All the headlines from our Profit Loss Topic Page, ordered by recency.
Oct 30 2020 // Lloyd’s of London lost its initial bid to squelch a coronavirus business interruption lawsuit brought by a Philadelphia bar and restaurant.Judge Gary S. Glazer of the Court of Common Pleas in Philadelphia turned...
Oct 30 2020 // The world’s property/casualty insurers would have to collect business interruption insurance premiums for 150 years in order to absorb the estimated US$4.5 trillion global output loss inflicted by COVID-19 and its...
Oct 29 2020 // After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from...
Oct 29 2020 // Chubb’s net income grew by 9 percent in the 2020 third quarter, which CEO Evan Greenberg credited to rate hikes and improving underwriting conditions despite a tough environment shaped by the COVID-19 pandemic.The...
Oct 27 2020 // Ping An Insurance Group Co of China Ltd on Tuesday reported a 7.74% rise in net profit, its first quarterly profit increase in a year, as the country’s largest insurer by market value attracted more retail...
Oct 27 2020 // Despite the economic challenges from the coronavirus pandemic, the workers’ compensation insurance market is likely to report strong profitability in 2020 thanks to savings from lower claims frequency due that are...
Oct 26 2020 // W.R. Berkley Corp.’s 2020 third-quarter financial results landed on the strong side despite a dip in net income and more COVID-19 losses, a result the company credits to rate hikes and underwriting discipline.The...
Oct 26 2020 // Westpac Banking Corp. has taken a A$1.2 billion ($871 million) charge against second-half earnings to cover a record money-laundering fine and the mounting cost of compensating customers for years of misconduct.The charge...
Oct 23 2020 // A judge in Durham County, North Carolina has handed down what may be the nation’s first dispositive ruling in favor of policyholders in a COVID-19 business-interruption lawsuit.Superior Court Judge Orlando F. Hudson...
Oct 23 2020 // Everest Re Group Ltd. is estimating pre-tax net catastrophe losses of $300 million for the third quarter 2020.The estimate includes the impact of Hurricanes Laura, Isaias and Sally, wildfires in California and Oregon, and...
Oct 23 2020 // A judge in Durham County, North Carolina has handed down what may be the nation’s first dispositive ruling in favor of policyholders in a COVID-19 business-interruption lawsuit.Superior Court Judge Orlando F. Hudson...
Oct 22 2020 // Argo Group International Holdings Ltd. announced that its results for the third quarter of 2020 will be adversely affected by estimated losses of $71 million related to various natural catastrophe events and the continued...
Oct 22 2020 // AM Best said its estimates of $100 billion in asbestos losses and $46 billion in environmental losses for the U.S. property/casualty industry remain unchanged as of year-end 2019.In a report, AM Best notes that A&E...
Oct 21 2020 // Munich Re reports approximately €800 million (US$935 million) in COVID-19-related losses in reinsurance during the third quarter. The losses were attributable to various business lines, such as insurance for major events...
Oct 20 2020 // The Travelers Companies had a strong third quarter, reporting net income grew to $827 million, up from $396 million in the prior year quarter.An increase in the quarter’s core income to $798 million compared to $378...
Oct 19 2020 // The insurance industry’s loss footprint for the April 2020 Central Queensland hailstorms is estimated at A$604 million (US$423.2 million), according to PERILS, the independent Zurich-based organization that provides...
Oct 19 2020 // What’s the best way to launch this article? Don’t know if I should say I’m itching for a fight or if it’s better to say insurance carriers are misinterpreting coverage forms and I am trying to stop...
Oct 19 2020 // Over the years, I’ve talked to many agency owners who are frustrated because the growth of their agency is stuck, and they seem to be running in place. No matter what they try or how hard they work, agency growth has...
Oct 19 2020 // California Insurance Commissioner Ricardo Lara is asking insurers to help wildfire survivors by providing up to 100% of personal property coverage limits without a detailed inventory to those who suffered a total loss of...
Oct 16 2020 // Driven by an elevated frequency of events during the quarter, third quarter natural catastrophe losses for the U.S. property/casualty insurance industry will be the largest since the third quarter of 2017, according to...