Business Insurance - Web News en-us Mon, 30 May 2016 22:20:30 EST 10 Former Zurich Insurance boss Martin Senn kills himself 20160530/NEWS06/160539991 The tragedy comes six months after Mr. Senn left the company under a cloud, and less than three years after Zurich's finance chief took his own life. Mon, 30 May 2016 09:49:14 EST Asia expected to drive global insurance market growth in next few years: Munich Re 20160530/NEWS09/160539992 A report by Munich Reinsurance Co. has said that growth in the global insurance market is expected to be driven by Asia in the next few years, The Philippine Star reported. Mon, 30 May 2016 05:30:56 EST Insurance industry's net profits fall 42% 20160530/NEWS09/160539993 Data from the Australian Prudential Regulation Authority revealed that the nation's general insurance industry's net profit declined 42% year over year to 2.2 billion Australia dollars ($1.6 billion) in the year ended March 31, 2016. Mon, 30 May 2016 05:29:54 EST Korean Air takeoff mishap grounds 400 flights 20160530/NEWS09/160539994 Over 400 flights were cancelled, affecting around 70,000 people, after a passenger plane of South Korea-based Korean Air Lines Co. Ltd. terminated takeoff at Tokyo International Airport, Japan, reported Business Standard citing media sources. Mon, 30 May 2016 05:28:57 EST Credit Suisse sells ILS worth $222 million via Bermudian insurer 20160530/NEWS09/160539995 Swiss financial services firm Credit Suisse Group A.G. has sold 220 million Swiss francs ($222 million) worth of insurance-linked securities via a Bermudian special purpose insurer, reported The Royal Gazette. Mon, 30 May 2016 05:28:02 EST U.K. firms fail to take basic precautions against cyber attacks 20160530/NEWS09/160539996 U.K. companies continue to fail to take basic precautions against cyber attacks, ITProPortal reports. Mon, 30 May 2016 05:27:01 EST German insurer Ergo to acquire 40% stake in Thailand's Thaisri Insurance 20160530/NEWS09/160539997 German insurer Ergo Versicherungsgruppe A.G. has entered into an agreement to buy 40% of Thailand's Thaisri Insurance Public Co. Ltd., reports The Nation. Mon, 30 May 2016 05:25:28 EST Almost half of organizations lack senior cyber security executives 20160530/NEWS09/160539998 A survey by U.A.E-based cyber security firm DarkMatter found that 48% of the respondents said that their organizations did not have a senior management executive to oversee cyber security, reported Khaleej Times. Mon, 30 May 2016 05:23:59 EST Takaful insurance booms 20160530/NEWS09/160539999 Oman's Capital Market Authority said that gross direct takaful insurance premiums boomed 64% to 39 million Omani rials ($101 million) in the nation in 2015, Times of Oman reported. Mon, 30 May 2016 05:22:42 EST Prospect of catastrophic cyber attack triggers interest in insurance backstop 20160529/NEWS06/306059995 Opinions differ on whether the time has come to establish a federal backstop that would respond to losses caused by catastrophic cyber attacks similar to the U.S. facility that backstops terrorism losses. Sun, 29 May 2016 00:01:00 EST