Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Italy’s UnipolSai Stays on Profit Track Despite Coronavirus Resurgence
Nov 13 2020 // UnipolSai, Italy’s second-largest insurer, confirmed its full-year targets on Friday after a 37.7% rise in nine-month earnings, despite an uncertain economic outlook caused by the resurgence of the COVID-19...
Louisiana Court Schedules Trial on First Coronavirus Business Interruption Lawsuit
Nov 12 2020 // A trial will begin Monday in what is thought to be the first lawsuit to be filed against an insurer for denying coverage for business-interruption losses caused by COVID-19 shutdown orders. Judge Paulette R. Irons ruled...
How Lloyd’s Underwriters Are Viewing Today’s U.S. Property Insurance Environment
Nov 12 2020 // While the COVID-19 pandemic has slowed business activity around the globe, for underwriters in the Lloyd’s market who were in the process of increasing property insurance rates when the pandemic hit, the timing may...
P/C Insurers Face Workforce, Risk, Policy Challenges as Pandemic Continues
Nov 9 2020 // Given that business-as-usual is unlikely to return soon due to the coronavirus pandemic, U.S. property/casualty insurers will continue to face challenges related to virus-related insurance losses and premium volume...
Liberty Mutual Reports 46% Hike in Q3 Net Income Despite Catastrophe Losses
Nov 6 2020 // Liberty Mutual Holding Co. Inc. has reported a 46% increase in net income during the third quarter, despite elevated catastrophe losses. The company reported Q3 net income of $397 million, compared with $272 million during...
AIG’s Profit Slumps on Q3 Catastrophe Losses
Nov 6 2020 // American International Group Inc reported a slump in third-quarter profit on Thursday, hurt by losses related to storms, wildfires and the COVID-19 pandemic. AIG, one of the largest U.S. insurers, posted an underwriting...
Allianz Reports Unexpected Increase in Q3 Net Profit of 6%
Nov 6 2020 // German insurer Allianz on Friday declined to provide a forecast for 2020 given uncertainty around the COVID-19 pandemic, despite delivering an unexpected 6% rise in third-quarter net profit. Allianz, like other insurers,...
RMS: Total Onshore U.S. Insured Zeta Losses Could Rise to $5B
Nov 5 2020 // Catastrophe risk modeler RMS has estimated that insured on losses from Hurricane Zeta could rise to as high as $5 billion in the U.S. That figure is slightly higher than estimates announced by catastrophe modelers AIR...
Allstate Reports 26.7% Increase in Q3 Net Income to $1.13 Billion
Nov 5 2020 // The Allstate Corp. reported a 26.7% increase in its third quarter net income, primarily due to higher auto insurance underwriting income and net realized capital gains. Allstate’s third quarter net income able to...
Kemper Reports $122.3M in Net Income During Q3
Nov 4 2020 // Kemper Corp.’s Q3 net income dipped slightly, though that decline would have been worse if not for after-tax gains in assessments and investments. The company reported $122.3 million in net income during the 2020...
Starr’s Marine Division Launches Terminal Management System Loss Control Program
Nov 3 2020 // Starr Marine, a division of Starr Insurance Companies, has introduced a Terminal Management System (TMS) Assessment Program, designed to help Starr clients identify and reduce the risks unique to marine terminal operations...
Hurricane Zeta Insured Loss Estimates Range from $1.5B to More than $4B
Nov 3 2020 // Insured losses from Hurricane Zeta — the fifth named storm to make landfall in Louisiana and the third hurricane to hit the state in the span of two months — will likely come in somewhere between $1.5 billion and $4.4...
CNA Turns Q3 Profit; P/C Combined Ratio Rises Above 100%
Nov 3 2020 // CNA Financial Corp. doubled its 2020 Q3 net income, thanks in part to higher investment returns and rate hikes in the P/C insurance division that increased more than 12 percent on average. Net catastrophe losses soared,...
Workers’ Comp Should See Profit This Year But Maybe Not in 2021: Fitch
Nov 2 2020 // Despite the economic challenges from the coronavirus pandemic, the workers’ compensation insurance market is likely to report strong profitability in 2020 thanks to savings from lower claims frequency due that are...
N.C. Judge First to Favor Policyholders in COVID-19 Closure Lawsuit
Nov 2 2020 // A judge in Durham County, N.C., 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 Jr....
Pennsylvania Judge Allows COVID Business Loss Suit Against Lloyd’s to Advance
Oct 30 2020 // Lloyd’s of London lost its initial bid to squelch a coronavirus business interruption lawsuit brought by a Philadelphia bar and restaurant. Judge Gary S. Glazer of the Court of Common Pleas in Philadelphia turned...
It Would Take P/C Insurers 150 Years to Pay COVID-19 Business Interruption Losses
Oct 30 2020 // The world’s property/casualty insurers would have to collect business interruption insurance premiums for 150 years in order to absorb the estimated US$4.5 trillion global output loss inflicted by COVID-19 and its...
Florida Property Insurance Market Inches Closer to Crisis – Part 1
Oct 29 2020 // After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from...
Chubb Weathers $1 Billion in Catastrophes, Gains New Business in COVID Economy in 3Q
Oct 29 2020 // Chubb’s net income grew by 9 percent in the 2020 third quarter, which CEO Evan Greenberg credited to rate hikes and improving underwriting conditions despite a tough environment shaped by the COVID-19 pandemic. The...
China’s Ping An Insurance Reports 7.74% Hike in Q3 Profit
Oct 27 2020 // Ping An Insurance Group Co of China Ltd on Tuesday reported a 7.74% rise in net profit, its first quarterly profit increase in a year, as the country’s largest insurer by market value attracted more retail...
