Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Moody’s RMS Estimates $4B to $6B in Economic Losses from Hawaii Wildfires
Aug 22 2023 // Moody’s RMS issued estimates on Tuesday showing economic losses from the recent Lahaina Conflagration and Kula wildfires in Hawaii at $4 billion to $6 billion. The loss estimate reflects property damage, contents,...
Insured Losses From Natural Catastrophes Set to Top $100 Billion for 3rd Year in a Row
Aug 22 2023 // Claims for weather-related incidents are set to exceed $100 billion for the third year in a row, as floods, hail and wildfires linked to climate change become more frequent. Munich Re has put the total global insured costs...
Conditions Are Challenging, Claims Are Elevated, but Reinsurers’ Profits Return: Reports
Aug 22 2023 // Despite extremely challenging conditions, with persistent and elevated claims activity, the global reinsurance segment returned an underwriting profit in 2022, according to an AM Best report. “Reinsurers generally...
Tropical Storm Hilary Damage and Economic Loss Estimate in Western U.S. is $7B to $9B
Aug 21 2023 // AccuWeather’s preliminary estimate of the total damage and economic loss from Tropical Storm Hilary in the U.S. is $7 to $9 billion. Hilary brought widespread flooding through Southern California, washing out roads...
Allstate Starts Q3 With $313M in Catastrophe Losses in July
Aug 18 2023 // Allstate Corp. said estimated catastrophe losses for the month of July were $313 million or $247 million, after-tax. July has 18 events, highlighted by widespread wind and hail storms, with estimated losses of about $349...
Rate Hikes Not Bringing Profit to US Auto Insurers: Fitch
Aug 18 2023 // Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market...
Demex Raises $5M to Bolster Its Stop-Loss Reinsurance Solutions for Secondary Perils
Aug 16 2023 // The Demex Group, the Washington, D.C.-based managing general agent (MGA) that offers stop-loss protection for secondary perils, announced it has raised $5 million from a syndicate of existing and new investors, led by Blue...
UK Insurer Aviva Eyes Lloyd’s of London Entry, Posts Above-Forecast H1 Profit
Aug 16 2023 // Aviva posted an above-forecast rise in first-half operating profit on Wednesday, helped by strong performance in general and health insurance, and its chief executive said the insurer was interested in entering the...
Modeler: Insured Property Losses From Lahaina Fire $3.2B
Aug 15 2023 // Catastrophe modeler Karen Clark & Company has issued new estimates showing the insured property losses from the Lahaina Fire in Hawaii to be around $3.2 billion. At least 99 people were killed in Maui’s...
Estimate of Losses From Devastating Hawaii Wildfires Increases to $14B-$16B
Aug 14 2023 // AccuWeather increased its estimate of the total damage and economic loss from the devastating wildfires burning in Hawaii to $14 to $16 billion. The update follows AccuWeather’s preliminary estimate last week of...
Heritage Insurance Reports Third Straight Quarter of Profit After Shedding Policies
Aug 11 2023 // Tampa-based Heritage Insurance Holdings reported a $7.8 million profit for the second quarter of this year, along with an improved combined ratio, thanks in part to higher premiums and reduced exposure in Florida. The...
AccuWeather: Damage and Economic Loss from Wildfires in Hawaii $8B to $10B
Aug 10 2023 // AccuWeather’s preliminarily estimate of the total damage and economic loss from the wildfires burning in Hawaii is from $8 billion to 10 billion. The worst of the fires hit the Island of Maui, with the Lahaina area...
Liberty Mutual Posts Q2 Loss of $585M Driven By Catastrophes
Aug 10 2023 // Liberty Mutual Holding Co. reported a second-quarter net loss of $585 million, driven by catastrophe losses of about $2.27 billion. Tim Sweeney, president and CEO, said weather losses were primarily from widespread wind...
Allianz Q2 Profit Jumps 7.1% on Higher Results from US Life & Health Insurance
Aug 10 2023 // Allianz SE, the German owner of bond giant Pacific Investment Management Co., said its second-quarter profit jumped from a year earlier as stronger earnings from its insurance business offset weaknesses in its asset...
Verisk Beats Expectations with Q2 Earnings
Aug 10 2023 // Verisk Analytics Inc. (VRSK) on Wednesday reported second-quarter earnings of $196.9 million. The Jersey City, New Jersey-based company said it had profit of $1.35 per share. Earnings, adjusted for one-time gains and...
Greensill Sues Zurich Insurance for $400 Million to Recoup Losses
Aug 9 2023 // Greensill Bank AG’s administrators are seeking more than $400 million from Zurich Insurance Plc in London lawsuits to recoup the defunct lender’s losses on controversial investments linked to Credit Suisse and...
Severe Convective Storms Top Insured Natural Disaster Losses in H1: Swiss Re
Aug 9 2023 // Global natural catastrophes cost insurers US$50 billion in the first half, (H1 2022: $48 billion), with most of the losses stemming from severe convective storms, according to Swiss Re. “Severe convective storms –...
Inflation, Catastrophe Losses Lead P&C Underwriting Loss in 2023
Aug 8 2023 // The overall property/casualty industry is expected to finish 2023 with a net combined ratio of 102.2, according to a recent webinar by the Insurance Information Institute (Triple-I) and Milliman. Triple-I and Milliman...
Insured Loss Estimate for Turkey Earthquake Rises to US$3.4 Billion: PERILS
Aug 8 2023 // The third loss estimate for the Kahramanmaras Earthquake Sequence, which hit large parts of south-central Turkey and neighboring Syria on Feb. 6, 2023, has risen to $3.4 billion, according to PERILS, the independent...
Berkshire Operating Earnings Jump on Insurance Strength
Aug 7 2023 // Warren Buffett’s Berkshire Hathaway Inc. posted gains in operating profit as strength in its insurance businesses helped counter inflationary pressures that have weighed on the sprawling conglomerate in the last...
