Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
After First Net Loss Since 1923, USAA Back to Profit in 2023
Jun 3 2024 // USAA on Friday said it recorded net income for 2023 of about $1.2 billion, reversing a 2022 loss—the first for the company since 1923—of about $1.3 billion. The San Antonio, Texas-based reciprocal exchange said revenue...
Insurance Research Council: Home Insurance Spend Tops Household Income Growth
Jun 3 2024 // According to the Insurance Research Council (IRC), the average homeowners insurance expenditure has become less affordable for U.S. consumers over time. Looking at the the years 2001 to 2021 — the latest year in...
US Workers’ Comp Line Still Showing Strong Profits, Lower Claim Frequency
Jun 3 2024 // Net written premium in the U.S. workers’ compensation insurance market grew by just 1% from 2022 to 2023, a far smaller percentage than most other property/casualty lines. However, the workers’ compensation...
Social Inflation Key Factor in Rise of Loss Severity: AM Best
Jun 3 2024 // Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to...
US P/C Insurers Hit Record Investment Income in 2023
May 31 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
Mars Loses Appeal to Undo Dismissal of COVID-19 Business Loss Claims
May 28 2024 // Petcare, food and candy company Mars Inc. has lost its bid to revive its claims against Factory Mutual Insurance Co. for business interruption losses it incurred during the coronavirus pandemic. The Fourth Circuit Court of...
Tokio Marine Forecasts ¥1 Trillion 2024 Profit; ‘Drastic’ Growth Ahead
May 28 2024 // In Japanese yen, the profit figure that Tokio Marine Holdings projects for 2024 is ¥1 trillion. While the forecast may seem less extraordinary in U.S. dollars of roughly $6.7 billion, either way it’s a 40% jump over...
Mississippi Wind-Mit Program Now Funded Through Surplus Lines Assn. Revenue
May 28 2024 // Almost two decades after it was established by the Mississippi Legislature, a storm and flood-mitigation grant program now has some funding – $5 million to be transferred from the Mississippi Surplus Lines...
Singapore’s Income Insurance Weighs Partnerships or Stake Sale for APAC Expansion
May 24 2024 // Singapore’s Income Insurance Ltd. is exploring options as it looks to expand across the Asia Pacific region, including possibly tying up with a partner or selling a stake, according to people familiar with the...
Houston Windstorm Causes Preliminary Economic Loss of $5-7B: AccuWeather
May 20 2024 // The destructive windstorm that blew out windows in downtown Houston and left hundreds of thousands of southeast Texas residents without power caused upwards of $5-7 billion in total damage and economic loss, according to...
After Loss at Alabama Mercedes Plants, UAW Vows to Regroup and Try Again
May 20 2024 // TUSCALOOSA, Ala. (AP) — A decisive vote against the United Auto Workers union at two Mercedes factories in Alabama on Friday sidetracked the UAW’s grand plan to sign up workers at nonunion plants mainly in the...
Q1 Global Insured Natural Disaster Losses Driven by Severe Convective Storms: Aon
May 20 2024 // Global natural catastrophes cost insurers $17 billion during the first quarter of 2024 with economic losses rising above $45 billion, according to Aon’s Q1 Global Catastrophe Recap – April 2024. Q1 natural...
Global Election Super-Cycle Raises Risk of Political Violence, Large Insurance Losses
May 20 2024 // Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a recent...
Deadly US Oil Blast Exposes Risks of Pushing Profits Over Safety
May 17 2024 // The explosion that rocked Marathon Petroleum Corp.’s Galveston Bay oil refinery one year ago trapped Rigoberto Guillen 75 feet in the air. Stranded on a metal platform, he and a colleague crouched low as black smoke...
Swiss Re to Withdraw From Digital Insurer iptiQ, Reports Strong Q1 Net Income of $1.1B
May 16 2024 // Swiss Re announced plans to withdraw from its digital B2B2C insurance business, iptiQ, following a strategic review. The iptiQ business lost $250 million in 2023, but the loss was projected to be less in 2024....
Zurich’s First-Quarter P/C Revenue Rises on Higher Premiums
May 16 2024 // Zurich Insurance Group AG said revenue from property and casualty insurance rose 12% in the first quarter on a like-for-like basis, helped by higher premiums. Gross written premiums in the business rose 9% from a year...
Insurance Research Council: Home Insurance Spend Tops Household Income Growth
May 15 2024 // According to the Insurance Research Council (IRC), the average homeowners insurance expenditure has become less affordable for U.S. consumers over time. Looking at the the years 2001 to 2021—the latest year in which...
US Workers’ Comp Line Still Showing Strong Profits, Lower Claim Frequency
May 15 2024 // Net written premium in the U.S. workers’ compensation insurance market grew by just 1% from 2022 to 2023, a far smaller percentage than most other property/casualty lines. However, the workers’ compensation...
American Coastal Reports Profitable Q1 for This Year
May 13 2024 // SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corp. (ACIC) on Thursday reported first-quarter earnings of $23.6 million. The Saint Petersburg, Florida-based company, the rebranding of part of now-insolvent...
AM Best: Social Inflation Key Factor in Rise of Loss Severity
May 13 2024 // Loss severity for many U.S. casualty lines of insurance business has exceeded economic inflation over the past decade, indicating other factors are influencing claims costs for indemnity and expense payments, according to...
