Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Travelers Sets Some Records With Q4 Results
Jan 20 2022 // Insurer Travelers reported a quarterly profit of $1.3 billion, an increase of $23 million and a record for the fourth quarter that was achieved despite higher catastrophe claims. The Hartford-based insurer boosted net...
Loss Experience Drives Prices During January Reinsurance Renewals: Fitch
Jan 19 2022 // Loss-affected lines of business, such as property catastrophe in Europe, cyber or retrocession, continued to see significant price increases during the January 2022 reinsurance renewals, while loss-free lines of business...
Report: Louisiana Seafood Industry Saw $580M in Losses From 2020-21 Hurricanes
Jan 19 2022 // Louisiana’s fisheries and seafood businesses experienced approximately $580 million in total losses resulting from four hurricane between August 2020 to August 2021, according to a new report by the Louisiana Sea...
Canada’s Insured Catastrophe Losses Exceed C$2 Billion in 2021: CatIQ
Jan 14 2022 // Canada’s total insured catastrophe losses were C$2.04 billion (US$1.63 billion) to date, landing the year in the top five loss years for the country, according to Catastrophe Indices and Quantification Inc....
Reinsurers’ 2022 Profit Outlook Better Than Primary Insurers: Fitch
Jan 13 2022 // The trailing impacts of premium and loss trends on the books of property/casualty reinsurers makes the 2022 outlook for reinsurers rosier than the profit outlook for primary insurers, a Fitch Rating analyst said. Longer...
Low-Income Residents Face Higher Risk of Deadly Fires Like New York Apartment Blaze
Jan 13 2022 // The deadly blaze in a Bronx apartment building was the second such tragedy at low-income housing in the U.S. this month, highlighting the stubborn link between poverty and deaths from residential fires. “It’s...
AM Best Says Demand Surge and Inflation to Amplify Colorado Wildfire Losses
Jan 12 2022 // AM Best expects demand surge and rising inflationary pressures on building costs to add to overall loss estimates in the recent wildfires in Colorado. In a commentary AM Best notes that early industry estimates place...
Legacy Specialist Enstar and Aspen Insurance Agree to $3.12B Loss Portfolio Transfer
Jan 11 2022 // Enstar Group Ltd. announced that one of its wholly owned subsidiaries has reached an agreement for a ground-up loss portfolio transfer (LPT) with Aspen Insurance Holdings Ltd. for its 2019 and prior business. In the LPT...
Insurance Companies Sue Texas Power Grid Operator Over 2021 Winter Storm Losses
Jan 7 2022 // More than 100 insurance companies are suing the Texas power grid operator and several power-generating companies (PGCs) over losses suffered from 2021 Winter Storm Uri, which resulted in more than 500,000 insurance claims...
Modeler Estimates Insured Losses From Colorado Wildfire at $1B
Jan 6 2022 // The Colorado wildfire that destroyed nearly 1,000 homes in late December will result in roughly $1 billion in losses, according to a report from catastrophe modeler Karen Clark & Co. On Dec. 30, a devastating...
COVID-19 Claims of $44B Are 3rd Largest Catastrophe Loss: Howden
Jan 4 2022 // Insured losses of $44 billion from COVID-19 so far represent the third largest cost to insurers of any catastrophe, behind Hurricane Katrina and the 9/11 attacks, insurance broker Howden said on Tuesday. However, initial...
January Renewals ‘Orderly’ but Loss-Affected Programs Saw More Challenges: Carpenter
Jan 3 2022 // The January 1 renewals saw “ample capacity” for many lines, although reinsurers adjusted their risk appetite and pricing “for certain sectors in response to ongoing and emerging challenges,”...
Canopius Completes Loss Portfolio Transfer Agreement With Legacy Acquirer Riverstone
Dec 27 2021 // Canopius Group, the London-based global specialty re/insurer, announced it has completed a loss portfolio transfer (LPT) agreement with RiverStone International. The agreement covers discontinued classes of business...
Amid COVID, Insurance Regulation Remains Profitable
Dec 19 2021 // This post is part of an Insurance Journal blog presenting the work and viewpoints of The International Center for Law & Economics. The COVID-19 pandemic hit state budgets particularly hard in 2020, with a $24.11...
Three Years From Loss, Not Denial, Appeals Court Holds in Carolina AOB Case
Dec 17 2021 // In a property insurance claims dispute, the statute of limitations’ clock starts ticking on the date of the loss, not the date the insurance company allegedly breached the contract, a federal court has decided in a...
Update: Generali’s CEO Bets on Buyback, Dividend Hike, Bold Profit Goals to Keep Job
Dec 15 2021 // Italy’s biggest insurer Generali said it would stick to bold earnings goals for 2024, hike dividends and launch its first buyback in 15 years as Chief Executive Philippe Donnet’s bid to stay on faces opposition...
AM Best Sees Tornado Losses as Manageable for Insurers
Dec 14 2021 // Analysts at ratings firm AM Best said they expect the insured losses from the tornadoes that devastated central and southern U.S. last weekend will dampen underwriting results for insurers but that insurers will be able to...
Insured Loss From Tornado Outbreak Estimated at $3 Billion by KCC
Dec 14 2021 // The insured loss from the December 9-12 tornado outbreak that devastated parts of central U.S. has been estimated to be about $3 billion. Catastrophe modeling firm Karen Clark & Company said its estimate includes...
Insurance Losses for October Storms in Southern Australia Estimated at A$1.03B
Dec 13 2021 // The initial industry loss estimates for Southern Australia’s severe storms, which occurred during the period of Oct. 28-30, 2021, are A$1.03 billion (US$739 million), according to PERILS, the independent Zurich-based...
IICF Northeast Benefit Event Raises Nearly $1.3M to Support Non-Profits
Dec 13 2021 // The Insurance Industry Charitable Foundation (IICF) raised nearly $1.3 million at its 15th Anniversary Northeast Division Benefit Event on December 7 at the Ziegfeld Ballroom in New York City. IICF is a nonprofit...
