Financial institutions

Hopes rise for deal on delayed EU insurance rules

Thomson ReutersMay 21, 2013 14:02

By Huw Jones LONDON (Reuters) - The European Union is nearing a deal on long-delayed insurance rules that the bloc has touted as a regulatory benchmark for the world to follow, regulatory and policy officials said. The rules, known as "Solvency II", will seek to improve the method for deciding how much capital an insurer must hold as a safety buffer by better assessing risks and liabilities from customer policies.

Should you skip Obamacare and keep your old plan?

Thomson ReutersMay 21, 2013 01:02

By Kathleen Kingsbury BOSTON (Reuters) - When the Patient Protection and Affordable Care Act, aka Obamacare, starts rolling out in October, it will overhaul how Americans get healthcare coverage. Yet many workers will feel little immediate impact. That's because almost half the 160 million Americans who received health coverage through their jobs in 2012 were enrolled in what's known as a "grandfathered" insurance plan, according to a Kaiser Family Foundation report.

Fewer disasters, higher premiums boosted insurer's profit in first quarter

The Canadian PressMay 15, 2013 03:15

FRANKFURT - Fewer natural disasters and higher prices in key markets of Germany, Turkey and Latin America have helped profits at German insurance company Allianz SE during the first quarter. But Allianz isn't increasing its profit outlook, saying Wednesday that record low interest rates will hold back profits — while the low level of catastrophes could change.

Regulators seize small bank in Arizona; brings this year's US bank failures to 13

The Canadian PressMay 14, 2013 21:40

WASHINGTON - Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year. The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz. The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31. Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank's deposits and to buy essentially all of its assets.

British firms more upbeat on economy, credit scheme helping: lobby

Thomson ReutersMay 14, 2013 21:00

LONDON (Reuters) - British companies have grown more optimistic about the economy in recent months as a recovery, increasingly aided by a central bank funding scheme, is gathering pace, a leading business lobby said on Monday. The Confederation of British Industry (CBI) said businesses' view of the future had shifted slightly, although it kept its forecasts for the country's economic growth unchanged from February at 1 percent in 2013 and 2 percent in 2014.

Italian insurance giant Generali reports rise in profit

Agence France-PresseMay 10, 2013 18:46

Italian insurance giant Generali reported on Friday first-quarter net profits of 603 million euros ($785 million) -- a 6.3 percent increase from the level the previous quarter, saying it was on track to achieve its targets for the year. The operational profit rose by 8.0 percent to 1.3 billion euros, the company said in a statement. This was the best operational result in four years.

Feds approve Utah to become first state to use dual-model health insurance marketplace

The Canadian PressMay 10, 2013 15:30

SALT LAKE CITY - The federal government has approved Utah to become the first state to have a dual-model health insurance exchange in which the state and the federal government divide responsibilities. The plan allows Utah to continue to run its existing health insurance marketplace for small businesses, a system that lets employees pick health care plans in an online exchange. The federal government will run the state's individual exchange. The two marketplaces will operate independently of each other.

Wynne says car insurance rate cuts won't happen overnight; can't offer time line

The Canadian PressMay 9, 2013 16:46

BRAMPTON, Ont. - The Liberal government's budget promise to cut auto insurance premiums by an average of 15 per cent isn't worth the paper it's written on without time lines on when drivers can expect to see savings, the New Democrats charged Thursday. "If we're not seeing any concrete timelines, any concrete deadline in terms of when we'll see this 15 per cent reduction, it's meaningless," said NDP critic Jagmeet Singh.

Fewer carriers than expected apply for Illinois health marketplace; raises national concerns

The Canadian PressMay 1, 2013 17:31

CHICAGO - Only six insurance carriers have told the state of Illinois they want to sell a combined 165 health policies on the state's online insurance marketplace under the nation's new health care law — numbers far lower than expected, raising concerns the trend will hold true across the country.

Small businesses may get sticker shock, little clarity from 1st health insurance rate requests

The Canadian PressMay 1, 2013 17:30

NEW YORK, N.Y. - Small business owners may be experiencing sticker shock now that insurers are revealing the rates they want to charge under the new health care law. So far, in Rhode Island, insurers are requesting premium increases of up to 14 per cent for small business coverage when the Affordable Care Act is fully effective Jan. 1. They're also in double digits in Maryland.