Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Florida Insurers Place All Options on Table to Address AOB Abuse
Jul 19 2017 // Florida’s home insurers hope the public doesn’t blame them as they implement rate increases, initiate coverage changes and nonrenew policies. They say they have no choice after the Florida Legislature for the...
Insured Losses from Central Alberta Storm Estimated at US$23.7M
Jul 18 2017 // A severe storm that swept through central Alberta during the third week of June has resulted in more than C$30 million (US$23.7 million) in insured damage, according to the Insurance Bureau of Canada (IBC), which quoted a...
Panel-Maker Arconic Sued in U.S. Over Losses Linked to London Tower Fire
Jul 14 2017 // A shareholder of Arconic Inc. on Thursday filed a lawsuit accusing the company of defrauding shareholders over its supply of cladding panels used at Grenfell Tower, the London high-rise where at least 80 people died in a...
Windstorm Egon’s Insurance Loss Estimate Rises to US$314.7M: PERILS
Jul 13 2017 // The estimated property insurance losses for Windstorm Egon, which hit France and Germany on Jan. 12-13, 2017, have been revised upwards to €275 million ($314.7 million) by PERILS AG, the independent Zurich-based company...
How Insurers Can Tap Valuable Revenue Stream Using Their ‘Data Exhaust’
Jul 11 2017 // The chief executive officer of Quandl is on a mission to let insurance companies know that their data is valuable and professional investors will pay them for it. But a lot of insurers are oblivious to that...
2016 Texas Hail Losses Exceed $5B
Jul 5 2017 // Wind and hail loss information for 2016 released recently by the Texas Department of Insurance (TDI) show that homeowner losses from hail in Texas were the highest annual losses ever recorded, as they exceeded $5 billion,...
Maine’s Clark Insurance Hires McCarty as Director of Loss Control
Jun 30 2017 // Clark Insurance, a Portland, Maine-headquartered, 100-percent employee owned agency, has hired Tim McCarty as the director of loss control services. McCarty has decades of national experience in the safety field. In his...
Increase in P/C Insurers’ Losses in 2017 Will Again Be Driven by Auto: S&P
Jun 29 2017 // Private auto net incurred losses will increase by nearly 7 percent in 2017 to a new record of approximately $154 billion, reflecting elevated volume and costs of claims, according to a new S&P Global market...
Insured Loss Estimates for Cyclone Debbie Rise to US$1.1B: PERILS
Jun 28 2017 // The estimate for the property insurance market’s loss for tropical cyclone Debbie has risen to A$1.4 billion (US$1.1 billion) from an initial estimate of A$1.12 billion, according to PERILS, the independent...
P/C Insurers’ Net Income Fell 42.2% in Q1; Catastrophe Losses Topped $7 Billion
Jun 27 2017 // The U.S. property/casualty insurance industry saw its net income fall to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016, a 42.2 percent decline. Also, its overall profitability as measured by...
H.W. Kaufman Financial’s Loss Control Unit, Afirm, Opens Montreal Office
Jun 21 2017 // Afirm, an H.W. Kaufman Financial Group company specializing in loss control inspections, premium audits and risk mitigation services, announced its expansion to Montreal, Quebec. This marks Afirm’s initial presence...
Former Arkansas Home of President Clinton a Total Loss After Fire
Jun 20 2017 // A northwest Arkansas house once occupied by former President Bill Clinton that was damaged by fire has been deemed a total loss. The home now owned by Stephanie and Robert Dzur and occupied by Stephanie Dzur’s father...
Work Comp Income Benefits Fall Short
Jun 19 2017 // Adequacy of income benefits is one of the long-standing concerns about the performance of workers’ compensation systems. However, there is little known about whether income benefits (also called wage-loss or...
Insurers Adapt Terrorism Policies with Loss of Attraction, Violent Acts, Other Coverages
Jun 15 2017 // The changing nature of attacks in Western cities has led insurers to offer new policies, from straightforward cover for business lost due to police cordons to more risky compensation for declines in tourism. Terrorism...
Issuer Credit Rating Outlook for Wisconsin County Mutual Group Downgraded
Jun 14 2017 // A.M. Best says it has revised the outlook to negative from stable for the long-term issuer credit ratings (Long-Term ICR) and affirmed the financial strength rating (FSR) of B++ (Good) and the long-term ICRs of...
Shipping Losses Fall to Lowest in 10 Years as Technology Drives Safety
Jun 13 2017 // Large shipping losses have declined by 50 percent over the past decade and last year saw the lowest number of losses in the past 10 years. The favorable loss trend has been largely driven by improved safety, according to...
Workers’ Compensation Income Benefits Fall Short for Injured Workers: WCRI
Jun 12 2017 // Adequacy of income benefits is one of the long-standing concerns about the performance of workers’ compensation systems. However, there is little known about whether income benefits (also called wage-loss or...
P/C Industry Posts $4.7B Net Underwriting Loss in 2016
Jun 5 2017 // Private U.S. property/casualty insurers lost big in 2016, reporting a $4.7 billion net underwriting loss driven, in part, by higher catastrophe-related property losses, according to ISO and the Property Casualty Insurers...
California Department of Insurance and FAIR Plan Square off in Public Statements
Jun 1 2017 // The California Department of Insurance and the California FAIR Plan Association squared off in conflicting press releases on Thursday over a court decision that awarded a homeowner higher repair costs following a...
Woman Suffers Severe Blood Loss in Connecticut Razor Factory Accident
May 30 2017 // A worker at a Schick razor factory in Connecticut has been hospitalized after her hand got caught in a machine. A production manager at the Milford, Conn., factory told WTNH-TV the worker was doing a routine job Thursday...
