Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Viewpoint: Many Businesses May Be Exposed to Losses From Snow Melt Flooding
Apr 3 2024 // Executive summary: Snow melt flooding is an imminent threat in the U.S., but there are steps insurance professionals can take to mitigate their clients’ risk, says Richard Coyle, U.S. commercial director at...
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
Mar 29 2024 // It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according...
Baltimore Bridge May Trigger Historic Marine Loss, Lloyd’s of London Says
Mar 28 2024 // Insurance payouts for Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore could be among the largest ever in marine insurance, according to Lloyd’s of London Chief Executive Officer John...
Lloyd’s of London Swings to $13.5 Billion Profit in 2023
Mar 28 2024 // Lloyd’s of London swung to a pre-tax profit of 10.7 billion pounds ($13.51 billion) in 2023, the commercial insurance market said on Thursday, boosted by strong underwriting and investment performance. The insurance...
Update: Foreign Firms’ Losses From Exiting Russia Top $107 Billion
Mar 28 2024 // The corporate exodus from Russia since its 2022 invasion of Ukraine has cost foreign companies more than $107 billion in writedowns and lost revenue, a Reuters analysis of company filings and statements showed. The volume...
Update: NC High Court Strikes Down Compensability of Weight-Loss Surgery
Mar 27 2024 // The North Carolina Supreme Court has undone rulings by an appeals court and the state’s Industrial Commission that had granted workers’ compensation insurance payments for a woman’s weight-loss...
The New Norm? Global Insured Losses for Nat Cats Keep Breaking Records: Swiss Re
Mar 26 2024 // Global insured losses from natural catastrophes in 2023 exceeded US$100 billion for the fourth consecutive year – an indication of the new norm for nat cat losses, according to Swiss Re. Other record-breaking numbers for...
2023 Underwriting Losses Improve but Persist in US P/C Industry
Mar 26 2024 // The U.S. property/casualty insurance industry recorded a slight underwriting improvement in 2023, but losses persisted, according to a new AM Best report. Preliminary data from the global credit rating agency shows that...
Corner Turned? Top Florida Insurers See First Profit in Seven Years, S&P Global Says
Mar 22 2024 // Florida’s beleaguered property insurance market is starting to look normal again, with the top insurers in the state showing a collective profit for the first time in seven years, S&P Global Market Intelligence...
UK Insurer Direct Line Posts Operating Loss as it Grapples With Auto Claims Inflation
Mar 21 2024 // Direct Line posted a 2023 operating loss as it grapples high motor claims inflation, but reinstated its dividend as the British home and motor insurer tries to fend off takeover offers from Belgian rival Ageas. The 189.6...
West Texas Ranchers Face Losses After Historic Wildfires
Mar 20 2024 // LUBBOCK — There are burned spots on Jay O’Brien’s ranch outside Stinnett that predate the Smokehouse Creek fire. Over the last several months, small fires — ones that weren’t pushed by strong winds or...
People Moves: Alliant Names Hammond VP, Private Client Loss Control Department
Mar 14 2024 // Willy Hammond joined the Alliant private client division of Alliant Insurance Services as vice president, senior loss control specialist. Hammond has 30 years of experience in the industry and previously served as national...
Florida-Based HCI Group Reports Strong Gain in Q4 Earnings
Mar 12 2024 // TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Thursday reported fourth-quarter earnings of $38.1 million, a significant improvement over Q4 2022. The Tampa, Florida-based company said it had profit of $3.40 per share....
The National Alliance Launches Allibot: A NEW Artificial Intelligence Learning Tool for HS Students Earning the CISR Designation
Mar 11 2024 // AUSTIN, TX., March 11, 2024 — The National Alliance for Insurance Education & Research, a leader in risk management and insurance education, announces the release of Allibot, an advanced Artificial Intelligence...
Liberty Mutual Execs See Q4 Momentum as 2023 Income Falls
Mar 8 2024 // Although Liberty Mutual reported worse underwriting results and lower net income in 2023 compared to the prior year, executives pointed to the momentum of the final quarter as an indicator of what’s ahead. “We...
US P/C Industry Underwriting Loss Reaches 10-Year High: AM Best
Mar 7 2024 // Industry rating agency AM Best said the U.S. property/casualty industry’s underwriting loss for 2023 reached a 10-year high of $38 billion, attributable to severe weather-related losses, stubborn inflation, and...
Why Totaled Auto Losses Are Hard to Pin Down
Mar 4 2024 // The auto insurance market is tough and varied. Totaled auto losses are up, down or relatively stable, depending on the data source. Ever since the personal auto segment recorded a combined ratio of 112 in 2022 – a figure...
Ryan Specialty Q4 Net Income Up 28% on E&S Expansion
Mar 1 2024 // Ryan Specialty reported fourth quarter 2023 net income of $58.5 million and net income of $194.5 million for the full year. The Chicago-based specialty insurance firm grew Q4 net income by about 28% from the prior year,...
State Farm Sets Another Record With $14B Underwriting Loss in 2023
Mar 1 2024 // A year after recording the largest underwriting loss in the company’s 100-year history, State Farm eclipsed it in 2023. The underwriting loss figure climbed to $14 billion for 2023, with a nearly $5 billion...
Profit Recovery Will Vary Among U.S. Personal Auto Carriers: Fitch
Feb 29 2024 // Fitch Ratings said it expects underwriting results for U.S. personal auto insurer to continue to improve this year but the pace to profitability will vary. Auto insurers Progressive and GEICO were the only two of 10...
