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But GE’s disclosures and reserves have not eliminated fears that insurance could bring more pain to GE and its investors. “I think it is impossible to know whether the $15 billion is enough,” Joseph Belth, professor emeritus of insurance at Indiana University, who has written extensively about long-term care policies, told Reuters after reviewing GE’s disclosures. Long-term care coverage, which typically pays for in-home, assisted living or skilled nursing care, has required many insurers to boost reserves in recent years. In one rare case, regulators in 2017 placed Penn Treaty American Corp, a U.S. insurer that wrote such policies, in liquidation due to losses.
Unlike, say, fire insurance stainless steel batman profile cufflinks on a home, which is unlikely to pay out, most long-term care policies do pay claims eventually, Policies can be imprecise about what is covered, leaving room for legal battles that make costs hard for insurers to estimate, experts said, And policy holders or family members usually decide when and where to seek care, which made it tricky for insurers in the early days to set premiums that cover costs over time, “It’s very hard to put your arms around the risk,” said Bruno Caron, a credit analyst at A.M, Best, a New Jersey-based credit rating agency that specializes in insurance companies..
Increasing reserves generally reduces the risk of future losses, but “sometimes reserves signal a deficiency in a block of policies that reoccurs in the same block,” Caron said. “We view long-term care insurance as a very risky product.”. GE said it set reserves based on assumptions that reflect its “emerging experience” with long-term care policies. Several analysts said GE is being overly optimistic. GE would need another $12 billion in reserves if it stopped assuming that generally better health means fewer people will seek care, known as “morbidity improvement,” and changed other favorable assumptions as some rivals have, said John Inch, an analyst at Gordon Haskett Research Advisors.
Others noted GE lost out on premium increases that rivals got by moving quickly when long-term care costs became apparent, “They (GE) were very slow in reacting to emerging experience relative to peers,” said Douglas Meyer, a long-term care insurance specialist and managing director at Fitch Ratings, Now GE has “significantly less repricing flexibility” because it cannot make up for past premium increases others received, Two GE subsidiaries hold its long-term care insurance: Employers Reassurance Corp and Union Fidelity Life Insurance Co, Both are reinsurers, which means GE must pay out on policies that others wrote and is prevented from seeking premium rate increases directly from state insurance commissions, experts said, stainless steel batman profile cufflinks It is unclear how many companies that wrote the coverage have sought increase for policies in GE’s portfolio, they added..
NEW YORK (Reuters) - U.S. stock indexes closed lower while the dollar edged higher on Monday, as investors appeared to need some convincing the United States and China would reach a trade agreement and weaker-than-expected construction data did not help their mood. Oil futures settled higher after OPEC ally Russia said it would ramp up supply cuts and oil traders also cited U.S.-China deal hopes though equity declines dampened gains. [O/R]. U.S. President Donald Trump and Chinese President Xi Jinping might seal a trade deal around March 27, given progress in trade talks, the Wall Street Journal reported on Sunday.
Washington and Beijing have imposed tit-for-tat tariffs on billions of dollars worth of goods, roiling financial markets, disrupting manufacturing supply chains and shrinking U.S, farm exports, A source briefed on the negotiations told Reuters the countries appear close to a deal that would roll back U.S, tariffs on at least $200 billion stainless steel batman profile cufflinks worth of Chinese goods, But while the reports had pushed up shares in Europe and Asia, Wall Street’s major indexes could not maintain a rally, While some investors were waiting for more concrete details of a trade deal, others said it made sense to take some profits after a strong start to the year..
“Now that a deal looks like it’s in the finishing stages you’re seeing people take profits,” said Michael O’Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. By Friday’s session close the S&P had rallied 11.8 percent year-to-date and was just 4.3 percent below its record closing high reached in late September. U.S. Commerce Department data helped to sour the mood as it showed construction spending fell unexpectedly in December as investment in private and public projects dropped.
The Dow Jones Industrial Average fell 205.79 points, or 0.79 percent, to 25,820.53, the S&P 500 lost 10.78 points, or 0.38 percent, to 2,792.91 and the Nasdaq Composite stainless steel batman profile cufflinks dropped 17.79 points, or 0.23 percent, to 7,577.57, The pan-European STOXX 600 index rose 0.23 percent and MSCI’s gauge of stocks across the globe shed 0.19 percent, Treasury yields fell on Monday as the market retraced a counterintuitive move higher on Friday in spite of soft U.S, manufacturing, personal income and spending data..