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ACA enrollment extension; P&C outlook; Ireland motor premiums


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ACA enrollment extension; P&C outlook; Ireland motor premiums

The Trump administration extended the deadline for U.S. consumers to enroll in health plans offered under the Affordable Care Act after the marketplace's website experienced technical problems, resulting in some people being locked out.

Keefe Bruyette & Woods analysts predicted sustained reinsurance and commercial rate increases, except for workers' compensation, for 2020, with continuing competitive personal lines pricing. Rate increases will take place particularly in the specialty line. They expect actual core commercial combined ratios to generally improve as increases earn in. However, many insurers could raise recent accident years' loss ratios to reflect higher liability loss trends.

The Ardonagh Group Ltd. is looking to refinance after strong 2019 earnings, with sources saying a new equity investor could be brought in, The Insurance Insider reported.

Alliant Insurance Services Inc. acquired Texas-based risk management company TCOR Management.

Monument Re Ltd. acquired a closed book of life business from Belgian mutual insurance company Curalia OVV.

Zurich Insurance Group AG and a FTSE100 sponsored pension scheme entered an £800 million longevity swap transaction. The majority of the longevity risk was reinsured by Hannover Re. Hymans Robertson acted as lead adviser on the transaction.

U.K.-based AA PLC appointed Kevin Dangerfield CFO. He will join the board and become CFO on Jan. 6, 2020, subject to approval by the U.K. Financial Conduct Authority.

Bâloise Holding AG said the portfolios of Baloise Life Liechtenstein AG are to be integrated into a new branch of Bâloise Vie Luxembourg that will be established in Liechtenstein.

Average motor insurance premiums in Ireland grew 42% between 2009 and 2018, while the average cost of claims per policy decreased 2.5%, according to Central Bank of Ireland data. With regards to loss ratios, claims were on average 75% of premiums between 2009 and 2018. This peaked at 94% in 2014 before dropping to 59% in 2017. In 2018, it was 60%.

The Australian Securities and Investments Commission initiated legal action in the Federal Court of Australia against TAL for allegedly making false statements to its clients, The Australian Financial Review reported.

The New Zealand Serious Fraud Office filed criminal charges in relation to CBL Insurance Ltd. and associated entities, while the country's Financial Markets Authority also filed two separate civil cases against CBL Insurance parent group CBL Corp. Ltd., six directors and its former CFO.

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Regulators pushing to grow private flood insurance in 2020: "We're looking to do anything that we can to attract the private market," said Ray Farmer, who is director of the South Carolina Department of Insurance and is president-elect of the National Association of Insurance Commissioners.

Health industry scores big wins in Capitol Hill year-end spending package: Lawmakers will nix three Affordable Care Act taxes as part of the year-end spending agreement and are setting aside until spring measures to lower prescription drug prices and end surprise medical bills, giving the healthcare industry a major win.

In other parts of the world

Asia-Pacific: South Korea OKs 3rd internet bank; Australia launches Westpac probe

Europe: Big UK banks pass stress test; UBS to revamp unit; UniCredit off-loads bad loans

Middle East & Africa: NCB, Riyad Bank drop merger talks; Groupe BPCE to sell stake in Tunisian bank

The day ahead

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

In Asia, the Hang Seng was up 1.22% to 27,843.71, and the Nikkei 225 rose 0.47% to 24,066.12.

In Europe, around midday, the FTSE 100 fell 0.21% to 7,503.42, and the Euronext 100 was down 0.38% to 1,141.94.

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 housing starts report, the redbook, the industrial production report and the Labor Department's JOLTS report are due out today.

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