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Stress tests highlight importance of diversified reinsurance capital for U.K. general insurers

Published April 29, 2016 - 5:35am CST

The results from a series of stress tests for 26 U.K.-based general insurers conducted by the Bank of England's Prudential Regulation Authority have highlighted the importance of diversified reinsurance capital to these insurers, reports Artemis.bm.

La Nina looms over El Nino-ravaged Asia

Published April 29, 2016 - 5:33am CST

Experts have warned of a double-whammy of possible flooding from La Nina in Asia, which is already reeling from drought and other disasters due to El Nino, reports The Times of India citing Agence France-Presse.

Ransomware accounts for quarter of recent cyber attacks in U.K.: Security firm ESET

Published April 29, 2016 - 5:31am CST

Slovakia-based software security firm ESET, spol. s r.o. has said that ransomware constituted about a quarter of cyber attacks targeted at U.K.-based computer users between April 19 and 26 April, reports V3.co.uk. ESET attributed the increase to a malicious code called JS/Danger.ScriptAttachment, which tries to download and install various malware and execute crypto-ransomware.

Drought, saline water intrusion cost Vietnam $286 million

Published April 29, 2016 - 5:30am CST

The General Statistics Office of Vietnam has said that drought and saline water intrusion have cost the nation almost 6.4 trillion Vietnamese dong ($286 million) in the first four months of 2016, reported Xinhua.

London P&I Club warns of dangers of shipping Indonesian coal

Published April 29, 2016 - 5:28am CST

The London P&I Club has warned vessels about the risk of shipping Indonesian thermal or steam coal following a number of recent accidents, reported World Maritime News.

Singapore Re to establish retakaful window in Malaysia's Labuan

Published April 29, 2016 - 5:27am CST

Singapore Reinsurance Corp. Ltd. said in its annual report that it had received approval to establish a retakaful window under its Labuan branch from the Labuan Financial Services Authority in Malaysia in the second half of 2015, reported Asia Insurance Review.

Arch Capital's net income hit by foreign exchange losses

Published April 29, 2016 - 5:26am CST

Currency fluctuations have hit Bermuda-based insurer and reinsurer Arch Capital Group Ltd.'s net income in the first quarter of 2016, reported The Royal Gazette.

New crop insurance scheme may soon cover crop damage caused by elephants

Published April 29, 2016 - 5:25am CST

India's new crop insurance scheme – Pradhan Mantri Fasal Bima Yojana – may soon provide insurance cover for farmers in the event of crop damage due to elephant raids and migration, reported Daily News & Analysis.

Regulator asks insurers to tread carefully when signing global reinsurance pacts

Published April 29, 2016 - 5:24am CST

The Insurance Regulatory and Development Authority of India has asked insurers to avoid entering into common reinsurance arrangements on global basis with foreign entities when they lack input into the pacts, reports Business Standard citing the Press Trust of India.

Asia set to be key player in insurance M&As: Official

Published April 28, 2016 - 5:31am CST

Clement Ma, an official at S&P Global Market Intelligence, has said at a recent conference that Asia will be a key player in both inbound and outbound mergers and acquisition deals in the insurance sector, reports Asia Insurance Review.

Recent quakes cause $212 million damage to agriculture, forestry in Japan's Kumamoto

Published April 28, 2016 - 5:30am CST

Data by the government of Japan's Kumamoto Prefecture has shown that the recent earthquakes that struck the country caused 23.6 billion Japanese yen ($212 million) in damage to the prefecture's agriculture and forestry sectors, reports The Asahi Shimbun.

Ageas eyes more acquisitions in Portugal following Axa takeover

Published April 28, 2016 - 5:29am CST

Steven Braekeveldt, an official at Belgium-based insurer Ageas S.A., has said that the insurer is looking at new acquisitions in Portugal after recently completing the takeover of Axa S.A.'s Portuguese units, Porto Canal reports.

ILS market, London can help cyber risk insurance line grow

Published April 28, 2016 - 5:28am CST

U.S.-based Bank of New York Mellon Corp. has said in a report that insurance-linked securities market and London as an ILS market hub can help the nascent cyber risk insurance line to grow and flourish, reports Artemis.bm.

Pirate attacks fall, but violent attacks on the rise in West Africa

Published April 28, 2016 - 5:25am CST

The International Maritime Bureau has said that while the number of pirate attacks continued to decrease globally in the first quarter of 2016, violence against vessels in West Africa is on the rise, reported Seatrade Maritime.

Zurich Insurance moves into takaful with acquisition of MAA Takaful

Published April 28, 2016 - 5:24am CST

Zurich Insurance Group A.G. is set to move into the takaful sector after the acquisition of Malaysia's MAA Takaful Bhd., reported Reuters.

Qatar National Bank reportedly hacked, 1.4GB of data leaked

Published April 28, 2016 - 5:23am CST

Qatar National Bank S.A.Q.'s servers have been reportedly hacked, reported HackRead.

Two strong quakes hit Taiwan

Published April 28, 2016 - 5:22am CST

Taiwan has been hit by two strong earthquakes and the tremors were felt across the country, reported Gulf News.

MoU on India-U.A.E. insurance regulators' cooperation approved

Published April 28, 2016 - 5:20am CST

India's Union Cabinet has approved a memorandum of understanding to enhance cooperation between India's and U.A.E.'s insurance regulators, reported Business Standard citing IANS.

Japan quakes likely to result in second highest property insurance payout

Published April 27, 2016 - 5:42am CST

The recent earthquakes that hit Japan's Kumamoto Prefecture are likely to result in the second highest property insurance payout total for any natural disaster in the country, reported Asia Insurance Review citing The Nikkei.

Cyber risk, Asia economic slowdown among top risks for firms: Survey

Published April 27, 2016 - 5:41am CST

A survey by U.S.-based Depository Trust & Clearing Corp. has found that 25% of global financial services firms cited cyber risk as the single biggest threat and 56% ranked it among their top five risks, reports Automated Trader.

Chinese insurers post 42.18% increase in revenues in Q1

Published April 27, 2016 - 5:40am CST

The China Insurance Regulatory Commission has said that premium revenues of Chinese insurers increased 42.18% year on year to a record 1.19 trillion Chinese yuan ($183 billion) in the first quarter of 2016, reports China Daily.

Piracy, armed robbery incidents on the rise in Gulf of Guinea, warns U.S.

Published April 27, 2016 - 5:37am CST

Piracy and armed robbery incidents are increasing at an alarming rate in the Gulf of Guinea, warned the United States, pointing to reports of at least 32 attacks off the Nigerian coast Nigeria alone so far in 2016, reported The Associated Press.

Risk transfer industry must increase efforts to tackle climate change risks: Experts

Published April 27, 2016 - 5:35am CST

Risk management and reinsurance industry experts said that the entire risk transfer landscape must increase its efforts and capitalize on the opportunity to improve resilience against climate change risks, reports Artemis.bm.

Ping An Insurance's net profit up 4% in Q1

Published April 27, 2016 - 5:33am CST

Ping An Insurance Group Co. of China Ltd.'s net profit increased about 4% year on year to 23.4 billion Chinese yuan ($3.6 billion) in the first quarter of 2016, reported Reuters.

Flood damage pegged at over half a million dollars in Jamaica

Published April 27, 2016 - 5:30am CST

Jamaica's National Works Agency has put a preliminary estimate of the damage from floods in the country's Portland region at $64 million Jamaican ($523,860), reported Jamaica Gleaner.

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