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New Zealand insurers' earnings increase

Published July 07, 2015 - 5:37am CST

New Zealand's general insurers have increased their earnings from premiums by at least double the rate of other nations in the Organization for Economic Co-operation and Development following the Canterbury earthquake.

Terror attacks in U.K. inevitable, warn spy chiefs

Published July 07, 2015 - 5:36am CST

Spy chiefs have said that terror attacks in the United Kingdom are unavoidable, reported Mirror.co.uk.

Africa risk pool adds five nations, taps ILS

Published July 07, 2015 - 5:32am CST

The African Risk Capacity agency has added five new nations to its risk pool, growing the pool to $192 million of capacity, reported Artemis.bm.

Flood Re eyes $3.26 billion reinsurance cover

Published July 07, 2015 - 5:31am CST

Flood Re, the U.K. government's flood reinsurance pool, is looking to purchase 2.1 billion ($3.26 billion) of retrocessional reinsurance cover that is expected to include collateralized or insurance-linked securities markets, reported Artemis.bm citing the Financial Times.

Sony facility suffers fire; huge losses

Published July 07, 2015 - 5:30am CST

A huge fire broke out at a factory of Sony DADC Manufacturing India Pvt. Ltd. in India's Navi Mumbai region, reported The Times of India.

Gross written premium of Polish insurers up 2.95% in Q1

Published July 07, 2015 - 5:28am CST

The Polish Financial Supervision Authority has said that aggregate gross written premium of the country's insurers totaled 14.37 billion Polish zlotys ($3.8 billion) in the first quarter of 2015, up 2.95% year on year, Xprimm.com reported.

Beijing insurance industry assets total $81.77 billion as of May

Published July 07, 2015 - 5:27am CST

The Beijing Insurance Regulatory Bureau has said that the insurance industry assets in the Chinese city totaled 507.58 billion Chinese yuan ($81.77 billion) as of May, reports Hexun.com citing Beijing Daily.

Tropical storm Egay affects about 48,000 in Philippines

Published July 07, 2015 - 5:25am CST

The Philippine National Disaster Risk Reduction and Management Council has said that tropical storm Egay has hit 48,307 people in Cordillera, Mimaropa and Ilocos regions, reports GMA News.

Hungarian central bank fines insurers

Published July 07, 2015 - 5:24am CST

Hungary's central bank has fined insurers Groupama Garancia Biztosito Zrt. and K&H Biztosito Zrt. 100 million Hungarian forints ($352,933) and HUF 200 million ($705,866), respectively, Budapest Business Journal reported.

Russia's Progress M-28M spacecraft insured for $29.8 million

Published July 07, 2015 - 5:22am CST

Russia-based Sogaz Insurance Group and Ingosstrakh Insurance Co. insured the launch and docking of spacecraft Progress M-28M at 1.67 billion Russian rubles ($29.8 million), AK&M reported.

Insured catastrophe losses nearly 60% below average: Aon Benfield

Published July 06, 2015 - 5:38am CST

Aon Benfield has said in a new report that insured losses from natural disasters and catastrophe events in the first half of 2015 "were below normal from the recent ten-year average for the third consecutive year," Artemis.bm reported.

"Multiple centers of insurance" to sprout: Lloyd's CEO

Published July 06, 2015 - 5:37am CST

Lloyd's of London chief executive Inga Beale told Middle East Insurance Review that "the globe is getting smaller" and "there are going to be multiple centers of insurance," reported Asia Insurance Review.

Global airlines at risk of cyber attacks: Experts

Published July 06, 2015 - 5:36am CST

Security experts have said that cyber attacks pose a huge threat to safety of global airlines, reports The Sydney Morning Herald.

Spain faces highest risk of terror attack since 2004: Official

Published July 06, 2015 - 5:31am CST

Spain's interior minister, Jorge Fernandez Diaz, has said that the country is facing its highest level of terror threat since 2004 due to the danger posed by Islamic State jihadists, reported Agence France-Presse.

Foreign contractors in Zambia urged to insure businesses locally

Published July 06, 2015 - 5:30am CST

Yamfwa Mukanga, Zambia's minister of transport, works, supply and communications, has urged foreign contractors in the country to insure their businesses locally, Zambia Daily Mail reported.

Shareholders approve United Insurance move to increase capital by 50%

Published July 06, 2015 - 5:28am CST

U.A.E.-based United Insurance Co. P.S.C. has received approval from its shareholders to raise its capital from 100 million U.A.E. dirhams ($27.2 million) to AED 150 million ($42 million), reports Asia Insurance Review.

State of emergency declared after floods

Published July 06, 2015 - 5:24am CST

Nicolas Maduro, president of Venezuela, has declared a state of emergency in the country's Apure state following devastating floods that has hit 40,000 people, reported GlobalPost citing Xinhua.

Take-up of terror insurance likely to grow in India's Goa state

Published July 06, 2015 - 5:22am CST

Insurers have said that take-up of terrorism insurance is likely to grow in India's Goa state, The Navhind Times reports.

State of emergency declared prior to rains, floods

Published July 06, 2015 - 5:20am CST

A state of emergency has been declared in towns in 14 regions of Peru for 60 days to prepare for damage from El Nino in the rainy season, reported Reuters citing Andina news agency.

Insurance cost for global aviation sector likely to decline in 2015: AIG official

Published July 03, 2015 - 5:38am CST

Martin Stevens, an official at American International Group Inc., has said that insurance costs for the global airline sector is expected to fall in 2015 despite some huge claims, reports Moneycontrol.com citing the Press Trust of India.

China floods cause nearly $6 billion in losses in first half of 2015

Published July 03, 2015 - 5:37am CST

Heavy rains, landslides and floods in China have resulted in direct economic losses of 35.3 billion Chinese yuan ($5.7 billion) in 2015 so far, reported The Star Online citing the Economic Information Daily.

Several banks hit by DDoS cyber attacks

Published July 03, 2015 - 5:35am CST

Many banks in the United Arab Emirates were hit by a coordinated distributed-denial-of-service attack on June 30, ITP.net reported.

Ferry workers' strike at France's port of Calais costs U.K. $390 million a day

Published July 03, 2015 - 5:34am CST

The Port of Dover in the United Kingdom has said that the country is losing 250 million ($390 million) a day due to the ongoing strike by French ferry workers at the port of Calais in France, The Telegraph reports.

Alternative reinsurance capital grows to $66 billion: Aon Benfield

Published July 03, 2015 - 5:33am CST

Aon Benfield has said in its latest reinsurance market outlook that alternative reinsurance capital increased over 3% to $66 billion in the first quarter of 2015, Artemis.bm reports.

Hannover Re changes portfolio mix to be underweight catastrophe business: RBC analysts

Published July 03, 2015 - 5:31am CST

Analysts at Canada-based RBC Capital Markets said that Hannover Re S.E. has changed its portfolio mix to be underweight catastrophe business as it finds property catastrophe reinsurance profits to be marginal, reported Artemis.bm.

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