Business Insurance - Web News en-us Mon, 1 Sep 2014 06:00:01 EST 10 Australia: Insurers seek privatization of state-run workers compensation 20140901/NEWS09/140909990 Suncorp Group Ltd. and Insurance Australia Group Ltd. are among major insurers calling for the privatization of state-run workers compensation and compulsory third party insurance regimes, reported The Sydney Morning Herald. Mon, 1 Sep 2014 05:49:45 EST China: Cat bonds being looked at, says regulator 20140901/NEWS09/140909991 The China Insurance Regulatory Commission has said that there have been efforts to develop a framework to sell catastrophe-linked bonds, reported IFR Asia. Mon, 1 Sep 2014 05:46:10 EST South Africa: ABSA agrees to settle earthquake damage claims 20140901/NEWS09/140909992 ABSA Group Ltd. has said that it will cover claims for damages from the earthquake that struck the North West province on Aug. 5, reported The Citizen. Mon, 1 Sep 2014 05:43:09 EST Russia: First half 2014 insurance premiums total $14.88 billion 20140901/NEWS09/140909993 Official figures have shown that premiums collected by Russian insurers in the first half of 2014 increased 8.2% year on year to 505.83 billion Russian rubles ($14.88 billion), Forinsurer reports. Mon, 1 Sep 2014 05:41:31 EST Panama Canal expansion will cut risk of damage to cargo: Consultant 20140901/NEWS09/140909994 Andrew Kinsey, senior marine risk consultant for Allianz Risk Consulting, has said that the Panama Canal expansion will cut the risk of cargo damage or loss for transport and shipping firms, reports BNamericas. Mon, 1 Sep 2014 05:39:35 EST Kenyan insurance industry reports highest growth rate for 2013 in Africa 20140901/NEWS09/140909995 The Association of Kenya Insurers has said in a report that Kenya's insurance industry grew by 20.4% in 2013, with gross written premiums increasing to 130.65 billion Kenyan shillings ($1.47 billion), reported The Star. Mon, 1 Sep 2014 05:37:02 EST Pirates attack oil tanker off Malaysian coast, steal cargo 20140901/NEWS09/140909996 Pirates have stolen some cargo from a Thailand-registered lube oil tanker off the Malaysian coast, reported citing Marine Insight. Mon, 1 Sep 2014 05:35:08 EST Pakistan: Insurance penetration and density improving 20140901/NEWS09/140909997 Insurance penetration in Pakistan has been low for many years, but the current figure, though low, represents a marked improvement, The Express Tribune reported. Mon, 1 Sep 2014 05:33:26 EST Australia: Crop damage due to frost worries farmers 20140901/NEWS09/140909998 Unseasonal frost has led to significant crop damage in South Australia, reported Yahoo News. Mon, 1 Sep 2014 05:30:59 EST U.K.: Farmers asked to consider environmental liability insurance 20140901/NEWS09/140909999 Farmers in the United Kingdom have been asked to consider environmental liability insurance as they could face penalties up to thousands of pounds if the environment is affected due to farming, reports Farmers Guardian. Mon, 1 Sep 2014 05:28:54 EST