Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
People Moves: Pathpoint Names Blust Chief Revenue Officer; Woodruff Sawyer Adds Urick in California
Mar 2 2022 // Pathpoint Inc. named Ralph Blust chief revenue officer and president. Blust oversees Pathpoint’s sales and underwriting operations teams. Blust has more than 35 years of insurance industry leadership. He was most...
Insured Losses From February’s Windstorms in Europe Could Reach €4.5 Billion: RMS
Mar 2 2022 // Insured losses from February’s windstorms Dudley and Eunice will likely fall between 3.0 and 4.5 billion Euro (US$3.4 and US$5.1 billion), with Germany accounting for around 40% of the total loss, according to risk...
Major Investors to Settle, End Suits Against Allianz Over Losses in Funds Collapse
Mar 1 2022 // A number of big investors on Monday filed to end their lawsuits against Allianz after a settlement was reached over their losses in a multibillion-dollar trading debacle at the German asset manager’s funds arm. The...
Berkshire’s GEICO Posts 2021 Profit Much Lower Than 2020
Feb 28 2022 // Although Berkshire Hathaway’s biggest insurance operation GEICO reported a 63 percent drop in pretax underwriting income in 2021, overall the conglomerate’s insurance and reinsurance operations saw pretax...
Ohio Supreme Court Hears Lawsuit Over Company’s COVID Losses
Feb 28 2022 // An Ohio business says its insurance company must compensate it for financial losses suffered during a pandemic-related shutdown. The insurance company refused to pay, saying its policy didn’t cover such losses. The...
Lemonade Execs Expect ‘Peak Losses’ in 2022
Feb 25 2022 // With unfavorable development and product mix changes propelling fourth-quarter and full-year loss 2021 ratios into the 90s—up 20 points over comparable 2020 periods—Lemonade guided shareholders that results will get...
Insured Losses for 2 Recent European Windstorms Estimated at €3B-€5B: Verisk
Feb 25 2022 // Insured losses due to wind from Winter Storms Dudley/Ylenia and Eunice/Zeynep will range between €3 billion and €5 billion (US$2.2 billion-$5.6 billion), the majority of which are expected in Germany, UK, and the...
February 25 Is Deadline For Louisiana Policyholders to File Ida Proof of Loss
Feb 25 2022 // February 25, 2022 is the deadline for most Louisiana policyholders to file proof of loss for Hurricane Ida damage. Friday marks the 180th day after Ida made landfall in Louisiana as a Category 4 hurricane. Most residential...
U.S. P/C Industry Grew Surplus Despite Underwriting Loss in 2021
Feb 24 2022 // Insurance rating agency AM Best said it expects the U.S. property/casualty insurance industry to record an increase in surplus in 2021 thanks to investment income and capital gains improvements despite booking an...
AXA Doubles 2021 Net Income to €7.29 Billion
Feb 24 2022 // AXA reported a profit on Thursday that more than doubled from last year, with the French insurer recovering from pandemic-related claims during the peak of the COVID-19 crisis. The company, Europe’s second-biggest...
Actuaries: Social Inflation Increased Commercial Auto Claim Costs by $20B Over 10 Years
Feb 24 2022 // The insurance industry is ringing alarm bells about the cost of social inflation again, this time with the help of an actuarial analysis that concludes the phenomenon added more than $20 billion to the cost of commercial...
8th Circuit: Insurer Owes Nothing to Arkansas Man Who Lied on Proof of Loss Statement
Feb 23 2022 // After his house burned down in 2015, Rick Merechka turned in a sworn proof of loss statement telling his insurance company that the replacement value of his household goods was $607,640. But in December 2010, Merechka and...
Munich Re Forecasts 14% Jump in 2022 Profit as It Reports Bounceback From Pandemic
Feb 23 2022 // German reinsurance group Munich Re on Wednesday forecast a 14% jump in profit this year as it reported a bounceback in 2021 from the coronavirus pandemic despite big claims from natural disasters. Marked by devastating...
Market Your Agency to Build a Profitable Book of Surety Bond Business
Feb 22 2022 // This post is part of a series sponsored by Old Republic Surety. Do you want to build a book of surety business at your agency, but you’re not sure how to get started? Have you been selling surety bonds, but want to...
3 Reasons Why Agency Owners Fail to Grow Revenue (and What to Do About It)
Feb 21 2022 // What happens when you put a self-directed team in the game against a well-coached team? If the talent is similar, then the well-coached team will win eight out of 10 times. But why is that? If the coach is doing their job,...
How Car, Home Inflation Is Driving Up Loss Costs for Insurers
Feb 21 2022 // The two possessions that most concern insurers — homes and motor vehicles — happen to be the largest contributors to the historic 7.5% inflation rate. Perhaps that should be no surprise. “It’s the...
Salaries Roar but Satisfaction with Compensation Wanes
Feb 21 2022 // Insurance agency personnel on average made more money in 2021 but satisfaction with compensation overall declined despite higher salaries and total compensation. Satisfaction with compensation dropped slightly across the...
Climate Change Could Push Flood Losses in U.S. to $40B by 2050
Feb 17 2022 // Climate change could result in the financial toll of flooding rising by more than a quarter in the U.S. by 2050, according to new research. The research, led by the University of Bristol and published in Nature Climate...
AIG Returns to Profit on Improved P/C Insurance Underwriting, Lower Catastrophes
Feb 17 2022 // Global insurer American International Group (AIG) reported strong fourth quarter and year-end results led by the performance of its General Insurance business. After reporting a net loss of $60 million in the fourth...
Investment Gains Float Weight of $5.6B Underwriting Loss for U.S. P/C Insurers in Nine Months 2021
Feb 15 2022 // An increase in capital gains on investments is largely credited with lifting the after-tax net income of private U.S. property/casualty insurers to $42.1 billion over nine months in 2021 compared to $35.2 billion during...
