Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
S. Africa Insurer Santam Loses Appeal in COVID-19 Business Income Case With Hotelier
Oct 7 2021 // JOHANNESBURG – South Africa’s Supreme Court of Appeal has ruled Santam is liable to cover the impact of COVID-19 restrictions on hotel group Ma-Afrika for 18 months, rejecting the insurer’s request for a...
July’s European Floods Generated Largest Non-U.S. Insurance Industry Loss in 2021
Oct 7 2021 // The extreme flooding event in Western Europe in mid-July generated the largest insurance industry loss figure so far this year – at current estimates of US$11.0 billion, according to CRESTA, the insurance industry...
6th Circuit Reverses Finding That COVID Orders Caused Direct Physical Loss
Oct 5 2021 // A federal appellate court reversed a rare policyholder win in a COVID-19 related business-interruption claim, once again holding that government orders that restrict the use of a property do not constitute a “direct...
Fungus Endorsement Outweighs Resulting Loss in Florida State Farm Case
Oct 5 2021 // A Florida appeals court has reversed a trial judge, finding that a homeowner’s State Farm policy did not cover damages from a septic tank leak because of a fungus endorsement on the policy. In State Farm Florida...
Whistleblower Tells Congress Facebook Puts Profits Over Safety, Urges Regulation
Oct 5 2021 // Former Facebook employee and whistleblower Frances Haugen will urge the U.S. Congress on Tuesday to regulate the social media giant, which she plans to liken to tobacco companies that for decades denied that smoking...
Revenue Hiding in Your Book of Business
Oct 4 2021 // Most independent agents overlook surety bonds as an additional product they can offer their clients. They believe surety is too much of a niche specialty. The bonds are difficult to write, and best left to larger firms,...
Catastrophe Data Firm PERILS Launches Real-Time Hailstorm Loss Platform for Australia
Oct 1 2021 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has announced the launch of a new platform providing real-time industry loss estimates for hailstorm events in...
Oklahoma to See 9.4% Drop in Workers’ Comp Loss Costs in 2022
Sep 22 2021 // The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said. Loss...
Karen Clark & Co.: Insured Loss from Nicholas Likely Near $950M
Sep 22 2021 // Catastrophe risk modeling firm Karen Clark & Co. estimates that the insured loss from Hurricane Nicholas will come in at around $950 million. KCC said its estimate is based on its high-resolution KCC US Hurricane...
AIR: Hurricane Ida Losses Could Reach $30B
Sep 20 2021 // Modeling firm AIR Worldwide updated its insured loss estimates for Hurricane Ida and now projects that Ida’s insured industry losses will range from $20 billion to $30 billion. The estimate includes inland flood...
RMS Estimates US$31– $44 Billion in Total U.S. Onshore and Offshore Insured Losses from Hurricane Ida
Sep 17 2021 // Estimates reflect insured wind, storm surge, and inland flooding impacts in the U.S., including losses to the National Flood Insurance Program and the private flood market. Newark, CA – September 17, 2021 – RMS®, the...
Allstate: Most August 2021 Cat Losses Occurred in Louisiana
Sep 16 2021 // The Allstate Corporation estimates catastrophe losses for August 2021 at of $876 million or $692 million, after-tax. The bulk of those losses are the result of Hurricane Ida and the majority occurred in Louisiana, the...
Report: Loss of Soil Strength Likely Led to Michigan Dam Collapses
Sep 15 2021 // A sudden loss of soil strength under saturated conditions most likely caused two Michigan dams to collapse last year and contributed to flooding that forced evacuations of about 10,000 people, an interim report...
New Mexico Cattle Ranchers Suffer Losses from Western Drought
Sep 14 2021 // State Sen. Pat Woods saw a lot of it over this past year – cows culled from a herd and sent to the slaughterhouse because their owners couldn’t afford to feed them anymore. “It was awfully dry,” said...
AIR Says Hurricane Ida Insurance Losses Could Reach $30 Billion
Sep 13 2021 // Modeling firm AIR Worldwide has updated its insured loss estimates for Hurricane Ida and now projects that Ida’s insured industry losses will range from $20 billion to $30 billion. The estimate includes inland flood...
KCC Estimates Sept. 7 Mexico Earthquake Insured Losses at $200M
Sep 13 2021 // The impact from the the strong (magnitude 7.0) earthquake that occurred Sept. 7 near Acapulco City, Mexico is expected to be moderate, with insured losses of about $200 million, according to catastrophe modeling firm Karen...
Offshore Energy Firms Warned of Insurance Limits for Ida Losses
Sep 10 2021 // Offshore energy firms are likely to face greater financial losses from Hurricane Ida than from previous storms in the Gulf of Mexico, because of reduced coverage offered by insurers, risk modeling firm RMS said on...
Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio
Sep 9 2021 // Lloyd’s of London reported pre-tax profit of £1.4 billion (US$1.9 billion) for the first half of 2021, compared to a £400 million (US$550.8 million) loss during H1 2020. The market’s profit was driven by a...
RMS: Up to $35B in Gulf Region Onshore, Offshore Insured Losses From Ida
Sep 8 2021 // Catastrophe risk specialist, RMS, estimates onshore and offshore U.S. insured losses from Hurricane Ida in the Gulf of Mexico region to be between $25 billion and $35 billion. RMS’ estimate includes losses to the...
P/C Insurers Boosted Underwriting Net Income 28% in First Half of Year: AM Best
Sep 6 2021 // The U.S. property/casualty industry grew its net underwriting income by 28% in the first six months of 2021 compared with the same prior-year period. According to a new AM Best report, a 5.4% growth in net earned premiums...
