Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Kentucky Approves Another Workers’ Comp Loss Cost Decrease
Nov 5 2021 // The Kentucky Department of Insurance has approved another workers’ compensation loss cost decrease for employers in the state. The DOI announced this week that officials have ratified a 10.4% average reduction,...
CNA Boosts Q3 Profit Despite Catastrophes; Sees ‘Favorable’ 2022 Ahead
Nov 3 2021 // Continued rate hikes helped boost CNA Financial’s 2021 third quarter net income, even as the Chicago-based commercial and specialty property/casualty insurer dealt with higher net catastrophe losses and lower net...
Finnish Insurer Sampo Sees 30% Jump in Profit During Q3
Nov 3 2021 // HELSINKI – Finnish insurer Sampo on Wednesday beat expectations with a 30% jump in quarterly core earnings, aided by a strong performance from its main subsidiary If and gains from selling a stake in Finnish Nordea bank...
Insurer Hiscox Sets Aside $150M for Hurricane Ida, European Flood Losses
Nov 2 2021 // Hiscox has set aside $150 million to cover losses linked to Hurricane Ida and floods in Europe, the insurer said, above analysts’ expectations, while it reported strong premiums written this year thanks to rising...
Business Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report
Nov 1 2021 // During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted,...
Swiss Re Reports Better-Than-Expected Profit Despite Major Claims
Oct 29 2021 // Reinsurance company Swiss Re said on Friday it swung to a better-than-expected net profit in the first nine months as it recovers from the impact of the coronavirus pandemic despite big claims from major storms on both...
Chubb Sees Profit Jump on Premium Growth, Underwriting Income
Oct 27 2021 // Global insurer Chubb’s third quarter net income soared more than 58 percent year-over-year, as premium gains continued their double-digit climb. The insurer’s Q3 net income reached $1.83 billion during the...
Ping An Insurance Profit Falls 31.2% as Returns, Premiums Shrink
Oct 27 2021 // SHANGHAI/BEIJING — Ping An Insurance Group Co of China Ltd., the country’s largest insurer by market value, posted a 31.2% fall in third-quarter net profit on Wednesday as its premium income shrank on a weak...
Insurance Industry Told to Expect Global Average Annual Disaster Loss of $106B: AIR
Oct 26 2021 // The global insurance industry can currently expect a long-run annual average loss of $106 billion and a greater than a 40% chance of experiencing an annual loss of more than $200 billion in the next decade, according to...
Munich Re Doubles Q3 Profit Despite Big Storm Losses in Europe, U.S.
Oct 20 2021 // German reinsurer Munich Re doubled its profit in the third quarter, despite big losses from storms in Europe and the United States, it said on Tuesday, but left its forecasts for the year unchanged. Profit rose to around...
Unvaccinated Employees Risk Job Losses as Employer Mandates Take Effect
Oct 20 2021 // Thousands of unvaccinated workers across the United States are facing potential job losses as a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19. In the...
Higher Investment Returns Help Offset Catastrophe, Auto Losses for Travelers in Q3
Oct 19 2021 // Third quarter profit fell 20% at The Travelers Companies due to higher catastrophe and auto losses but the insurer also reported a 15% boost in investment returns. Net income of $662 million for the third quarter compared...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 18 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
As Louisiana Port Rebuilds After Hurricane Ida, Loss of Wetlands Seen as Threat
Oct 15 2021 // On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted...
Reinsurer Natural Disaster Losses to Exceed Budget Expectations for 5th Year: S&P
Oct 15 2021 // For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion,...
Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses
Oct 15 2021 // Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax...
Biz Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report
Oct 14 2021 // During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted,...
Johnson & Wales University Sues Insurer Over Pandemic Losses
Oct 13 2021 // Johnson & Wales University is suing its insurer over financial losses caused by the coronavirus pandemic, alleging the company breached its contract because it did not allow the university to claim pandemic-related...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 12 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
U.S. Has Had 18 Weather Events Each With $1 Billion Losses Thus Far in 2021
Oct 12 2021 // Through the end of September, there have been 18 weather and climate disaster events with losses exceeding $1 billion each across the U.S. during 2021. These events include one drought/heat wave event, two flooding events,...
