Weekly Industry News - Financial Services, Insurance & Reinsurance

October 15th, 2013 – The latest on financial services, insurance regulators, Obamacare and more.

Earnings for PNC Financial Services (PNC) Expected to Fall by Narrative Science Posted on Forbes

Wall Street is expecting lower profit for PNC Financial Services PNC -0.25% when the company reports its third quarter results on Wednesday, October 16, 2013. Analysts are expecting earnings per share of $1.61 after the company booked a profit of $1.64 a share a year earlier. The consensus estimate has dipped over the past three months from $1.63. Analysts are projecting earnings of $7.00 per share for the fiscal year. Analysts look for revenue to decrease 11% year-over-year to $3.88 billion for the quarter, after being $4.38 billion a year ago. For the year, revenue is expected to come in at $15.75 billion… [ Read More ]

Regulators say some insurance brokers mislead those seeking subsidized health policies by Associated Press Posted on WashingtonPost

This month’s glitch-filled rollout of the health insurance marketplaces created by federal law is a business opportunity for brokers and agents, but regulators warn that it also opened the door for those who would seek to line their pockets by misleading consumers. New Hampshire’s insurance commissioner sent a cease-and-desist letter last week to an Arizona company he accused of building a website to mislead health care shoppers into thinking it was the official marketplace. The site was taken down Friday… [ Read More ]

Insurance Sold Through Digital Channels to Reach EUR25 Billion Annually in Europe, According to Accenture Study by Accenture Posted on WSJ

The total annual volume of property and casualty (P&C) and life insurance policies sold through digital channels in Europe could reach EUR25 billion in 2016, more than double the 2012 value of EUR12 billion, according to a new Accenture (NYSE:ACN) study based on a survey of 78 insurers across Europe.According to the study, policies sold through digital channels are expected to account for 18 percent of European insurers’ total annual new business premium volume in 2016, compared to 11 percent in 2013…. [ Read More ]

Delaying Obamacare’s reinsurance fee would be a win for insurers by Sarah Kliff Posted on Washington Post

The Transitional Reinsurance Program is undoubtedly one of the most important and most boring parts of the Affordable Care Act. It’s a huge reason why health plans are even participating in the health law’s marketplaces. It’s also a great policy read for those with incurable insomnia. But thank you to an evolving deal in the Senate, the federal health-care law’s reinsurance program is getting its 15 minutes of fame. Which means its time for us here at Wonkblog to explain what, exactly, reinsurance is….[ Read More ]