Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Multiple Smaller Natural Disasters in 2018 Created ‘Unusual’ Insured Loss Picture: Willis
Jan 16 2019 // Insured loss estimates from major natural catastrophes in 2018 totaled roughly $71.5 billion, the highest since 2011’s annual market losses of $120 billion, according to Willis Re. However, the insured losses in 2018...
Woodruff Sawyer in California Names Overbay COO, Allen Chief Revenue Officer
Jan 14 2019 // San Francisco, Calif.-based Woodruff Sawyer has promoted Zac Overbay to the position of chief operating officer, and Norman Allen has been named chief revenue officer. As COO, Overbay will direct the firm’s...
Arch Capital Estimates Q4 2018 Catastrophe Losses Could Total $130M
Jan 11 2019 // Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates...
Global Reinsurance Capital Is Resilient Despite Losses of $230B over 2 Years: Aon
Jan 11 2019 // Global reinsurance capital – comprising traditional and alternative capital – fell 2 percent in 2018 to US$595 billion from $605 billion in 2017, remaining resilient in the face of insured natural catastrophe losses of...
California Wildfires, Hurricane Michael Top List of 2018’s Costliest Natural Disasters: Munich Re
Jan 8 2019 // The costliest natural catastrophes occurred in the United States in 2018 with one of California’s devastating wildfires and Hurricane Michael topping the list, according to Munich Re. A report from Munich Re on last...
Smart Car Makers See Safety Enhancements Turning Into Revenue Opportunities
Jan 8 2019 // As vehicles get smarter, your car will be keeping eyes on you. This week at CES, the international consumer electronics show in Las Vegas, a host of startup companies will demonstrate to global automakers how the sensor...
Final Insured Losses for Europe’s Cyclone Burglind Reach €756M ($862.1M): PERILS
Jan 3 2019 // The final estimate of insured property losses from Europe’s Extratropical Cyclone Burglind, also known as Eleanor, have risen to €756 million ($862.1 million), according to PERILS, the independent Zurich-based...
January Renewals Show Higher Prices for Clients with Poor Loss Records: Willis Re
Jan 2 2019 // Reinsurance placements at Jan. 1, 2019 highlight a pricing gap between accounts with peak peril exposures, or poor loss records, and the rest, with many reinsurers placing emphasis on the quality of client counterparties,...
Reinsurance Prices Drop – Despite 2018’s Big Natural Catastrophe Losses: JLT Re
Jan 2 2019 // JLT Re’s global property-catastrophe reinsurance index fell 1.2 percent in Jan. 1 policy renewals, the broker said on Wednesday, dashing the industry’s hopes of higher reinsurance premiums after a second...
Insurance Journal West’s Top Stories for 2018: California Commissioner Race, Hawaii Lava, Wildfire Losses
Dec 31 2018 // Another year down, and too many fascinating news headlines to count. Hawaii’s lava, the race for California insurance commissioner, and a $23 million ruling in a lawsuit against Geico were among the most popular...
Georgia Farmers Eligible for Loans to Cover Hurricane Losses
Dec 21 2018 // Some Georgia farmers are eligible for federal loans to help cover the costs of losses sustained because of Hurricane Michael. The Augusta Chronicle reported Tuesday that Agriculture Secretary Sonny Perdue designated...
AIR Estimates Marriott Cyber Breach Direct Losses Could Reach $600 Million
Dec 21 2018 // Marriott International Inc. will be dealing with direct cyber incident losses from its massive data breach of between $200 million and $600 million, according to an AIR Worldwide estimate. Marriott disclosed on Dec.1 that...
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...
