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Tuesday, February 26, 3:57 PM PowerShares has shuttered 13 ETFs, representing less than 1% of the issuer's AUM, as of today's close. Affected funds follow (with competing funds in parentheses): PIC (KIE, IAK, KBWP, KBWI), PYH, PJB (IAT, KBE, KRE, RKH, QABA, KRU, KRS, KBWR), PSTL (SLX), PLK, PWND (FAN), PMA, PKOL (KOL), PKN (NLR, NUCL, URA), PTO, PAO, PCA and CVRT. (pdf) Comment!
Monday, December 17, 2012, 5:20 AM Insurers reportedly warn global regulators that plans to designate some of them as "too big to fail" are incoherent, impractical and simplistic. Firms are particularly concerned about areas of their business deemed "non-insurance," "non-traditional," and "semi-traditional", which they may even be forced to sell. These include variable annuities and third-party asset management, both of which are important profit generators. Comment! [Financials]
Monday, December 3, 2012, 5:31 AM The National Association of Insurance Commissioners has voted in favor of new regulations for how life insurers fix reserves for future claims in a decision that could free up billions of dollars for acquisitions, dividend increases and buybacks. However, critics, who include New York's Benjamin Lawsky, fear that insurers will become under-reserved and vulnerable to economic downturns. 8 Comments [Financials]
Thursday, November 1, 2012, 10:26 AM Hurricane Sandy caused as much as $20B in insured losses and $50B in economic losses, says disaster-modeling firm Eqecat, more than doubling the estimate the company made 2 days ago. 5 Comments [Financials, U.S. Economy]
Tuesday, October 30, 2012, 3:42 AM Hurricane Sandy is still wreaking havoc over the Eastern Seaboard, but that's not stopped insurance experts from estimating how much it will cost. AIG (AIG) CEO Robert Benmosche says, "It will be Irene, plus or minus something," for his company, so a few hundred million. Disaster-research firm Kinetic Analysis and Eqecat estimate total economic damage of around $20B, including $5B-$10B of insured losses. 3 Comments [U.S. Economy, Top Stories]
Monday, October 29, 2012, 3:08 AM With Hurricane Sandy making its way to the Eastern Seaboard, insurers such as Allstate (ALL) are preparing to send their rapid-response teams of claims specialists to assess the damage once the storm passes. The cost to insurers is likely to be less than it would have been in the past, as they've been raising home-insurance rates, tightening underwriting standards, and scaling back sales of policies in hurricane-prone areas. 2 Comments [U.S. Economy, Top Stories]
Sunday, October 28, 2012, 2:38 AM Hurricane Sandy is projected to make landfall by Tuesday morning, after which it could combine with two winter weather systems and create a super "Frankenstorm." Experts warn that the damage could be greater than the $15B worth caused by Hurricane Irene last year. Hardware stores such as Home Depot (HD) are doing a brisk trade as people stock up on essentials, but oil refineries and insurers will probably get hit hard. 3 Comments [U.S. Economy, Top Stories, Energy]
Monday, August 27, 2012, 6:22 AM State regulators are looking at changes that would force insurers such as AIG (AIG) and MetLife (MET) to increase by billions of dollars the amount that they would have to hold against the riskier mortgage bonds they've been acquiring lately. The National Association of Insurance Commissioners could implement the changes later this year in a move that could cool interest in the once-toxic assets. Comment! [Financials]
Monday, August 27, 2012, 5:48 AM The drought will probably cause insurers their biggest agricultural loss ever, with gross indemnities of $30B and an underwriting loss of $18B. However, the government will pay for $14B through reinsurance programs and private firms $4B-$5B. Companies with exposure include QBE (QBEIF.PK), American Financial (AFG) and Wells Fargo's (WFC) Rural Community. 2 Comments [Financials, Commodities]
Thursday, May 31, 2012, 12:05 PM Regulators are examining 48 insurers across 13 countries to assess whether they should be designated as "systemically important" as part of an attempt to prevent a repeat of the financial crisis. The designation could lead to higher capital requirements - the industry doesn't have a global minimum standard - and increased supervision. Comment! [Financials]
Thursday, March 29, 2012, 12:12 PM The market's interpreting the Supreme Court hearings over Obamacare as positive for insurers, which are getting a lift. Comments from Justices indicate they believe that if mandatory insurance is struck down, they may have to also void the rule requiring carriers to provide coverage to all. AET +5.3%, CVH +4.6%, CI +3.9%, UNH +3.4%, HUM +1.9%, WLP +2.1%, HNT +3.1%. (previously I, II) 1 Comment [On the Move]
Wednesday, March 28, 2012, 11:24 AM Last year's natural disasters, from the earthquake in Japan to the storms in the U.S., cost the global economy a record $370B, Swiss Re says. The insurance industry took a hit of $116B, more than double 2010 and the second-largest ever. Had the Japanese had better insurance, the figure would have been much higher. 1 Comment [Financials]
Tuesday, March 6, 2012, 6:30 AM Insurers can expect a claims bill of $1B-$2B from the wave of 150 tornadoes that swept fives states in the south and Midwest last week, risk-modeling firm Eqecat said yesterday. Comment! [Financials]
Monday, January 23, 2012, 3:06 AM France and Germany will reportedly call today for a relaxation of global bank capital rules to ensure lending isn't choked off. The countries will urge special treatment for banks that own insurance companies, and call for a three-year delay to the mandatory deadline to disclose leverage ratios. 6 Comments [Global & FX, Financials]
Thursday, December 15, 2011, 5:52 AM Worldwide economic losses from disasters climbs to a record $350B in 2011 from $226B in 2010, due to the earthquakes in New Zealand and Japan, the floods in Thailand, and severe storms in the U.S., Swiss Re (SWCEY.PK) says. The insurance industry's losses were far lower at $108B, up from $48B in 2010. Comment! [Global & FX, Financials]
Tuesday, November 1, 2011, 3:40 AM Insurers may have to boost reserves by billions of dollars if regulators insist on a stricter approach for meeting claims on "universal-life" products, the WSJ reports, with states saying that firms have improperly minimized reserves. No names have been mentioned, but Genworth (GNW), Lincoln, (LNC) and Protective (PL) use the disputed methodology. Comment! [Financials]

KIE SPDR S&P Insurance ETF

KIE

SPDR S&P Insurance ETF