All the headlines from our Profit Loss Topic Page, ordered by recency.
Oct 13 2022 // Insurer Progressive incurred nearly $2.0 billion in gross loss and loss adjustment expenses for vehicle and property claims related to Hurricane Ian, sending over $1 billion of the total to reinsurers, the company reported...
Oct 13 2022 // The parent company of Universal Property & Casualty Co., the second-largest property insurer in Florida, projects its total losses from Hurricane Ian to be about $1 billion, well below its $3 billion reinsurance...
Oct 12 2022 // A report from Moody’s Investors Service clearly paints Ian as a loss event for Florida-only home insurers since large, national insurers have significantly reduced exposure in the Sunshine State throughout the...
Oct 12 2022 // According to Stonybrook Capital, the damage from Hurricane Ian will result in the largest-ever insured loss event in nominal dollars.The advisory and investment banking firm focused on the insurance industry said the...
Oct 10 2022 // Catastrophe modeler RMS chimed in on Hurricane Ian with an estimate of private-market insured losses from the storm of $67 billion.The Moody’s Analytics company said the amount was a “best estimate,” and...
Oct 10 2022 // The shuttering of a state agency that was created to manage growth in Florida’s vulnerable coastal areas may have helped fuel the steady development that during Hurricane Ian resulted in some of the largest insured...
Oct 7 2022 // The waters have receded, but the stink lingers. As Emma Reynolds Ezell surveys the damage that a night of 100 mile-per-hour winds wrought on her orange groves, she just can’t get over the stench. It’s nothing...
Oct 6 2022 // A public adjuster who is accused of pocketing insurance payouts intended for policyholders took a total of $7.9 million from 14 customers, including four churches, according to an amended complaint filed by the Texas...
Oct 4 2022 // California’s insurance commissioner ordered nearly 50 auto insurers to provide detailed information about their claim costs during the pandemic, his latest attempt to compensate consumers he says were overcharged as...
Oct 4 2022 // On September 28, 2022, the nearly Category 5 Hurricane Ian made landfall in southwest Florida with maximum sustained winds clocked at approximately 150 MPH. Reports out of Lee County, Florida have been particularly...
Oct 3 2022 // Insured losses from Hurricane Ian to onshore property will be between $42 billion and $57 billion, with much of the damage – $38-51 billion – coming from wind damage, according to Verisk.“Damage was more severe...
Oct 3 2022 // FORT MYERS, Fla. – Dave Lusk, who lives on San Carlos Island, sandwiched between Fort Myers and devastated Fort Myers Beach, Florida, told the story of how his daugther and her family decided to ride out Hurricane Ian in...
Oct 2 2022 // Catastrophe modeler Karen Clark & Company (KCC) late Friday said the firm estimates insured losses from Hurricane Ian will near $63 billion.Should KCC’s calculations hold true, Ian will surely be remembered as...
Sep 30 2022 // Wind and storm-surge losses from Hurricane Ian could reach as $47 billion in Florida alone, a figure made larger by inflation and rising interest rates, the property analytics firm CoreLogic said in a new...
Sep 30 2022 // Investors who backstop Florida’s insurance industry by buying catastrophe bonds are girding for substantial losses from Hurricane Ian, threatening to crimp a key source of capital for the sector and push up insurance...
Sep 29 2022 // More than 30 insurers that have paid an estimated $39 million in lost cargo claims, along with cargo owners without insurance, have asked the courts to seize and sell the Japanese vessel ONE Apus to cover their claims.The...
Sep 29 2022 // Hurricane Ian continued to churn through central Florida Thursday morning, leaving widespread flooding and wind damage in its wake. It was too early to know the extent of property insurance claims from the storm, although...
Sep 29 2022 // The global insurance industry should be prepared for insured losses from natural catastrophes well in excess of $100 billion every year, according to the 2022 Global Modeled Catastrophe Losses Report from Verisk Extreme...
Sep 22 2022 // AM Best said it expects insured losses from Hurricane Fiona in Puerto Rico to be influenced by business interruption caused by widespread power outages but losses should be manageable for the industry.“It could take...
Sep 20 2022 // Higher auto loss costs are here to stay, according to the leader of Allstate, who also said that his company will be pushing up auto insurance prices higher, and at a faster pace, for the balance of the year.Speaking at...