From Best's Review: Reaching the Uninsurables

The life insurance industry is targeting those with chronic illnesses such as diabetes, searching for growth in an underserved market.

June 01, 2019 Full Story

Supreme Court to Hear Appeal in $12 Billion Litigation Over ACA Risk Corridor Payments

The U.S. Supreme Court has agreed to hear an appeal by insurers who have accused the federal government of illegally withholding $12 billion in Affordable Care Act risk corridor payments the carriers say they were contractually entitled to receive.

June 24, 2019 Full Story

Allianz Sells 60% Stake in Spain Bancassurance Partnership

Allianz S.E. said it will sell its 60% interest in a bancassurance partnership with Banco Santander in Spain for €936.5 million (US$1.07 billion) in what the insurer calls the “resolution” of its Allianz Popular bancassurance alliance in the country.

June 24, 2019 Full Story

Pinnacle Actarial Resources

AM BestTV

AM BestTV at the IIS Global Forum: To Cover the Biggest Risk Needs, Think Microinsurance
In this AMBestTV episode, attendees to the International Insurance Society’s (IIS) Global Insurance Forum in Singapore said insurers coming together to create programs and products, along with technology, are helping to bring insurance coverage to developing and impoverished regions. Click on http://www.ambest.com/v.asp?v=iis3619 to view the entire program.
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Greg Carter

AM Best’s Carter: Innovation Doesn’t Have to Be a ‘Big Bang Moment’
Greg Carter, managing director analytics, AM Best, said many insurers are innovating via an ongoing series of incremental improvements. Carter spoke with AM BestTV at the Global Insurance Forum, held in Singapore.
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Interactive Webinar Highlights Posted for “How Insurers Are Transforming Their Business Through Data, Machine Learning & AI”
Viewers can access highlights from an AM Best webinar sponsored by LexisNexis Risk Solutions to learn what the latest technology wave means for insurers and how they can keep pace with customers and competitors.
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Ruud Sommerhalder

PwC AP Insurance Leader: Regional Insurers Have Advantages in Asia’s Markets
Ruud Sommerhalder, Asia-Pacific insurance leader, PwC, said multinational insurers have scale, but more local organizations can address differences among the many cultures and regions across Asia. Sommerhalder spoke with AM BestTV at the Global Insurance Forum, held in Singapore.
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Rowan Douglas

WTW Practice Head: To Close Protection Gap, Insurers Must Engage in Public Policy
Rowan Douglas, head of capital science and policy practice, Willis Towers Watson, said insurers should address broader societal issues with policymakers, not just insurance regulatory matters. Douglas spoke with AM BestTV at the Global Insurance Forum, held in Singapore.
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Asia/Pacific

Japan’s Regulator Grants License to Swiss Re Asia
Japan’s Financial Services Agency has granted a license to Swiss Re Asia Pte. Ltd., which plans to start operations in Japan Jan. 1, 2020, according to a statement from the regulator.
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Malaysia’s Central Bank to Regulate Insurance and Takaful Aggregators
Insurance and takaful aggregation business will be regulated by the Bank Negara Malaysia as a new category of registered business under the Financial Services Act, the central bank and insurance regulator said in a statement.
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New Zealand Introduces Licensing Regime for Financial Advisers
The New Zealand government has introduced a new licensing and rules regime for financial advisers as part of its continuing efforts to enhance consumer protection in financial services industry, according to Minister of Commerce and Consumer Affairs Kris Faafoi.
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T&D: Japan’s Life Market Faces Changing Population, Regulation, Technology and Interest Rates
Japan’s life insurance sector faces changes in population, regulation, technology and interest rates as major challenges affecting insurers’ business strategy in the coming decade, according to a presentation by T&D Holdings Inc.
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Commercial Coverage

Event-Driven Litigation Complicates Market for D&O Underwriters
When Anthony Tatulli started his insurance career 20 years ago, securities lawsuits mainly involved restatements or accounting irregularities.
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Courts

MGM Resorts Sues to Recoup Mass Shooting Defense Legal Fees From Zurich American
MGM Resorts International is suing Zurich American Insurance Co. for legal fees related to a mass shooting carried out on concert spectators from a Mandalay Bay guest room in 2017.
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Health

Asta Joins With Everest Insurance, Medical Protection Society in Malpractice Partnership
The Medical Protection Society entered into a partnership with Everest Re Group Ltd.’s insurance unit and Lloyd’s managing general agent Asta Managing Agency Ltd. to establish a Lloyd’s special-purpose arrangement the companies said will enhance its ability to indemnify corporate health care entities.
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Highmark-UPMC Reach 10-Year Accord in Pennsylvania
Highmark Inc. and the University of Pittsburgh Medical Center have agreed to a 10-year accord, bringing an end to years of dispute that left thousands of Highmark enrollees wondering if they would have affordable access to the largest health care provider in western Pennsylvania.
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Regulators Approve the Doctors Co. $638 Million Acquisition of NY Insurer
The New York Department of Financial Services has approved the Doctor’s Co.’s $638 million acquisition of the Hospitals Insurance Co. Inc. from three hospital groups in New York.
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Life Insurance

Equity Analyst: ReAssure IPO to Reflect Risks of Closed Life Market
Swiss Re’s planned initial public offering involving ReAssure Group plc is an effective acknowledgment of the risks and strains of the closed life runoff sector, according to Georg Marti, an equity analyst at Zürcher Kantonalbank in Zurich.
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State Regulation

Eric Cioppa

Field Testing for NAIC Group Calculation Tool Continuing
Testing of an analytical tool to better understand and quantify financial risks to insurance groups and improve policyholder protections has been under way for more than a month, the National Association of Insurance Commissioners has announced.
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Linda Lacewell

Linda Lacewell Confirmed as New York’s Financial Regulator
The New York state senate has confirmed Linda A. Lacewell as the superintendent of the state Department of Financial Services, a position she has held in an acting capacity since being nominated by Gov. Andrew Cuomo early this year.
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