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Wednesday
05/14/08
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Your Insurance News "Strategic
Relationship" |
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Read online at
www.insurancebroadcasting.com.
Read daily by
over 450,000 insurance industry
subscribers.
Walt Podgurski, CLU, CES, Publisher & Editor
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1.
Allstate, Texas
Regulators In $70 Mln Settlement |
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NEW YORK (Reuters) - Insurer Allstate Corp (ALL.N:) has reached an
agreement with Texas regulators to pay over $70 million to
current and former policyholders, according a statement from the
Texas Department of Insurance.
The agreement
settles litigation between Allstate, the Texas Department of
Insurance, and the Office of Public Insurance Counsel that
alleged Allstate charged customers excessive home insurance
rates from 2004 to 2007.
The payments
will come in the form of refunds, credits and rate reductions
for about 700,000 Allstate policyholders.
Under the
agreement, Allstate will give customers nearly $37 million worth
of refunds. The insurer also agreed to reduce insurance rates by
3 percent, and will freeze home insurance rates for the next
year, beginning June 2.
The additional
credits and reductions have an estimated value of about $35
million, according to the Texas Department of insurance.
Allstate Texas
Lloyds is the second largest home insurer in Texas.
(Reporting by
Steven Bertoni; editing by Jeffrey Benkoe)
© Thomson
Reuters 2008 All rights reserved |
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2.
Credit Derivatives May
Need Regulation - NY Official |
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By
Karen Brettell
NEW YORK, May 12 (Reuters) - New York's insurance superintendent said on
Monday it may make sense to regulate segments of the credit derivatives
market as if they were insurance products.
When an investor owns a bond and buys a credit derivative to protect it
against default, the derivative functions like an insurance contract and
should possibly be regulated accordingly, the superintendent, Eric
Dinallo, said on CNBC.
It's "something to discuss," he said.
Members of the credit derivatives industry questioned whether adding a
new regulator to the market would fix problems or just create new ones.
Dinallo said the trades that he would discuss regulating represent
around 20 percent of the $62 trillion market. The other 80 percent of
the market is used to make outright bets on whether a debt issuer's
credit quality will deteriorate, and these contracts would not qualify
as insurance, he added.
Dinallo has worked with bond insurers to raise capital after firms
including MBIA Inc (MBI.N:) and Ambac Financial Group (ABK.N:) have
written down billions of dollars in the market value of credit
derivatives.
But some of the most problematic credit derivatives were put together by
investment banks, which are regulated by the Securities and Exchange
Commission, said Janet Tavakoli, president of Tavakoli Structured
Finance Inc in Chicago.
"So if we put (credit derivatives) under insurance regulators who do not
have authority over the investment banks, who are the key architects of
the problem, I don't see what that's going to solve," she said.
Investment banks have been accused of weakening their underwriting
standards for mortgage debt they securitized in collateralized debt
obligations, in order to generate new deals amid strong demand for the
products.
These deals have tumbled in value as mortgage borrowers face higher
payments on the loans at the same time as home prices are falling.
SECURITY OR INSURANCE?
Dinallo's suggestion also fails to take into account differences between
the way credit derivatives and insurance policies operate, according to
the International Swaps and Derivatives Association, a trade group.
"Credit derivatives differ in important ways from insurance, including
the fact that the holder need not suffer a loss in order for a payment
to be made," Greg Zerzan, counsel and head of global public policy at
ISDA, said in an e-mailed statement.
A
number of factors can trigger the payment of a credit derivative,
including the borrower defaulting on a debt payment or certain types of
debt or corporate restructurings. These may not necessarily lead to a
loss for the protection holder.
New regulations may also impede the liquidity of the market, and the
ability of investors to easily transfer credit risks, Zerzan said.
"It has not been demonstrated how new regulation would help the credit
derivatives industry," he said. "However, it is certain that acting in
ways that limit innovation and liquidity will cause harm, not just to
the market but to the economy it serves by allowing the shedding of
unwanted risks." (Additional reporting by Dan Wilchins; editing by
Leslie Adler)
©
Thomson Reuters 2008 All rights reserved |
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3.
Nearly Half of
Americans Unprepared for Disasters, New NAIC Survey Reveals |
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What You Need to Know About Insurance Before Disaster Strikes
KANSAS CITY, Mo., May 13 /PRNewswire/ -- As the nation braces for the
hurricanes, wildfires, tornadoes and floods that accompany the spring
and summer disaster season, nearly half of U.S. consumers are
insufficiently prepared -- in terms of their insurance coverage -- to
deal with potential losses, according to new research by the National
Association of Insurance Commissioners (NAIC).
The NAIC's national survey revealed a significant lack of preparedness
among consumers in documenting their belongings. Nearly half -- 48
percent -- said they did not have an inventory of their possessions. Of
those consumers who reported having a checklist, 32 percent had not
taken any pictures and 58 percent had no receipts validating the cost of
their possessions. In addition, 44 percent of respondents acknowledged
that they had not stored their inventory in a remote location.
The NAIC survey also found that the majority of consumers do not have
the coverage necessary to protect themselves from specific types of
losses that are not reimbursed under standard policies:
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69 percent do not have earthquake insurance.
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65 percent do not have flood insurance.
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56 percent do not have insurance for a water line break.
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55 percent do not have insurance for a sewer line break.
"Many homeowners and renters are vulnerable, especially if they live in
disaster-prone areas," said NAIC Executive Vice President and CEO
Catherine J. Weatherford. "Consumers should review their insurance
policies yearly with their agent or company to make sure they have the
coverage needed to protect their family and their belongings."
The NAIC offers tips and considerations on insurance through its public
education program, Insure U - Get Smart About Insurance, at
http://www.InsureUonline.org.
The site is also available in Spanish at
http://www.insureuonline.org/espanol. |
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4.
Foundation Offers Plan
To Widen Health Coverage |
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By
Kim Dixon
WASHINGTON (Reuters) - A requirement that all companies help fund health
insurance in the United States and a new public plan option are keys to
a plan proposed on Tuesday to dramatically shrink the rolls of the
uninsured.
The proposal from the Commonwealth Fund, a private foundation, published
in the May/June issue of the journal Health Affairs, is the latest plan
aimed at cutting a growing number of uninsured people in the United
States, now estimated at 47 million.
Building on the current employer-based system, which finances health
care for about 160 million Americans, it proposes a government body to
sell lower-priced health plans to small business and individuals.
It
would achieve near universal coverage, leaving about 3.6 million without
insurance, according to an estimate by the Lewin Group, a consulting
firm for governments and private industry.
"The U.S. is the only industrialized country that doesn't cover
everyone," Commonwealth Fund president Karen Davis said, noting a
opportunity for change when a new president takes office in 2009. "It's
there to inform the debate in the presidential election."
Escalating costs and limited access to quality medical care in the U.S.
are among the top domestic health issues cited by voters in national
polls ahead of the November presidential election.
Out-of-control spending is the key driver. Medical spending has tripled
over the past four decades, and now comprises more than $2 trillion per
year, or 16 percent, of the U.S. gross domestic product. That is
expected to rise to 20 percent by 2017.
The Commonwealth plan calls for employers to provide health coverage or
pay into a fund, up to 7 percent of earnings, or $1.25 per hour per
worker, to raise about $45 billion.
That is not likely to sit well with employers, according to Steve Wojcik,
vice president for policy at the National Business Group on Health,
which represents large employers.
"We think it should continue to be voluntary," Wojcik said.
Davis said employers not currently providing health insurance, some
providers not seeing patients in current public plans, and those selling
individual health plans would likely see increased costs as a result of
the plan.
"Each of these features certainly has elements that will give pause to
some groups," Davis said. "But I think the basic bottom line is that if
everyone will give a little it means you can get universal coverage."
A
group of health-care payers and providers, including the big insurer
Aetna Inc and drug wholesaler McKesson Corp, will release its own reform
bid later Tuesday.
That plan will include revising payment systems to reward quality as
opposed to volume, and increasing information about prices and quality
of care.
(Editing by Jeffrey Benkoe)
©
Thomson Reuters 2008 All rights reserved |
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5.
ERM Identified as
Critical Issue for Life Insurance CFOs, but Many Crucial Elements Not
Yet Implemented, According to Towers Perrin Survey |
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Survey Also Finds Rating Agencies Impact ERM Development, Operational
Risk Management Still Evolving Within Most Firms, and CFOs See Lower
First Quarter Growth
STAMFORD, Conn.--(BUSINESS WIRE)--Chief financial officers (CFOs) of
life insurance companies continue to recognize enterprise risk
management (ERM) as a critical management issue, as demonstrated both
through the prominence they give ERM within the organization and the
resources they devote to building ERM capabilities, according to a
recent survey on “Embedding Enterprise Risk Management,” the latest in a
series of Towers Perrin surveys aimed at life insurance CFOs.
However, there are several crucial elements of ERM that many insurers
have yet to address and fully implement, according to the Web-based,
three-part survey, which focused on best practices in embedding ERM into
a company’s business processes and culture. Although many life companies
have made progress in such areas as risk identification, prioritization
and measurement, few are achieving the desired full potential of ERM as
a management tool. For example, the majority of respondents lack tools
to measure value creation from ERM (83%) and have not yet aligned ERM
with performance incentives (71%).
Among the areas where companies are lagging the most, according to the
survey, are quantifying economic capital (EC) (68% do not currently have
this capability in place), identifying and preparing for emerging risks
(69%) and having a clear and defined vision of risk tolerances, risk
appetite and overall risk profile (71%). It must be noted that, of the
firms that currently do not have these capabilities, nearly all
indicated they plan to implement them over the next one to three years.
www.towersperrin.com |
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6.
COSS and the LIFE
Foundation Join for Industry Webinar |
During the May 20th webinar, host Chris Kite, Vice President of Business
Development at COSS will be joined by the LIFE Foundation’s Senior Vice
President, Jon Dressner. Jon will address key principals of the LIFE
Foundation, focusing on his presentation “A Rising Tide Lifts All Ships:
How the LIFE Foundation Helps the Industry and Agents Alike.”
During the webinar, these topics will be discussed:
• How the LIFE Foundation helps the industry by driving
general awareness of the need for core protection products.
• How individual companies and producers can utilize LIFE’s
high-quality, third-party marketing tools to educate their clients and
prospects, while motivating them to act on their needs.
To
hear about unique marketing tools and strategies from an
industry-leading expert, please join us at 2 pm ET on May 20th. This is
a 45 minute webinar, followed by a 15 minute Q&A session.
To
register, please visit
http://www.coss.com/connect/. |
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7.
Bank BOLI Assets Exceed
$120 Billion in 2007 According to a Report Issued by Michael White and
MullinTBG |
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FOR IMMEDIATE RELEASE – Radnor, PA, and Los Angeles, CA, May 12, 2008 –
Large bank holding companies (BHCs) and stand-alone banks reported
bank-owned life insurance (BOLI) assets of $120.4 billion in 2007,
reflecting a 15.9% increase from $103.9 billion in 2006, according to
the 2008 edition of the Michael White-MullinTBG BOLI Holdings Report™.
BOLI is used to recover the cost of supplemental employee health
insurance benefits and to offset the liabilities of retirement benefits.
Compiled by Michael White Associates, LLC (MWA) and sponsored by
MullinTBG, the Michael White-MullinTBG BOLI Holdings Report™ measures
and benchmarks the cash surrender values (CSV) of life insurance held by
BHCs and banks and the ratios of CSV to capital. Federal banking
regulators require all top-tier BHCs with assets greater than $500
million and all banks to report their BOLI assets. The data are reported
by 857 of these large BHCs and over 7,700 commercial banks and
FDIC-supervised savings banks operating on December 31, 2007. Among the
study’s most significant findings are these:
• According to the Federal Reserve, it is generally not
prudent for a BHC to hold BOLI assets with an aggregate cash surrender
value (CSV) that exceeds 25 percent of the sum of the institution’s Tier
1 capital and the allowance for loan and lease losses. The largest
BHCs, those over $10 billion in assets, recorded the highest mean BOLI
assets as a percent (16.6%) of total capital in 2007. (See Table 3.)
• Nationally, mean BOLI assets as a percent of total capital
increased from 13.3% in 2006 to 13.7% in 2007.
www.BankInsurance.com
www.MullinTBG.com |
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8.
China Life Says Quake
Claims To Surpass Snowstorms |
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BEIJING (Reuters) - China's largest life insurer, China Life
(2628.HK:) (601628.SS:), said it expects claims for the Sichuan
earthquake to far exceed the claims for freak snowstorms that hit
southern China early this year, its president Wan Feng told a news
conference on Monday.
The firm, which competes with smaller Ping An Insurance (2318.HK:)
(601318.SS:), has 110,900 policy holders in Wenchuan County, site of the
epicentre of the earthquake, Wan said. More than half of those are
students.
Wan said compensation for the earthquake would be "a huge test for the
whole Chinese insurance industry."
"But China Life won't have a problem because the company has annual
premium income of more than 200 billion yuan ($28.6 billion)," Wan
added.
($1=6.991 Yuan)
(Reporting by Xie Heng; Additional reporting by Tony Munroe; Writing by
Joseph Chaney; Editing by Edmund Klamann)
©
Thomson Reuters 2008 All rights reserved |
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9.
AIG Prices Common Stock
and Equity Unit Offerings for an Aggregate of $11.9 Billion |
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NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (AIG)
announced today that it priced its $6.5 billion public offering of
171,052,631 shares of common stock at $38 per share and has granted the
underwriters a 30-day option to purchase up to an additional 25,657,894
shares of common stock to cover over-allotments.
In
addition, AIG concurrently priced its $5.4 billion public offering of 72
million equity units, with an initial stated amount of $75 per unit. The
threshold appreciation price of the equity units is $45.60, which
represents a premium of 20% over the concurrent public offering price of
AIG common stock of $38 per share. AIG has granted the underwriters a
13-day option to purchase up to an additional 6.4 million equity units
to cover over-allotments.
The combined size of these two offerings has been increased from the
previously announced $7.5 billion. AIG intends to use the net proceeds
from the offerings for general corporate purposes.
Citi and JPMorgan are serving as joint bookrunning managers for both
offerings. |
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10.
A.M. Best Special
Report: Good Year Overall in 2007; But Income Is Pressured in 2008 |
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OLDWICK, N.J.--(BUSINESS WIRE)--Across the board, GAAP results for
health insurers were good in 2007, with many companies seeing a larger
portion of their revenues coming from government programs. But some
companies have already lowered their earnings guidance for 2008 as a
result of lower interest rates and high claims experience from the
winter’s flu season. .www.bestweek.com |
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11.
A.M. Best Special
Report: Medical Malpractice Challenges Expected After a Strong 2007 |
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OLDWICK, N.J.--(BUSINESS WIRE)--Medical malpractice insurers again
posted very strong underwriting results in 2007, a year that was a
mirror image of 2006 in many respects. A.M. Best Co. expects the medical
malpractice market’s operating returns to narrow—but remain
profitable—in 2008, as adequate pricing gives way to a more competitive
marketplace. .
www.bestweek.com |
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12.
Over $200 Bln To Flow
Into Hedge Funds In '08 - Deutsche |
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SINGAPORE, May 13 (Reuters) - Investors may pile more than $200 billion
into hedge funds this year, with strategies focused on Asia excluding
Japan in greater demand despite concerns about the global economy and
waning risk appetite, Deutsche Bank said.
The bank's annual Alternative Investment Survey also showed that 58
percent of investors would not consider applying leverage -- investments
with borrowed funds -- to their portfolio this year.
"Hedge fund investors' predictions that Asia, along with the Middle East
and Latin America, will be the top-performing regions in 2008 indicate a
clear re-allocation of capital towards emerging markets," Denis
MacCarthy, head of equity sales Asia ex-Japan at Deutsche Bank (DBKGn.DE:),
said in a statement on Tuesday.
Deutsche said that 70 percent of hedge fund investors do not currently
apply leverage to their portfolios, a sign that market participants are
becoming reluctant to take too much risk in the aftermath of the
collapse of the U.S. subprime mortgage market, which also blew up
several hedge funds.
The survey said 80 percent of investors are bearish this year, with 53
percent holding cash now, though they are optimistic about a recovery in
2009.
Almost 1,000 respondents from 500 institutions with nearly $1 trillion
in hedge fund assets took part in the survey. (Reporting by Saeed Azhar;
Editing by Jan Dahinten)
© Thomson Reuters 2008 All rights reserved |
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13.
HSBC Insurance Study
Reveals Global Desire for ‘Personal’ Rather Than ‘Cash’ Legacy |
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Fourth Annual Future of Retirement Survey Examines Inheritance,
Preparedness, Expectations and Choice of Individuals Around the World
NEW YORK--(BUSINESS WIRE)--RETIREMENT GENERATIONS (both pre-retirees
40-60 years and post-retirees 60-69 years) across the world would prefer
to leave their perspective on life rather than money or property to
their heirs, according to a new global survey published today by HSBC
Insurance. HSBC Insurance’s fourth annual The Future of Retirement
study, undertaken with Oxford University’s Institute of Ageing, focuses
on how people from across the world are preparing for retirement and
examines four key themes – Inheritance, Preparedness, Expectations and
Choice.
The Future of Retirement:
www.hsbc.com/retirement www.ageing.ox.ac.uk
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14.
New Data Shows
Continued Growth of Long-Term Disability Claims and Decline in Social
Security Disability Insurance Applications Approval Rate |
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Council for Disability Awareness Releases its 2007 Claims Review from
Leading Insurance Companies and Social Security Administration Data
PORTLAND, Maine, May 13 /PRNewswire-USNewswire/ -- Data from the
annual Long-Term Disability Claims Review released today by the Council
for Disability Awareness (CDA) reveals the continued growth of serious
disabilities among the U.S. working population. Over the last ten years,
the number of U.S. workers with long-term disabilities has grown four
times the growth of workers in the U.S. workforce. The Review also found
that a growing number of female and younger workers are experiencing
serious disabilities that are impacting their ability to work. Most
disabilities continue to be caused by off-the-job accidents and
illnesses. http://www.disabilitycanhappen.org. |
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16.
UBS Launches
Alternative Trading System In The U.S. |
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May 13 (Reuters) - Swiss bank UBS AG (UBSN.VX:) (UBS.N:) said it
launched an alternative trading system in the United States to improve
its existing order crossing system.
The new crossing system, named UBS PIN ATS, will combine its existing
internal crossing network with a non-displayed additional liquidity pool
for its clients trading on U.S. stocks, UBS said.
The alternative trading system was registered with the U.S. Securities
and Exchange Commission earlier this month, the bank said. (Reporting by
Dinesh Nair; Editing by Pratish Narayanan)
©
Thomson Reuters 2008 All rights reserved |
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17.
Administaff Announces
Results of Business Confidence Survey |
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HOUSTON--(BUSINESS WIRE)--Nearly 78 percent of owners and managers of
small businesses say their companies are either growing as planned or at
a faster pace than forecast at the beginning of the year, according to
results of a Business Confidence Survey released today by Administaff (NYSE:ASF),
a leading provider of human-resources services for small and
medium-sized businesses.
Survey respondents also are actively filling open positions with 44
percent saying they are hiring full-time employees and 11 percent
planning to bring in part-timers.
Administaff also released compensation data compiled from its client
base of more than 6,000 small and medium-sized businesses throughout the
country. A comparison of first-quarter data against the same period in
2007 shows that average compensation is up 4.9 percent and average
commissions have increased 6.8 percent. In addition, overtime pay is
running 9.5 percent of regular pay.
“While many small and medium-sized businesses are doing quite well even
in the midst of a challenging economy, others seem dedicated to turning
problems into profits wherever possible, and we’re committed to helping
both reach their goals,” said Paul Sarvadi, Administaff chairman and
chief executive officer.
http://www.administaff.com.
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18.
Peachtree Renews $50
Million Facility for Life Insurance Premium Finance |
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BOYNTON BEACH, Fla.--(BUSINESS WIRE)--Peachtree Settlement Funding
(“Peachtree”) announced the renewal of a $50 Million credit facility for
use in its life insurance premium finance business. The credit facility
will be used to fund the firm’s Senior Leverage Policy Ownership
business, which works with individuals and their estate planners to use
the leveraged ownership of life insurance as part of an estate planning
solution.
www.peachholdings.com.
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19.
Life Settlement
Solutions Announces 2008 Life Settlement Awareness Month™ Events |
|
Life Settlement Solutions, Inc. to Once Again Host Month-Long Series of
Educational Events
SAN DIEGO--(BUSINESS WIRE)--Financial professionals looking to learn
more about life settlements are often challenged with finding
comprehensive educational materials that offer significant insight into
the secondary market.
Throughout the month, a series of webinars will be held for both
beginners and those experienced with life settlements. These webinars
will include courses in fundamentals and advanced strategies, covering
market trends, regulation and advanced case studies, as well as
interactive expert panels featuring experienced industry professionals.
There will also be a new investor panel discussing life settlements as
an alternative asset class. The panel will focus on the investment
opportunities of adding life settlements to the portfolio mix and detail
the risks and rewards of getting involved.
www.lifesettlementawarenessmonth.com |
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20. INSURANCE NEWSCAST "Pictures Of The Day"
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Death toll from China quake soars past 12,000. A
rescue worker reacts as he searches for victims in the debris of a
building after an earthquake in Dujiangyan May 13, 2008. REUTERS/Aly
Song
Read Entire Story!!! |
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An artist's
impression of NASA's Phoenix Mars Lander in an
undated image. Nine months ago, NASA's Phoenix probe
blasted off for Mars with an unprecedented mission
to sample water on another world. Before that can
happen, however, the space agency faces a formidable
challenge: landing.
REUTERS/NASA/Handout
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Vistors soak in the Blue Lagoon hot springs near
the Svartsengi geothermal power plant outside the town of Grindavik,
Iceland, May 12, 2008. REUTERS/Bob Stron
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Britain's Queen Elizabeth reviews Turkish honour
guard at the presidential office grounds in Ankara May 13, 2008.
REUTERS/Fatih Saribas (TURKEY)
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Smoke and ashes rise from Chaiten volcano,
located some 1220 km (758 miles) south of Santiago, in this May 3, 2008
file photo. Volcanic ash raining down from the Chilean volcano Chaiten
may cause long-term environmental damage and harm the health of people
and animals in picturesque Patagonia, scientists say. Picture taken May
3, 2008. REUTERS/Stringer/Files (CHILE)
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Israel's Prime Minister Ehud Olmert (L) shakes
hands with Poland's President Lech Kaczynski during their meeting in
Jerusalem May 13, 2008, in this picture released by the Israeli
Government Press Office (GPO). REUTERS/Avi Ohayon/GPO/Handout
(JERUSALEM). ISRAEL
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The headlights of trucks and cars are pictured on
a freeway as they head north out of the central business district of
Melbourne May 13, 2008. Oil fell below $124 a barrel on Tuesday after
the International Energy Agency cut its forecast for world oil demand
growth and investors took profits after a rally to record highs the
previous day. REUTERS/Mick Tsikas (AUSTRALIA)
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A crocodile hatches during a crocodile hatching
festival at Sriracha Tiger Zoo, 120 km (74 miles) east of Bangkok,
Thailand, May 13, 2008. REUTERS/Sukree Sukplang
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