Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Europe’s Insurers Expect Robust M&A Activity and Strong Earnings in 2021: Moody’s
Jun 22 2021 // Europe’s insurance industry is emerging from the coronavirus crisis with a stronger appetite for mergers and acquisitions (M&A), along with expectations for strong earnings growth in 2021, according to...
Connecticut Casinos Sue Insurer Over COVID-19 Losses
Jun 21 2021 // The Native American tribe that owns Connecticut’s Mohegan Sun casino is suing its insurance carrier over what it says was the denial of claims for millions of dollars in losses caused by the COVID-19 pandemic. The...
Workers’ Compensation Profit Picture Looks Good in Short Term: Fitch
Jun 21 2021 // With favorable results driven by recent reductions in claims frequency and further recognition of material reserve redundancies, workers’ compensation underwriting performance is expected to remain strong in 2021,...
P/C Insurers’ Underwriting Income Fell 53% in First Quarter: AM Best
Jun 21 2021 // The U.S. property/casualty industry saw its net underwriting income fall in first-quarter 2021 by 53% as compared with the same prior-year period, according to preliminary financial results analyzed by AM Best. Increased...
French Chef Seeks $1.9M from Allianz for Biz Income Losses During COVID Lockdowns
Jun 17 2021 // A French Michelin three-star chef is asking Allianz SE for 1.6 million euros ($1.9 million) in insurance claims for losses suffered by his restaurants during the country’s lockdowns, a person familiar with the matter...
Michigan to Insurers: Zero-Dollar Claim Is Not a Loss
Jun 16 2021 // Michigan insurance regulators are reminding property/casualty insurers that relying on “zero-dollar claim” in their insureds’ loss history is not allowed. In Bulletin 2021-27-INS, issued by Michigan...
Workers’ Compensation Profit Picture Looks Good in Short Term: Fitch
Jun 15 2021 // With favorable results driven by recent reductions in claims frequency and further recognition of material reserve redundancies, workers’ compensation underwriting performance is expected to remain strong in 2021,...
We Can Work It Out: Negotiations Likely on COVID-19 Reinsurance Losses
Jun 11 2021 // Catastrophe excess of loss reinsurance contracts “never anticipated an event like a pandemic,” but cedents can still expect compromises from their reinsurers, an industry executive said Thursday. While cedents...
Version 21.0 of RMS North Atlantic Hurricane Models Certified by Florida Hurricane Commission on Loss Projection Methodology
Jun 10 2021 // RMS remains first and only risk modeling company to offer hurricane models certified by the FCHPLM on both on-premises software and a cloud platform simultaneously Newark, Calif. – June 10, 2021 – Today, RMS, the...
P/C Insurers’ Underwriting Income Fell 53% in First Quarter: AM Best
Jun 4 2021 // The U.S. property/casualty (P/C) industry saw its net underwriting income fall in first-quarter 2021 by 53% as compared with the same prior-year period, according to preliminary financial results analyzed by AM...
World’s Largest Insurers ‘Failing’ to Address Climate Change, Biodiversity Loss
Jun 3 2021 // Most of the world’s largest insurers are failing to adequately address systemic risks such as climate change and biodiversity loss, but a group of five U.S. insurers are some of those that rank the lowest, according...
COVID Takes Big Bite from Multiline Insurers’ Earnings, in ‘Manageable’ Event: S&P
May 28 2021 // The COVID-19 crisis cost 16 global multiline insurers about $8 billion in 2020, although they still reported substantial net profit of $36 billion, according to a report published by S&P Global Ratings. This net profit...
Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch
May 27 2021 // U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate...
Penn. Court Says Tavern Entitled to Business Income Coverage for COVID-19 Losses
May 27 2021 // An insurer could have to pay for a Pennsylvania tavern’s business interruption losses after it shut down due to the COVID-19 pandemic because of a two-letter word in its policy. The Pennsylvania Court of Common Pleas...
Climate Change Caused $8 Billion of Hurricane Sandy’s Economic Losses: Study
May 20 2021 // When Hurricane Sandy barreled over New York City and the East Coast in 2012, it caused $63 billion in damage, making it one of the costliest storms in U.S. history. Now, scientists have estimated that climate change pushed...
Record Winter Losses Are Challenging Policyholder Relationships: Aon
May 17 2021 // U.S. insurers suffered record-breaking winter storm losses during the first quarter of 2021 while also grappling with several high-profile cyberattacks, according to a recent report released by Aon. Maybe claims...
U.S. Announces Safety Investigation of Steering Loss in 1.1M Honda Accords
May 10 2021 // The National Highway Traffic Safety Administration (NHTSA) said Monday it was opening a formal safety probe into more than 1.1 million Honda Accord vehicles over sudden loss of steering control reports. The agency said the...
Allstate Q1 Revenue Soars 26% on National General, Premium Gains
May 6 2021 // Allstate reported an overall $1.4 billion net loss in the first quarter due to the sales of its life and annuity businesses, compared to net income of $513 million in the first quarter of 2020. However, net income adjusted...
Business Income and the Supposed Ambiguity of “…Direct Physical Loss of or Damage To…”
May 5 2021 // We thank friend of the Academy, Christopher J. Boggs for this guest post. Courts are being asked to decide whether the phrase, “direct physical loss of or damage to” property at the premises unambiguously...
Swiss Re Scores Profit Despite COVID Death Claims, Catastrophe Losses
May 3 2021 // Swiss Re reported consolidated net income of USD 333 million in the first quarter of 2021, despite heightened losses in its life and health reinsurance business related to COVID and property and casualty reinsurance losses...
