Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
5th Circuit Reverses Class Certification in Lawsuit Alleging State Farm Undervalued Total-Loss Claims
Dec 28 2023 // A federal appellate court reversed a trial court’s decision to certify a class of plaintiffs in a lawsuit that alleged State Farm Mutual Automobile Insurance Co. undervalued total-loss claims by Louisiana...
SPAC Mania’s Ugly End Yields $46 Billion of Investor Losses in 2023
Dec 27 2023 // Wall Street’s affair with blank-check firms, the finance fad that pushed companies onto the stock market during the COVID-19 pandemic, ended this year with a string of big bankruptcies and even bigger losses for...
A&E Loss Payouts on the Rise; Reserves Will Run Off in 8 Years
Dec 20 2023 // A new AM Best segment report details asbestos and environmental (A&E) losses and reserve decline through the end of 2022. AM Best maintains its estimate for net asbestos losses at $100 billion and environmental losses...
Initial Insured Losses for Windstorm Ciarán (aka Emir) Estimated at €1.9B: PERILS
Dec 18 2023 // Initial industry losses for extratropical windstorm Ciarán, also known as Emir, are estimated at €1.9 billion (US$2.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
California Workers’ Comp Public Self-Insured Claim Volume, Total Paid and Incurred Losses Fall
Dec 14 2023 // Initial data on fiscal year 2022/23 public self-insured claims experience in the California workers’ compensation system show that public self-insured’s total claim volume, spurred by a sharp drop in indemnity...
Google’s Court Loss to Epic Games May Cost Billions but Final Outcome Years Away
Dec 13 2023 // Google’s stunning defeat in a legal battle with “Fortnite” maker Epic Games may clear the way for rival app stores on its Android mobile system but a lengthy appeals process will likely prevent any...
US Commercial Lines Survey Results Show Aggregate Increase of 6.1% in Q3: WTW
Dec 11 2023 // U.S. commercial insurance prices increased 6.1% in the third quarter, maintaining an upward trend. According to the latest results from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS), carriers in the third...
US P/C Industry Turns in $32.2B Underwriting Loss After 9 Months
Dec 8 2023 // U.S. property/casualty underwriting results deteriorated during the first nine months of 2023 to a loss of $32.2 billion. The result, highlighted in short financial review from AM Best, is $7.6 billion worse than the same...
Global Insured Losses From Severe Convective Storms Hit New High of $60B: Swiss Re
Dec 7 2023 // Global insured losses from severe thunderstorms have hit a new all-time high of US$60 billion in 2023, with overall natural catastrophe claims surpassing $100 billion, according to Swiss Re Institute in a new report. As...
Federal Crop Insurance Provides Billions in Profit for Insurers, Says USDA
Dec 5 2023 // Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government...
ANALYSIS: As Bayer Confronts Mounting Roundup Losses, All Eyes on Philadelphia Trial
Dec 5 2023 // With Bayer facing investor pressure to resolve thousands of lawsuits over its Roundup weedkiller after being hit with $2 billion in verdicts in recent weeks, all eyes are on a trial wrapping up in Philadelphia. Plaintiffs...
US Senate Committee Wants Investigation Into Florida Citizens’ Loss Reserves
Dec 1 2023 // The chairman of the U.S. Senate’s Budget Committee has begun an investigation into Florida’s Citizens Property Insurance Corp. and how the state-created insurer plans to address potential underwriting losses...
Reinsurers Cautious About US Regional Property Cat as Storm Losses Rise: Gallagher Re
Nov 22 2023 // After a costly 2023 severe convective storm season in the US, reinsurers underwriting in the regional property catastrophe market are skeptical about providing frequency cover, but their overall appetite remains healthy,...
Reinsurers’ Earnings Rise on Lower Disaster Losses, Improved Investment Results: Fitch
Nov 21 2023 // Lower natural catastrophe losses, a better investment result and strong revenue growth in property/casualty reinsurance led to strong earnings’ increases for the four main European reinsurers in the nine month-period...
AM Best Places Florida Farm Bureau Ratings Under Review After Idalia Losses Pile On
Nov 20 2023 // AM Best has placed under review with negative implications the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of “bbb+” (Good) of Florida Farm Bureau Casualty Insurance Co. and...
Bayer Ordered to Pay $1.56B in Latest Trial Loss Over Roundup Weedkiller
Nov 20 2023 // A Missouri jury ordered Bayer to pay $1.56 billion to four plaintiffs who claimed the company’s Roundup weedkiller caused injuries including cancer, a verdict that could intensify investor pressure on the German...
Harvard Claims Marsh Is to Blame for Its Loss of $15M in Coverage for Admissions Fight
Nov 20 2023 // Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh,...
5 Brokers Report Strong Revenues During Q3 as Favorable Market Climate Continues
Nov 20 2023 // Five publicly traded insurance brokers reported strong third quarter revenues, with their executives using adjectives such as “outstanding,” “terrific,” “excellent,” and...
Generali Keeps 2024 Goal as Profits Rise 30% Despite Disaster Claims
Nov 17 2023 // Italy’s top insurer Generali stuck to 2024 targets on Thursday after posting a 29.6% rise in nine-month adjusted net profit despite rising claims from natural disasters which it said would also weigh on this...
Fortune 500 Vulnerabilities to Third-Party Cloud Risk Could Result in $20B Loss
Nov 17 2023 // New research indicates members of the Fortune 500 could suffer direct financial losses in excess of $20 billion due to a partial outage of third-party cloud services, according to Parametrix. The findings highlight how the...
