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Another suit filed over new contraception rules; Nate loss estimated at $500M


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Another suit filed over new contraception rules; Nate loss estimated at $500M

Washington Attorney General Bob Ferguson filed a lawsuit to block the administration's rules rolling back the Affordable Care Act's contraceptive coverage mandate, which requires employers to include birth control coverage in their health insurance plans. Ferguson's complaint claims the new rules allow companies to deny coverage for contraceptive services to its female employees based on religious grounds. Attorneys general in California and Massachusetts have also filed lawsuits seeking to block the policy change.

Karen Clark & Co. estimates insurance and reinsurance industry losses of nearly $500 million resulting from Hurricane Nate, Artemis reported, citing the catastrophe risk modelling firm. The estimate is reportedly based on insured wind and storm surge losses to residential, commercial and industrial properties, as well as expected auto losses.

The estimated insured losses from Hurricane Irma in Florida have reached $4.57 billion. FLOIR said as of 4 p.m. local time on Oct. 6, a total of 703,671 claims have been filed in connection with the catastrophe.

Insurers also tallied losses from recent catastrophes. Validus Holdings Ltd. expects about $378.9 million in losses from third-quarter loss events including hurricanes Harvey, Irma and Maria, and the Mexico City earthquake.

American International Group Inc. expects to report third-quarter pretax catastrophe losses, net of reinsurance, of $2.9 billion to $3.1 billion, or $1.9 billion to $2.0 billion after tax.

Aon Consulting Inc. filed a federal lawsuit against Marsh Inc. and Marsh & McLennan Agency LLC for allegedly gaining improper access to a secure Aon website to obtain survey reports and data and then using the information to provide compensation consulting services to their customers, Business Insurance reported. The complaint accuses the companies of "misappropriation of trade secrets" and "deceptive trade practices," among other things.

Featured news

Pfizer may offload consumer business; healthcare tax inversions unlikely: Pfizer said it is reviewing strategic alternatives for its consumer healthcare business; and President Donald Trump decided to keep Obama's regulations aimed at curbing tax inversions for the time being.

Financial news in other parts of the world

Asia-Pacific: Indonesia to probe StanChart asset transfer; Reliance General files for IPO

Europe: Italy's bad loan concerns; Deutsche's Cryan loses support; Danske blacklisted

Middle East & Africa: SBM offers to buy Chase Bank; NBK Q3 profit up; Zimbabwe gets new finance chief

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, the Hang Seng rose 0.58% to 28,490.83, while the Nikkei 225 rose 0.64% to 20,823.51.

In Europe, around midday, the FTSE 100 was up 0.20% at 7,522.78 and the Euronext 100 was 0.07% higher at 1,046.02.

On the macro front

The NFIB Small Business Optimism Index and Redbook are due out today.