll of small and medium-sized enterprises (SMEs) and micro businesses in the UK shows over half are confused by or even unaware of the rules around the EU’s General Data Protection Regulation (GDPR), while more...
Official Figure on Insured Losses for 2018 California Wildfires Reaches $9B
Dec 12 2018 // The official tally for insured losses from this year’s major California wildfires is $9.05 billion – for now. California Insurance Commissioner Dave Jones on Wednesday released official figures for losses from the...
Wet Harvest Leads to $77M Loss for Arkansas Soybean Farmers
Dec 12 2018 // Arkansas soybean farmers have lost at least $77 million this year after heavy rainfall interrupted harvest season and damaged the quality of the crop, according to a recent report by agriculture experts. Wet conditions...
Markel CATCo Reports U.S., Bermuda Inquiries into Reserves
Dec 9 2018 // On Friday Dec .7, Markel Corp. said it was fully cooperating with inquiries by U.S. and Bermuda authorities into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management Ltd., the...
Aon Cites Need for Mitigation as Insured Wildfire Losses Top $10B for Second Year
Dec 7 2018 // Total aggregated economic losses for the wildfires that have burned across Northern and Southern California throughout the month are expected to minimally exceed $10 billion, while insurance claims payouts for wildfires...
Public Transit Systems See Rise in Liability Losses
Dec 7 2018 // Nationally, public transit systems are seeing a steady increase in liability claim severity, even as ridership declines, according to a new study from Aon. Aon’s study found that overall public transit liability...
Modeler: Insured Losses from Camp Wildfire in California at $6B to $9B
Dec 6 2018 // Catastrophe modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6 billion and $9 billion, and taken together with the Woolsey fire in Southern...
Farmers Expects $2.1B in Claims from California Wildfires
Dec 5 2018 // Farmers Insurance expects $2.1 billion in claims from the California wildfires in November. The Los Angeles, Calif.-based carrier said it has so far received more than 9,000 claims combined for the Camp Fire in Northern...
Fraud Forces Minnesota Agribusiness Giant CHS to Lower 5 Years of Profit
Dec 5 2018 // Inver Grove Heights, Minnesota-based CHS Inc. has lowered five years of profits by nearly $158 million as the global grain, energy and food company recovers after a freight trader falsified records. The farmer-owned...
How Insurance Broker A.J Gallagher Cleans Up on Clean Coal Subsidies: Reuters
Dec 5 2018 // Earlier this year, the chief financial officer of global insurance giant Arthur J. Gallagher & Co. explained to analysts how the company had turned a little-known U.S. energy subsidy into a profit machine, worth...
9 Month Results Show U.S. P/C Insurance Pivot to Big Profit: A.M. Best
Dec 3 2018 // The U.S. property/casualty insurance industry’s net underwriting income has so far swung from a massive loss in 2017 to substantial profit, according to an A.M. Best report. Carriers booked $3.5 billion in net...
Modeler: Insured Losses from Woolsey Fire in Southern California at Least $2.5B
Nov 30 2018 // Catastrophe risk modeling firm AIR Worldwide on Friday said it estimates that insured losses from the Woolsey Fire in Southern California will be at least $2.5 billion. Moody’s on Thursday released estimates showing...
Moody’s Says California Wildfire Losses Will Impact P/C Insurer, Reinsurer 4Q Earnings
Nov 29 2018 // Moody’s has released estimates showing property/casualty insurers and reinsurers total insured losses at $10 billion $15 billion from the California wildfires, which destroyed more than 20,000 residential and...
