Insurance company Allianz SE says net profit almost doubled last year as losses on Greek bonds no longer weighed down its results. The Munich-based company said Thursday its basic insurance business also improved, suffering lower losses on natural catastrophes and …
Before Hurricane Sandy hit, private U.S. property/casualty insurers’ net income after taxes grew to $27 billion in nine-months 2012 from $8.4 billion in nine-months 2011. Insurers’ overall profitability as measured by their annualized rate of return on average policyholders’ surplus …
Fitch Ratings has maintained its stable outlook for both the commercial and personal lines sectors of the U.S. property/casualty insurance industry. Insurers have withstood less favorable underwriting and economic conditions in the past several years, which has promoted weaker profitability. …
Despite uncertainties regarding final loss totals from Hurricane Sandy, Standard & Poor’s Ratings Services expects only a limited ratings impact on insurers and reinsurers exposed to such losses, according to a report, “Hurricane Sandy Brings Unexpected Risks But Limited Credit …
AIG estimates it will take $1.3 billion in losses related to Superstorm Sandy, more than other major insurance companies have reported so far. New York-based American International Group Inc. said Friday it will contribute about $1 billion to its U.S. …
Displaced rats, contaminated flood waters, downed electrical wires and unstable flooring are just some of the dangers encountered by workers assessing Sandy damage. Stephen Figlin, a public adjuster with Young Adjustment Co. who has handled cat claims since 1966, has …
Kemper Corporation announced its estimate of catastrophe losses from Superstorm Sandy. The company expects fourth quarter 2012 earnings will include approximately $45 million in pre-tax catastrophe losses related to the storm. The company does not anticipate any recoveries under its …
The Travelers Companies Inc. reported today $864 million net profit for the third quarter — up 159 percent from the same period a year ago when the insurer posted a $333 million profit. Travelers’ latest earnings were boosted by lower …
As a result of the severe drought conditions in the Midwest United States, Allied World Assurance Company Holdings, AG expects to record approximately $40 million of crop reinsurance related losses and loss expenses in the third quarter 2012. This amount …
There have been 28 storms in U.S. history since 1900 which if they were happen today would each cause $10 billion or more in insured losses. Experts at catastrophe risk management firm Karen Clark & Co. (KCC) said they examined …