Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re
Feb 5 2024 // Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion,...
NHTSA Upgrades Probe Into Tesla Power Steering Loss
Feb 2 2024 // U.S. safety regulators have upgraded their probe into Tesla TSLA.O vehicles over power steering loss to an engineering analysis – a required step before the agency could demand a potential recall. The National...
Weekly Q4 2023 Earnings Wrap: The Hartford, The Hanover, Markel, and Selective
Feb 2 2024 // The Hartford said fourth quarter net income available to common stockholders increased 30% to $766 million. The insurer ended the year with net income up 38% to about $2.5 billion. Commercial lines record fourth quarter...
Insurtech Resilience Expands Cyber Risk Management to Clients of $10B in Revenue
Jan 30 2024 // San Francisco, California-based Resilience expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues. The company reported that its expanded authorities come after a...
Markets/Coverages: New WTW Cyber Solution for SMEs With Revenue Under $50M
Jan 29 2024 // Broker WTW said it has launched a cyber solution specifically for business with annual revenue under $50 million, including startups and pre-revenue accounts. This tailored solution for small- and medium-sized enterprises...
Record Underwriting Income Highlights W.R. Berkley Q4 Results
Jan 24 2024 // Fourth quarter net income at W.R. Berkley Corp. increased 4% compared to the same period the prior year to about $397.3 million on record pretax underwriting income of nearly $316 million, an 8.2% increase. The Greenwich,...
Progressive Q4 Net Income Up 141% as Combined Ratio Exceeds Goal for 2023
Jan 24 2024 // Progressive Corp. today said fourth quarter 2023 net income jumped to nearly $2 billion compared to about $826 million a year ago during the same period. The Mayfield Village, Ohio-based insurer reported some quarterly and...
Tennessee Chalks Another Drop in Workers’ Comp Loss Costs
Jan 24 2024 // Workers’ compensation loss costs in Tennessee will drop an average of 9.4% for the voluntary market starting March 1, marking the 11th straight decrease for the state. The decrease follows declines of 10.2% in 2023...
Brown & Brown’s Q4 Profit Jumps on Robust Growth in Fee, Investment Income
Jan 23 2024 // Insurance brokerage Brown & Brown reported an 85% surge in fourth-quarter profit to $268.6 million on Monday, helped by higher commissions and fees alongside better investment returns. The insurance industry typically...
Hedge Funds Rake in Huge Profits Betting on Catastrophe Risk
Jan 22 2024 // For hedge funds, the science of catastrophes helped generate the best returns of any alternative investment strategy last year. The calculus around natural disasters such as hurricanes and cyclones fed record gains at...
Travelers’ Q4 Net Income Skyrockets as Personal Lines Reverses Underwriting Loss
Jan 19 2024 // Net income at The Travelers Cos. for the last quarter of 2023 about doubled compared to the same time last year to $1.6 billion on lower catastrophe losses and a return to profitable results in the personal insurance...
Another View: Yes, P/C Industry Underwriting Profit Will Be Back in ’24
Jan 19 2024 // Not all analysts think an underwriting profit is out of reach for 2024. While a recent forecast from Fitch Ratings puts the 2024 combined ratio above 100, an improvement from 2023, a report by Swiss Re Institute projects...
Secondary Perils Drive Global Insured Losses to Estimated $123B in 2023: Gallagher Re
Jan 18 2024 // Non-peak (secondary) perils and record-setting weather and climate events drove global insured losses from natural catastrophes to an estimated $123 billion in 2023, the fourth consecutive year to exceed $100 billion,...
Storm Henk Causes Estimated £150 Million in UK Insured Losses: PwC
Jan 10 2024 // Storm Henk, which battered Britain last week, caused around 150 million pounds ($190 million) in insured losses and damaged around 2,000 properties, consultants PwC said on Wednesday. Heavy rain caused major rivers to...
Loss of Alaska Airlines Cockpit Recording Rekindles Industry Safety Debate
Jan 10 2024 // The cockpit voice recorder data on the Alaska Airlines Boeing 737 MAX 9 jet which lost a panel mid-flight on Jan. 5 was overwritten, U.S. authorities said, renewing attention on long-standing safety calls for longer...
Affinity Hires Revenue Chief, NC DOI Elevates Counsel to Chief Operating Officer
Jan 8 2024 // Affinity Advisors, providers of a digital platform for securing specialty insurance, has named a former Aon and Marsh McLennan executive to be chief revenue officer. Suesserman Andrew Suesserman, who spent 12 years with...
Because ‘Location’ Is Ambiguous in Marine Cargo Policy, Travelers Must Pay Fire Loss
Jan 8 2024 // A New York-based apparel company is entitled to its claim for the full $600,000 limit on its marine cargo insurance policy because the policy was ambiguous as to whether a warehouse fire that destroyed its goods was at an...
AM Best: Japan Quake’s Effect on Insurers ‘Manageable; KCC Says Losses to Hit $6.4B
Jan 5 2024 // The earnings impact on the major domestic non-life insurers of claims from the Jan. 1, 2024 earthquake in Japan is expected to be manageable relative to the sector’s net profit, according to AM Best in a market...
Update: Japan Airlines Counts Losses From Wrecked Tokyo Plane
Jan 4 2024 // Japan Airlines (JAL) on Thursday said it expected losses of more than $100 million after one of its planes was destroyed when it collided with another aircraft on the runway at Tokyo’s Haneda airport this week. All...
Turkey Earthquake Tops 2023 Insurance Industry Losses Outside US: CRESTA
Jan 2 2024 // The largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market,...
