A number of managed care insurers in New York and Washington have asked regulators to approve double-digit rate increases for 2019 Affordable Care Act
In Pennsylvania, meanwhile, health insurers that sell plans in the state individual market have filed for an aggregate statewide increase of 4.9% in 2019, while those in the small group market asked for a 3% increase, the state Department of Insurance said.
Man-made risks such as cybercrime, conflict and financial market crashes are putting $320.1 billion of global GDP at risk
Premium renewal
Some insurers will pre-emptively boost capital buffers
Zurich Insurance Group AG CFO George Quinn told CNBC that large-scale mergers and acquisitions
Lloyd's of London has warned that it will shutter consistently loss-making syndicates if they do not post a profit, re-Insurance.com reported.
In China, the Main Board Issuance Approval Committee of the China Securities Regulatory Commission approved People's Insurance Co. (Group) of China Ltd.'s proposed secondary listing on the Shanghai Stock Exchange, although the company has not yet received the written approval from the regulator. PICC Group is plans to pursue the secondary listing to raise additional capital.
In Korea, MBK Partners Ltd. stalled its plan to sell its 59.19% stake in ING Life Insurance Korea Ltd. after another interested party pulled out of the US$2.3 billion deal, The Korea Times reported. KB Financial Group Inc. withdrew its bid because MBK Partners' asking price for ING Life's management rights is beyond the company's budget.
Featured news
US drops plan to cut Ebola funding; AbbVie drug succeeds trial: The White House dropped plans to cut $252 million in leftover funding appropriated to fight Ebola in 2015; and AbbVie's upadacitinib met the main goal of significantly reducing rheumatoid arthritis symptoms in a late stage study.
Financial news in other parts of the world
Asia-Pacific: PICC Group's Shanghai IPO gets nod; StanChart eyes Asian ops consolidation
Europe: BoE wants banks to draw resolution plans; US funds bid for Banco BPM loans
Middle East & Africa: Fitch lifts Qatar outlook; Mashreqbank seeks Saudi banking license
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was up 0.53% to 31,259.10, while the Nikkei 225 rose 0.38% to 22,625.73.
In Europe, around midday, the FTSE 100 rose 0.37% to 7,716.06, and the Euronext 100 shed 0.14% to 1,061.64.
On the macro front
The bank reserve settlement report, the MBA mortgage applications report, the international trade report, the productivity and costs report, the EIA petroleum status report and Treasury STRIPS are due out today.
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