All the headlines from our Profit Loss Topic Page, ordered by recency.
Oct 20 2021 // Thousands of unvaccinated workers across the United States are facing potential job losses as a growing number of states, cities and private companies start to enforce mandates for inoculation against COVID-19.In the...
Oct 19 2021 // Third quarter profit fell 20% at The Travelers Companies due to higher catastrophe and auto losses but the insurer also reported a 15% boost in investment returns.Net income of $662 million for the third quarter compared...
Oct 18 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate.A study conducted by...
Oct 15 2021 // On Louisiana’s south coast, in a key port servicing the U.S. offshore oil industry, a huge shipyard sits idle and in tatters. Where parts of the nine-bay terminal’s roof once hung, only a tangle of twisted...
Oct 15 2021 // For the fifth consecutive year, insured losses from natural catastrophes are expected to be at or above global reinsurers’ budget expectations, but their very strong capital adequacy continues to provide a cushion,...
Oct 15 2021 // Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses.In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax net...
Oct 14 2021 // During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS).Further, the report noted,...
Oct 13 2021 // Johnson & Wales University is suing its insurer over financial losses caused by the coronavirus pandemic, alleging the company breached its contract because it did not allow the university to claim pandemic-related...
Oct 12 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate.A study conducted by...
Oct 12 2021 // Through the end of September, there have been 18 weather and climate disaster events with losses exceeding $1 billion each across the U.S. during 2021.These events include one drought/heat wave event, two flooding events,...
Oct 7 2021 // JOHANNESBURG – South Africa’s Supreme Court of Appeal has ruled Santam is liable to cover the impact of COVID-19 restrictions on hotel group Ma-Afrika for 18 months, rejecting the insurer’s request for a...
Oct 7 2021 // The extreme flooding event in Western Europe in mid-July generated the largest insurance industry loss figure so far this year – at current estimates of US$11.0 billion, according to CRESTA, the insurance industry...
Oct 5 2021 // A federal appellate court reversed a rare policyholder win in a COVID-19 related business-interruption claim, once again holding that government orders that restrict the use of a property do not constitute a “direct...
Oct 5 2021 // A Florida appeals court has reversed a trial judge, finding that a homeowner’s State Farm policy did not cover damages from a septic tank leak because of a fungus endorsement on the policy.In State Farm Florida...
Oct 5 2021 // Former Facebook employee and whistleblower Frances Haugen will urge the U.S. Congress on Tuesday to regulate the social media giant, which she plans to liken to tobacco companies that for decades denied that smoking...
Oct 4 2021 // Most independent agents overlook surety bonds as an additional product they can offer their clients. They believe surety is too much of a niche specialty. The bonds are difficult to write, and best left to larger firms,...
Oct 1 2021 // PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has announced the launch of a new platform providing real-time industry loss estimates for hailstorm events in...
Sep 22 2021 // The Oklahoma Insurance Department approved a 9.4% decrease in workers’ compensation insurance loss costs for 2022, a reduction that will lead to lower premiums for many Oklahoma businesses, the department said.Loss...
Sep 22 2021 // Catastrophe risk modeling firm Karen Clark & Co. estimates that the insured loss from Hurricane Nicholas will come in at around $950 million.KCC said its estimate is based on its high-resolution KCC US Hurricane...
Sep 20 2021 // Modeling firm AIR Worldwide updated its insured loss estimates for Hurricane Ida and now projects that Ida’s insured industry losses will range from $20 billion to $30 billion.The estimate includes inland flood...