Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Global Insured Losses From Natural Disasters Topped $130B in 2022 in 5th Costliest Year
Jan 26 2023 // Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private...
Brown & Brown Reports Q4 Net Income of $145M
Jan 25 2023 // Brown & Brown Inc. (BRO) on Monday reported fourth-quarter net income of $145.2 million. The Daytona Beach, Florida-based insurance brokerage said it had profit of 51 cents per share. Earnings, adjusted for...
Moody’s RMS Estimates $5B-7B in Economic Losses from California Flooding
Jan 25 2023 // Moody’s RMS estimates total economic losses from the recent California flooding at between $5 billion and $7 billion, and insured losses are anticipated to be between $500 million and $1.5 billion, including losses...
Q4 Net Income at Travelers Falls 39%
Jan 24 2023 // Travelers Cos. this morning reported fourth quarter net income of $819 million, a decrease of about 39% from $1.3 billion a year ago during the same time. The insurer’s Q4 combined ratio increased 6.5 points to 94.5...
Germany’s Commerzbank Sues EY for Losses Incurred in Wirecard Collapse
Jan 23 2023 // The German lender Commerzbank is suing accounting firm EY over the 200 million euros ($216.12 million) in losses that it incurred in the collapse of Wirecard, a bank spokesperson said on Thursday. Wirecard’s downfall...
TWIA to Determine Probable Maximum Loss for 2023 Storm Funding
Jan 19 2023 // The Texas Windstorm Insurance Association (TWIA) Board is meeting Thursday, Jan. 19 to determine funding for probable maximum loss (PML) for the 2023 storm season. TWIA is statutorily required to purchase enough...
Major Aviation Insurer AXA Pulls Back on War Coverage After Ukraine Losses: Reuters
Jan 19 2023 // The commercial arm of French insurer AXA is reducing cover offered to aviation companies as it seeks to protect the multibillion-euro business after heavy Ukraine-related losses, two underwriting and broking sources told...
Allstate Readies Investors for Q4 Loss of Up to $335M
Jan 19 2023 // Allstate Corp. on Wednesday said it expects to end 2022 in the red with a net loss of between $285 million and $335 million for the fourth quarter, and a combined ratio of 109.1. Estimated adjusted net loss for the quarter...
Heritage Insurance Authorizes Another Stock Repurchase Plan After Downgrade, Losses
Jan 18 2023 // The board of directors for Tampa-based Heritage Insurance Holdings has authorized the repurchase of $10 million in shares from stockholders, marking the second buy-back plan in recent months. The super-regional company...
Travelers Estimates Drop in Q4 Income on Winter Storm Losses
Jan 17 2023 // Travelers Companies today released an estimate of $459 million in pre-tax catastrophe losses during the fourth quarter, and expects to report net income of $819 million for the last three months of 2022. Travelers said...
The Infrastructure Crisis: As Business Losses Mount, New Demand for Utility Coverage?
Jan 11 2023 // When aging water pumps in Jackson, Mississippi, were shut down by floodwaters last August, knocking out water service to most of the city, companies that depend on clean water saw many of their customers and their revenue...
Hurricanes and Floods Bring $120B in 2022 Insurance Losses: Munich Re
Jan 10 2023 // Hurricane Ian in the United States and floods and Australia helped to make 2022 one of the costliest years on record for natural disasters, Munich Re said on Tuesday, warning that climate change was making storms more...
French Drugmaker Servier Appeals 2021 Convictions Connected to Weight-Loss Pill
Jan 9 2023 // French drugmaker Servier on Monday launched its appeal against manslaughter and deception convictions handed down by a Paris court in 2021 in connection with weight-loss pill Mediator. At least 500 people died of heart...
Global Natural Catastrophe Insurance Losses Estimated at $112B in 2022: Carpenter
Dec 30 2022 // Global insurance losses for natural catastrophes are projected to reach $112 billion in 2022, reinsurance broker Guy Carpenter said on Friday, driven by the impact of Hurricane Ian which hit Florida earlier this...
Ohio Supreme Court: Ransomware Did Not Cause Direct Physical Loss
Dec 29 2022 // A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. “Computer software...
$5.4B Insured Losses from Winter Storm Elliot: KCC
Dec 29 2022 // Insured damage to residential, commercial, and industrial properties and automobiles will be about $5.4 billion from Winter Storm Elliot, according to modeler Karen Clark & Co (KCC). The storm affected 42 states from...
Ransomware Did Not Cause Direct Physical Loss, State High Court Says
Dec 29 2022 // A business owner’s insurance policy did not provide coverage for software damaged by a ransomware attack because there was no direct physical damage or loss, the Ohio Supreme Court ruled. “Computer software...
Exxon Sues to Force EU to Scrap New Windfall Profits Tax on Oil Companies
Dec 29 2022 // U.S. oil major Exxon Mobil Corp. is suing the European Union in a bid to force it to scrap the bloc’s new windfall tax on oil groups, arguing Brussels exceeded its legal authority by imposing the levy. Record profits...
Progressive Lowers Loss Estimate From Hurricane Ian By $400M
Dec 22 2022 // The Progressive Corp. said Dec. 21 that its loss and allocated loss adjustment expenses (ALAE) in the property business are estimated to be $1 billion from, prior to reinsurance, from Hurricane Ian. The insurer said this...
Investigators Probe Failure of Italy’s Vega C Rocket; Satellite Insurers Expect Profit Hit
Dec 22 2022 // An investigation is being launched after the latest version of Italy’s Vega C rocket failed on its second mission, destroying two Earth-imaging satellites and further complicating Europe’s access to space on...
