All the headlines from our Profit Loss Topic Page, ordered by recency.
Sep 18 2020 // Speaking at one of the many virtual conferences that took place in early September, Dan Malloy, chief executive officer of Bermuda-based Third Point Reinsurance, offered an anecdotal view of the reinsurance market from a...
Sep 17 2020 // Dozens of wildfires raging in California, Oregon, Washington and other Western states have resulted in loss of life, damaged or destroyed about 9,657 homes and commercial structures and burned more than 5 million acres,...
Sep 15 2020 // Passaic County in New Jersey is not in the hurricane belt nor is it on the banks of a major river, and yet 810 properties there received $170 million of taxpayer money through the National Flood Insurance Program (NFIP)...
Sep 14 2020 // Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds,...
Sep 11 2020 // While Lloyd’s overall results in the second half were hit by £2.4 billion ($3.12 billion) of COVID-19 claims, the market’s underlying underwriting performance saw a “huge improvement,” which Chief...
Sep 11 2020 // Munich Re has stopped selling coverage to protect against business losses in future pandemics after the German reinsurer took a 1.5 billion-euro ($1.8 billion) virus-related hit in the first half.“We are currently...
Sep 11 2020 // Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates.The good news for companies,...
Sep 10 2020 // It’s been 3 years since Hurricane Irma made landfall in Florida as a Category 4 storm, and the trail of damage left in its wake is still being felt across the state today, particularly by the insurance industry as it...
Sep 10 2020 // Lloyd’s of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday.Insurers around the world...
Sep 9 2020 // Another federal court has dismissed a COVID-19 business interruption lawsuit, finding that a closure order does not constitute a covered “direct physical loss” and that the policy excluded damages caused by...
Sep 9 2020 // The New Hampshire workers’ compensation insurance market will continue to experience historically low rates in 2021, according to a press release issued by the New Hampshire Insurance Department.This comes after the...
Sep 9 2020 // Despite the global reinsurance sector’s “robust capital position” and “very high rate rises,” which are expected to “carry on for the remainder of year, and continue for major renewals...
Sep 9 2020 // Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re.Such price...
Sep 8 2020 // Munich Re said it faces claims of at least 100 million euros ($118 million) stemming from the deadly explosion that ravaged much of downtown Beirut last month.The German reinsurer said losses in the “low...
Sep 7 2020 // U.S. property/casualty insurance underwriting income dropped 5.5% in the first half of 2020 versus the same period last year. Higher underwriting expenses and policyholder dividends largely connected to COVID-19 costs are...
Sep 7 2020 // Rulings in two lawsuits originating in Texas over business income losses related to the COVID-19 pandemic were handed down in August in favor of insurance firms.In one, an insurance agency was added to a restaurant...
Sep 4 2020 // Some commercial property owners whose businesses were torched by rioters are learning that they don’t have enough insurance to clear away the debris.The StarTribune newspaper reported that many property owners in the...
Sep 4 2020 // A federal judge in Florida has dismissed a suit for business interruption insurance payments by a Florida dentist who claimed the damages were caused by COVID-19 virus and related civil authority shutdowns of dental...
Sep 4 2020 // As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break.Many companies that were damaged...
Sep 2 2020 // Damage to city-owned property from violence that erupted over the police shooting of Jacob Blake in Kenosha is estimated at nearly $2 million so far, a city official said.The city’s public works director, Shelly...