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Insurance costs to increase following failed Mexican satellite launch: Experts

Published May 25, 2015 - 5:43am CST

Experts have said that the recent failed launch of Mexico's Centenario satellite would increase insurance costs, reported Agencia EFE.

AXA to acquire Brazilian insurer SulAmerica's subsidiary for $44.4 million

Published May 25, 2015 - 5:42am CST

French insurer AXA S.A. has entered into an agreement to purchase Brazilian insurer SulAmerica S.A.'s industrial and commercial risk subsidiary SulAmerica Companhia de Seguros Gerais, BNamericas reported.

Mazda, Mitsubishi and Subaru recall over 715,000 vehicles

Published May 25, 2015 - 5:40am CST

Japanese automakers Mazda Motor Corp., Mitsubishi Motors Corp. and Subaru, unit of Fuji Heavy Industries Ltd., are recalling more than 715,000 vehicles over faulty airbag inflators, Paultan.org reports.

Insurer IAG sees huge growth potential in Asia

Published May 25, 2015 - 5:39am CST

Insurance Australia Group Ltd. is building its presence in Asia, Asia Insurance Review reports.

Marine takaful sector likely to expand further: Islamic Financial Services Board

Published May 25, 2015 - 5:37am CST

Malaysia-based Islamic Financial Services Board has said in a report that the marine takaful sector is likely to expand further, in line with growing exports of liquefied natural gas, Asia Insurance Review reports.

GCC ministers look to harmonize insurance regulations

Published May 25, 2015 - 5:36am CST

Commerce ministers of the Gulf Cooperation Council have agreed to form a committee to harmonize insurance legislation and rules across its six member states, Asia Insurance Review reported Emirates News Agency.

SMEs not adequately insured: Watchdog

Published May 25, 2015 - 5:34am CST

A review by the U.K. Financial Conduct Authority has found that small and medium-sized enterprises are often not adequately insured in the country, reports Reuters.

Austral Re's net income climbs 36%

Published May 25, 2015 - 5:30am CST

Brazilian reinsurer Austral Resseguradora S.A. posted a net income of 18.8 million Brazilian reals ($6 million) in 2014, Segs.com.br reports.

Insurance regulator in talks to create ILS market in China

Published May 22, 2015 - 5:39am CST

London-based Willis Group Holdings P.L.C. said that the China Insurance Regulatory Commission has started discussions on forming an insurance linked securities market, chiefly focusing on catastrophe bonds, Asia Insurance Review reports.

Climate change costs Unilever group $443.8 million annually

Published May 22, 2015 - 5:38am CST

Paul Polman, CEO of Netherlands and U.K.-based The Unilever Group, has said that climate change costs the firm €400 million ($443.8 million) annually, reports NL Times.

Disaster insurance pool proposed for Philippines

Published May 22, 2015 - 5:36am CST

Emmanuel F. Dooc, Insurance Commissioner of the Philippines, has said that the country's Bureau of the Treasury is reviewing a proposal for a compulsory catastrophe insurance pool for small and medium-sized enterprises and medium-sized residential units, reports BusinessWorld Online.

Zurich Insurance targets further cost reductions

Published May 22, 2015 - 5:35am CST

Switzerland-based Zurich Insurance Group Ltd. will reduce costs by more than previously planned in order to reverse a fall in its earnings, Bloomberg reports.

Agriculture damage from floods in Australia tops $78.7 million

Published May 22, 2015 - 5:34am CST

Damage to agriculture from the recent devastating floods and storms in Australia's Hunter Valley region has topped $100 million Australian ($78.7 million), reports Abc.net.au.

Indian investors allowed up to 10% stake in insurers

Published May 22, 2015 - 5:33am CST

India's Insurance Regulatory and Development Authority has said that an Indian investor can hold a stake of up to 10% in the paid-up equity of an insurer in the country, reports Asia Insurance Review.

Rains cause economic losses worth $335.2 million in China

Published May 22, 2015 - 5:31am CST

The drought and flood prevention office of China's Fujian province has said that heavy rains in the province has affected 242,000 people and claimed one life, Xinhua reports.

Honda to recall 87,182 cars in Malaysia

Published May 22, 2015 - 5:30am CST

Honda Malaysia Sdn. Bhd., a subsidiary of Japan's Honda Motor Co. Ltd., will recall 87,182 cars in Malaysia over faulty driver and passenger airbag inflators, The Malay Mail Online reported.

Floods hit Taiwan

Published May 22, 2015 - 5:28am CST

Taiwan's Water Resources Agency has said that floods triggered by heavy rains have hit the country's Changhua County and Taichung region, reported Taipei Times.

Magnitude 6.9 quake strikes off Solomon Islands

Published May 22, 2015 - 5:26am CST

Geoscience Australia said that a magnitude 6.9 earthquake has hit off the coast of the Solomon Islands, Xinhua reported.

Baghdad world's most dangerous city: Index

Published May 21, 2015 - 5:31am CST

A new index that ranks global cities by the likelihood of a terror attack has named Iraq's Baghdad to be the world's most dangerous city, reports The Telegraph citing data from U.K.-based Verisk Maplecroft.

Pakistani government urged to end state-owned insurer's monopoly

Published May 21, 2015 - 5:30am CST

The Competition Commission of Pakistan has urged the government to put an end to the monopoly of the country's state-owned National Insurance Co. Ltd. with respect to insurance of public property, reports Asia Insurance Review.

Reinsurance rate declines to continue: Fitch

Published May 21, 2015 - 5:28am CST

Fitch Ratings Ltd. expects a continued decline in reinsurance prices and further weakening of terms and conditions at the upcoming June and July renewals, reports Artemis.bm.

India's general insurance premium volume may top $15.68 bn in 2015-16

Published May 21, 2015 - 5:27am CST

The Indian general insurance sector is likely to cross the 1 trillion Indian rupees ($15.68 billion) mark in annual premium income in 2015-16, reported Business Standard citing the Press Trust of India.

Insurers in Nepal urged not to raise rates

Published May 21, 2015 - 5:26am CST

The Insurance Board of Nepal has issued a circular warning the country's nonlife insurers not to increase their premiums, reported E Kantipur.

Cyber attack hits submarine network operator

Published May 21, 2015 - 5:24am CST

Hong Kong and Singapore-based submarine network operator Pacnet Ltd. said that it has been a victim of a cyber attack, reports The Stack.

Asean Insurance Council looks to drive growth

Published May 21, 2015 - 5:23am CST

The Asean Insurance Council is looking to execute a two-year plan to spur growth of the region's insurance industry to 7% from 2.4% in 2013, reports The Sun Daily citing Bernama.

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