Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Everest Re Estimates Third Quarter 2020 Catastrophe Losses of $300 Million
Oct 23 2020 // Everest Re Group Ltd. is estimating pre-tax net catastrophe losses of $300 million for the third quarter 2020. The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and...
Judge in North Carolina Favors Policyholders in COVID-19 Closure Lawsuit
Oct 23 2020 // A judge in Durham County, North Carolina has handed down what may be the nation’s first dispositive ruling in favor of policyholders in a COVID-19 business-interruption lawsuit. Superior Court Judge Orlando F. Hudson...
Argo Group Estimates $71M in Catastrophe, COVID Losses During Third Quarter
Oct 22 2020 // Argo Group International Holdings Ltd. announced that its results for the third quarter of 2020 will be adversely affected by estimated losses of $71 million related to various natural catastrophe events and the continued...
AM Best’s Estimates for U.S. Insurers’ Asbestos & Environmental Losses Unchanged
Oct 22 2020 // AM Best said its estimates of $100 billion in asbestos losses and $46 billion in environmental losses for the U.S. property/casualty industry remain unchanged as of year-end 2019. In a report, AM Best notes that A&E...
Munich Re Reports €800M of COVID-19-Related Losses During Q3
Oct 21 2020 // Munich Re reports approximately €800 million (US$935 million) in COVID-19-related losses in reinsurance during the third quarter. The losses were attributable to various business lines, such as insurance for major events...
Travelers Reports Strong 3Q with Profit More Than Doubling
Oct 20 2020 // The Travelers Companies had a strong third quarter, reporting net income grew to $827 million, up from $396 million in the prior year quarter. An increase in the quarter’s core income to $798 million compared to $378...
Insurance Losses for April’s Queensland Hailstorms Estimated at A$604M: PERILS
Oct 19 2020 // The insurance industry’s loss footprint for the April 2020 Central Queensland hailstorms is estimated at A$604 million (US$423.2 million), according to PERILS, the independent Zurich-based organization that provides...
Replacement Cost and the 180-Day Limitation Myth
Oct 19 2020 // What’s the best way to launch this article? Don’t know if I should say I’m itching for a fight or if it’s better to say insurance carriers are misinterpreting coverage forms and I am trying to stop...
Inflection Points in the Growth of an Agency
Oct 19 2020 // Over the years, I’ve talked to many agency owners who are frustrated because the growth of their agency is stuck, and they seem to be running in place. No matter what they try or how hard they work, agency growth has...
California Commissioner Asks Insurers to Cover Wildfire Losses Sans Home Inventory
Oct 19 2020 // California Insurance Commissioner Ricardo Lara is asking insurers to help wildfire survivors by providing up to 100% of personal property coverage limits without a detailed inventory to those who suffered a total loss of...
What 3Q Catastrophe Losses Mean for U.S. P/C Results
Oct 16 2020 // Driven by an elevated frequency of events during the quarter, third quarter natural catastrophe losses for the U.S. property/casualty insurance industry will be the largest since the third quarter of 2017, according to...
Catastrophe Risk Experts Estimate Up to $3B in U.S. Insured Losses from Delta
Oct 15 2020 // Two catastrophe risk and property data providers have estimated U.S. onshore insured losses from Hurricane Delta will come in at between $0.7 billion and $3 billion. Global property information, analytics and data provider...
AXIS Capital Estimates Q3 Pre-Tax Catastrophe Losses of $225M-$255M
Oct 14 2020 // AXIS Capital Holdings Ltd. announced a preliminary pre-tax net loss estimate in the range of $225 million to $255 million ($190 million to $220 million, after-tax) for third quarter catastrophes and other events. This net...
Arch Capital Group Estimates Q3 Natural Catastrophe Losses of $190M-$210M
Oct 14 2020 // Arch Capital Group Ltd. estimates its pretax third quarter natural catastrophe losses could range from $190 million to $210 million. These catastrophe events include Hurricanes Isaias, Laura, and Sally, as well as the...
Karen Clark & Co. Estimates $950M Insured Loss in U.S. from Delta
Oct 13 2020 // The catastrophe risk modeling firm Karen Clark & Co. (KCC) has estimated that the insured loss to onshore properties from Hurricane Delta will be close to $1.25 billion, which includes $950 million wind and storm surge...
The Impact of Political Risks on Businesses
Oct 13 2020 // Civil unrest incidents such as protests and riots are challenging terrorism as the main political risk exposure for companies. Recently, events such as the French “yellow vest” protests (insured losses around...
Iowa’s Derecho Crop Losses Increase by More Than 50%, Report Shows
Oct 12 2020 // A new report shows that crop loss estimates from a rare windstorm that slammed Iowa in August have increased by more than 50%. The U.S. Department of Agriculture said on Oct. 9 that the number of crop acres that Iowa...
Plaintiffs Win One, Lose One in COVID-19 BI Legal Fight
Oct 5 2020 // A federal judge in Florida late last month denied an insurer’s petition to dismiss a COVID-19 business-interruption lawsuit, while a federal magistrate judge in California threw out a similar claim. Both lawsuits...
Insurer Impact from Sally Expected to be Moderate; Losses Estimated at $1B to $3B
Oct 5 2020 // Insured losses from Hurricane Sally could reach as much as $3 billion, according to catastrophe modelers, but ratings agency Moody’s expects a moderate impact on property and casualty insurers and...
California Commissioner Asks Insurers to Cover Wildfire Losses Sans Home Inventory
Oct 2 2020 // California Insurance Commissioner Ricardo Lara is asking insurance companies help wildfire survivors by providing up to 100% of personal property coverage limits without a detailed inventory to those who suffered a total...
