Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
CNA Reports Q4 Loss on Catastrophes, Investments
Feb 11 2019 // Catastrophe claims and a disappointing investment performance drove commercial lines insurer CNA Financial Corp. to an $84 million loss in the fourth quarter of 2018. The quarter’s $84 million net loss compare to...
January’s U.S. Storms, Australia Floods Bring Economic Damages Near $2B: Aon
Feb 11 2019 // Multiple winter storms and extreme cold led to 45 deaths and cost the U.S. economy $1 billion during January, according to Aon’s Global Catastrophe Recap – January 2019. The report listed the winter storm events in...
Allstate Q4 Catastrophe Loss Tempered by Higher Premiums, Reduced Auto Claims
Feb 8 2019 // The Allstate Corp. lost $312 million in its 2018 fourth quarter, which was attributable to higher catastrophe losses, lower investment income and a pension settlement charge. Catastrophe losses hit $963 million, versus...
Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units
Feb 8 2019 // Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its...
UK’s Ocado Expects Total Loss of $58M Distribution Center After Huge Fire
Feb 7 2019 // One of Ocado Group Plc’s largest U.K. warehouses is expected to be completely destroyed by a fire, constraining the online grocer’s ability to meet customer demand and cutting sales growth. The blaze began...
Chubb Took $500M Hit from Catastrophes in Q4 But Saw Better Pricing, Investments
Feb 6 2019 // In 2018 fourth quarter, global insurer Chubb saw a surge in catastrophe losses, along with growth in premium revenue, better global property/casualty pricing and record net investment income. The insurer booked $355...
Munich Re Reports 56% Drop in Q4 Profit on Spate of Natural Disasters
Feb 6 2019 // German reinsurer Munich Re on Wednesday reported a 56 percent decline in fourth quarter net profit after a spate of natural catastrophes but proposed raising its dividend for 2018. Net profit fell to 238 million euros...
Italy’s Banks Look to Sell P/C Insurance as New Source of Revenues
Feb 4 2019 // An aging population and struggling state finances could turn into an unlikely boon for Italy’s banks, which have turned to a growing market for insurance to brighten their prospects. Intesa SanPaolo has marketed the...
Cyber Attack, or Act of (Cyber) War?
Feb 4 2019 // How a Small Distinction Can Nullify Insurance Coverage In June 2017, the NotPetya virus crippled many large companies including Merck and Mondelez (the manufacturer of Nabisco, Cadbury, and Toblerone). The aggregated...
Businesses View Cyber, Business Interruption as Bigger Risks Than Catastrophes
Feb 4 2019 // Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes...
MMC Acquisition of JLT on Track to Close in Spring
Jan 31 2019 // Marsh & McLennan Cos.’ $5.6 billion acquisition of Jardine Lloyd Thompson Group is on track to close this spring. MMC CEO Dan Glaser, who described the deal as one of “strength on strength,” told...
Insured Losses from Sydney Hailstorms Estimated at A$635M (US$457.5M): PERILS
Jan 31 2019 // Initial insured property losses for December’s hailstorms in Sydney are estimated at A$635 million (US$457.5 million), according to PERILS, the independent Zurich-based organization that provides industry-wide...
Everest Launches Not-For-Profit Management Liability Policy
Jan 31 2019 // Everest Insurance has launched Everest Expedition Not-For-Profit Management Liability policy. The new policy form provides protection for not-for-profit organizations across all industries including charitable foundations,...
Insured Losses from Last Year’s California Wildfires up to $11.4B
Jan 28 2019 // California Insurance Commissioner Ricardo Lara on Monday announced that more than $11.4 billion in insured losses have been reported from the November 2018 fires. That is a 25 percent increase, or more than $2.3 billion,...
Everest Re Estimates Q4 2018 Catastrophe Losses of $695 Million
Jan 28 2019 // Everest Re Group, Ltd. expects to incur in the fourth quarter 2018 catastrophe losses of $695 million, net of reinsurance, reinstatement premiums and taxes. The catastrophe losses were related to the fourth quarter 2018...
Private Flood Insurers Not Yet Ready to Fill Massive U.S. Protection Gap
Jan 24 2019 // The flood insurance protection gap in the United States is massive, but the take-up rate of private flood insurance continues to be low. The relative inability of private insurers to penetrate the flood insurance market...
Businesses View Cyber, Business Interruption as Bigger Risks Than Catastrophes
Jan 24 2019 // Cyber incidents join business interruption as the top risks facing global businesses, according to a survey conducted by Allianz Global Corporate & Specialty (AGCS). The impact of business interruption (which includes...
Coinsurance is the Insured’s Friend
Jan 23 2019 // Coinsurance. For some of us, that’s one of the worst words that I could write. You’re already mad at me and you haven’t even read the first paragraphs. For many of us, it’s a word that you barely...
Travelers Grew Q4 Profit Despite California Wildfire, Hurricane Michael Losses
Jan 22 2019 // Travelers Cos. reported that despite catastrophe losses from the California wildfires and Hurricane Michael, it boosted its profit in the fourth quarter of 2018 thanks to growth in premiums and investment income. Net...
Fund Manager LJM Sues to Find Those Behind Market Volatility Losses
Jan 22 2019 // LJM Partners Ltd. on Friday filed a lawsuit against unnamed parties it holds responsible for hundreds of millions of dollars it lost after last year’s jump in stock market volatility that effectively put the fund...
