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Court ruling in ACA case; bushfire claims reach $207M; renewal season ends late


The World's Largest P&C Insurers, 2023


The Worlds Largest Life Insurers, 2023


Essential IR Insights Newsletter Fall - 2023


Insurers get to grips with evolving net zero standards

Court ruling in ACA case; bushfire claims reach $207M; renewal season ends late

A U.S. appeals court ruled in favor of a federal program that enabled payment of billions of dollars to insurers under the Affordable Care Act, Reuters reported. The risk adjustment program aims at creating incentives for insurers to serve sicker patients using money collected from insurers that enroll healthier patients. A February 2018 ruling by a lower court had led the government to temporarily suspend payments.

A conflict is emerging on PG&E Corp. unit Pacific Gas and Electric Co.'s proposed payment of $13.5 billion in cash to the victims of California wildfires, The Associated Press reported. State and federal agencies are seeking a share of the funding to cover the costs of their responses to the disasters, which lawyers for victims are disputing.

Insurance claims related to Australia's bushfires have reached $207 million, Artemis reported, citing a source from Aon.

As reinsurers were judicious, there was significant pricing and capacity variance during the Jan. 1 renewal season, Willis Towers Watson PLC unit Willis Re Inc. said. Generally, U.S. placements were more challenging than international renewals. Also, the renewal season concluded later than in previous years.

Chinese insurer Dajia Insurance Group Co. Ltd. is selling its 35% stake in Chengdu Rural Commercial Bank Co. Ltd. Dajia, the Chinese government-controlled former Anbang Insurance, could fetch about 16.5 billion yuan from the sale of 3.5 billion Chengdu Rural shares.

U.K. asset manager Quilter PLC completed the sale of Quilter Life Assurance to ReAssure Group PLC for a total cash consideration of approximately £445 million. The deal includes ReAssure's acquisition of Quilter's heritage life and pensions division, Old Mutual Wealth Life Assurance Ltd.

California's State Compensation Insurance Fund plans to distribute an approximately $55 million dividend to its qualifying policyholders with policies that took effect between Aug. 20, 2019, and Dec. 31, 2019. The company will start issuing the dividend during the second half of 2020.

Now featured on S&P Global Market Intelligence

Demand for 'disgrace' insurance sparked by #MeToo movement, CEO says: Janet Comenos, CEO of Spotted, transformed an old legacy insurance product into a new solution that gives protection to companies hiring celebrities who may engage in inappropriate and reputation-damaging behavior.

Protection gap persists across insurance world, despite some progress: The rift between insured and economic losses continues to widen, despite a series of products and initiatives, but the efforts of the industry and governments have not been in vain, experts say.

In other parts of the world

Asia-Pacific: China cuts banks' reserve ratio; 2 Indian banks to exit Sri Lanka

Europe: China halts LSE stock link; Commerzbank eyes comdirect stake; HSBC bets on ETFs

Middle East & Africa: Oman Arab Bank plans merger with Alizz Islamic Bank; African bourses to link up

The day ahead

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

In Asia, the Hang Seng gained 1.25% to 28,543.52.

In Europe, around midday, the FTSE 100 was up 0.84% to 7,606.17, and the Euronext 100 increased 1.17% to 1,157.83.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The jobless claims report, PMI manufacturing index, the Fed balance sheet and the money supply report are due out today.

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