S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week.
Federal Reserve Chair Janet Yellen; MetLife Inc. CEO Steven Kandarian; Liberty Mutual Holding Co. Inc. Chairman, President and CEO David Long; and Marsh & McLennan Cos. Inc. President and CEO Daniel Glaser are among S&P Global Market Intelligence's year-end selections of the insurance industry's most influential figures. The list chronicles some that stood out in the insurance space with their contributions to regulation, policy, politics and business.
Life underwriters traded down for most of 2016, but ended the year higher than other insurers following the U.S. presidential election.
Large life insurance companies, including MetLife, Massachusetts Mutual Life Insurance Co., New York Life Insurance Co. and AEGON NV's U.S.-based Transamerica Group, are allowing consumers to directly buy individual term insurance products.
S&P Global Ratings expects insurers' underwriting performance in the Affordable Care Act individual market to improve in 2016, saying insurers are expected to report smaller losses in 2016 compared to 2015.
State-based health insurance exchange Connect for Health Colorado was told to refund $9.7 million of establishment grant funds to the federal government because it allegedly violated federal requirements when spending the funds.
New York is implementing health insurance reforms that will allow immediate access to inpatient treatment and medications for substance use disorders.
American United Life Insurance Co. won a single-premium group annuity contract from publishing company, McClatchy Co. The estimated projected benefit obligation related to the annuitants was $46 million, and the plan paid $49.5 million in cash, including the related insurance premium.
Reinsurance Group of America Inc. clinched the Insurance Regulatory and Development Authority of India's approval for a fully licensed branch office in India.
Hurricanes Matthew and Hermine caused severe flooding in parts of the U.S. and opened another discussion regarding the need for more flood insurance uptake, S&P Global Market Intelligence reported.
Declining claim trends and competitive market drove additional workers' compensation rate cuts in Missouri. The state's insurance department recommended a 4.6% decrease in workers' compensation insurance loss costs for 2017.
Berkshire Hathaway Specialty Insurance Co. is looking to start an earthquake reinsurance operations in Japan in the first half of 2018, The Nikkei reported.
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