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Weekly news through July 22

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Weekly news through July 22

S&P Global MarketIntelligence offers our top picks of insurance news stories and more publishedthroughout the week.

Risk & Regulation

TheAmerican Council of Life Insurers and the American Insurance Association askedfor an extension fromthe Federal Reserve Board for responding to its proposed for capital requirements forthe non-systemically risky insurers the trade groups regulate. The tradeassociations regulate larger insurers such as , as well as smaller companies including .


TheInternational Association of Insurance Supervisors is seeking a second round offeedback on itsdevelopment of global capital standards for insurers, after it posted anupdated version of the organization's progress toward establishing uniformregulations. 

In the wake of the updated proposal's release, some in theU.S. insurance industry are still questioning the approach of the standard-setting bodythat is creating it.


AU.S. District Court turneddown Evergreen HealthCooperative Inc.'s bid to postpone of its $24.2 million obligationto the Affordable Care Act's risk adjustment program.

Life and health

TheU.S. Justice Department has filed lawsuits to block Anthem Inc.'s planned merger with Cigna Corp. and Aetna Inc.'s deal for Humana Inc. The complaints, each backed by several state attorneysgeneral, argue that the transactions would irreparably harm competition acrosshealthcare markets throughout the nation.

Followingthe Justice Department's move, Cigna cast doubt on its ability to finalize its planned mergerwith Anthem, saying that the "earliest it could close is 2017, if at all."

TheConnecticut Insurance Department has also suspended its review of Anthem's proposed deal for Cigna.


Humanais set to leave atleast eight state individual markets in 2017 after struggling to turn a profiton the ACA-created health exchanges. The insurer is cutting its exchangepresence to no more than 11 states next year, down from the 19 that it participatedin this year. 


Health insurance premiums for California plans offeredon the public exchange willincrease 13.2% for 2017 on average.

Elsewhere,Premera Blue Cross Blue Shield ofAlaska Corp. is requesting an average of 9.8% for individual healthplans that it will offer in Alaska for 2017. The company will be the onlyinsurer offering individual plans in Alaska in 2017 after 's decided toexit the market. 

P&C

's decline innet and operating income in the second quarter was attributed to highercatastrophe losses,including the Fort McMurray wildfires, higher noncatastrophe weather-relatedlosses and lower net investment income.

estimates, on apreliminary basis, that it will see catastrophe and weather-related pretaxlosses in the second quarter of $104 million, net of estimated recoveries fromreinsurance and including the impact of estimated reinstatement premiums.

is expecting asecond-quarter pretax financial impact of $27 million to $28 million fromweather-related catastrophes.

has recorded a specific loss reserve of 1% of NAV regarding losses associatedwith Canadian wildfires.


The size of Allianz Risk Transfer (Bermuda) Ltd.-sponsored Blue HaloRe Ltd. series 2016-2 catastrophebond hasincreased to $225 million from $100 million due to strong investordemand, Artemis reported. 


Naturaldisasters caused global economic losses of $98 billion and global of $30 billion during thefirst half of 2016,making it the costliest first half since 2011, according to Aon Benfield'sImpact Forecasting. Aon Benfield is part of Aon Plc.

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