All the headlines from our Profit Loss Topic Page, ordered by recency.
Jun 16 2023 // The impact from a June hailstorm over Texas with baseball to softball-sized hail is expected to cause over $1 billion in insured losses, according to catastrophe modeling firm Karen Clark and Company. The storm occurred...
Jun 15 2023 // A rise in first quarter losses in the homeowners insurance line of business primarily put U.S. property/casualty underwriting results in the red, according to AM Best.The U.S. P/C industry booked a $8.2 billion...
Jun 15 2023 // Allstate Corp. today released estimated catastrophe losses for the month of May of $885 million or $699 million, after-tax.There were a dozen events in May causing $893 million in catastrophe losses, Allstate said, but...
Jun 13 2023 // Core Specialty Insurance Holdings, Inc., and its subsidiaries announced today that it will form a medical stop-loss division through the acquisition of the MGU/Stop-Loss business of American National Group. The acquisition...
Jun 12 2023 // Branch Insurance has conducted a round of layoffs, according to a June 8 LinkedIn post by co-founder and CEO Steve Lekas.Lekas did not announce the number of employees who were let go, but cited “ongoing challenges...
Jun 2 2023 // Two new hurricane forecast models promise to help property owners and insurers better predict the losses from storms that may be increasing in intensity as ocean waters continue to warm.The National Hurricane Center...
May 30 2023 // This post is part of a series sponsored by AgentSync. It’s no longer just a hypothesis that more and larger natural disasters, along with general inflation and social inflation, are driving up insurers’ claims...
May 25 2023 // Italy’s Generali confirmed all its 2024 business plan targets on Thursday after first quarter profits rose on a strong non-life performance which more than offsetting weakness in the insurer’s life...
May 24 2023 // An analysis from S&P Global Market Intelligence found that the finger can be pointed at personal lines carriers for most of the property/casualty industry underwriting red ink during the first quarter.The U.S. P/C...
May 22 2023 // Exxon Mobil Corp on Friday said an ongoing dispute over oil-spill insurance in Guyana could halt production at its first offshore platform there, cutting revenue by about $350 million per month.A Guyanese court this month...
May 19 2023 // When HCI Group’s TypTap Insurance launched in 2016, it created a buzz in the industry and some skepticism, due to the company’s plan to rely heavily on mapping technology and property data. This month,...
May 16 2023 // An owner of Broadway theaters and Pacific Indemnity Insurance Co. have voluntarily agreed to end their remaining litigation over COVID-19 coverage claims.Under the stipulation filed May 11, each party will bear its own...
May 10 2023 // While the property/casualty insurance industry overall may have seen a slight loss in profitability in 2022, workers’ compensation continues to be the most profitable line, with a “very healthy”...
May 8 2023 // Even though Berkshire Hathaway’s GEICO achieved a 93 first-quarter combined ratio, an enviable result measured against industry peers, the leader of Berkshire’s insurance operations said the figure is not a...
May 8 2023 // Insured losses for New Zealand’s North Island floods of Jan. 27 to Feb. 2 are estimated at NZ$1.75 billion ($1.1 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide...
May 8 2023 // Warren Buffett, whose economic insights are craved for Berkshire Hathaway Inc.’s deep ties to the American economy, had a gloomy prediction for his own businesses: the good times may be over.The billionaire investor...
May 8 2023 // Analysts at Fitch Ratings predict a better underwriting result for U.S. property/casualty insurers in 2023 compared to 2022, but the combined ratio is still going to hover above breakeven, according to their forecast.Fitch...
May 5 2023 // American International Group said first quarter 2023 underwriting income in its general insurance segment was $502 million, “representing the strongest first quarter underwriting results AIG has achieved,” said...
May 4 2023 // This post is part of a series sponsored by CoreLogic.Insurers affected by Hurricane Ian’s damaging path across Florida at the end of September 2022 faced operational, regulatory and statutory requirements for...
May 4 2023 // Swiss Re swung back to a first quarter profit, reporting net income of $643 million, compared with a loss of $248 million for the prior-year period.“Profitability improved in all our main businesses, supported by...