AIG Europe research shows that a further surge in data breach and other security failure insurance claims is expected after Europe's General Data Protection Regulations goes into effect Friday. The law is likely to become a tool for negotiation by extortionists, who will threaten to compromise an organization's data unless a payment is received, knowing that the consequences will be more significant. GDPR is also expected to result in more shareholder lawsuits against companies and their directors.
In the report, AIG Europe also said it received as many cyber claims notifications in 2017 as in the previous four years combined,
The U.S. insurance industry is cheering the recently passed bill that rolls back some of the measures of the Dodd-Frank Act. The bill includes language originally authored by Sens. Dean Heller, R-Nev.; and Jon Tester, D-Mont., that would bring more transparency to international negotiations regarding insurance capital standards
The nonpartisan Congressional Budget Office estimates that it will cost the U.S. government $685 billion in subsidies
KBW expects mid-year reinsurance
The U.S. life and annuity
Meanwhile, first-quarter net premiums written in the U.S. property and casualty
State Farm Mutual Automobile Insurance Co. will lower personal auto
European insurers' factoring of environmental, social and governance
China has jailed for 11 years Wang Yincheng, the former president of People's Insurance Co. (Group) of China Ltd., for receiving 8.7 million yuan in bribes from 2006 to 2016 to help individuals and companies with project contracts, giving employees promotions and hiring their children, Reuters reported.
Italian insurer Generali's Prague-based unit, Generali CEE Holding BV, will acquire Slovenia-based Adriatic Slovenica Zavarovalna druzba dd, as well as life and nonlife insurers in Poland.
Russia's VTB Group will officially announce the sale of its insurance business to JSC Sogaz tomorrow, Russian newspaper Vedomosti said, citing Andrey Kostin CEO of VTB Bank (PJSC). VTB, Russia's second-largest bank, will receive cash and shares in the merged insurance business, and will also participate in its operations. Sogaz is Russia's biggest insurer by premiums.
Featured news
Novartis' Remicade competitor approved; US CBO says ACA premiums to rise: Novartis' biosimilar competitor to Johnson & Johnson blockbuster Remicade was approved in Europe; and the U.S. Congressional Budget Office said premiums for benchmark insurance plans under the Affordable Care Act will rise 15% in 2019.
Financial news in other parts of the world
Asia-Pacific: US regulator fines ICBC; SeaBank M&A gets nod; CBA taps Citi for unit stake sale
Europe: Deutsche Bank to cut jobs in equities business; Turkish central bank hikes rate
Middle East & Africa: Deutsche Bank to cut South Africa ops; 2 Omani banks to weigh potential merger
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Nikkei 225 dropped 1.11% to 22,437.01, while the Hang Seng was up 0.31% to 30,760.41.
In Europe, around midday, the FTSE 100 slid 0.01% to 7,787.43, and the Euronext 100 rose 0.44% to 1,080.45.
On the macro front
The jobless claims report, the FHFA House Price index, the existing home sales report, the EIA natural gas report, the Kansas City Fed Manufacturing index, the fed balance sheet and the money supply report are due out today.
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