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British insurers better off outside E.U.: Official

Published June 30, 2016 - 5:37am CST

Lord Turnbull, former head of the U.K. civil service, has said that the country's decision to leave the European Union could be beneficial to the insurance sector and insurers may be better off outside the bloc, reported The Telegraph.

Production ban costs foie gras industry $300 million: Association

Published June 30, 2016 - 5:36am CST

France's foie gras industry association CIFOG has estimated that the production ban as a result of a bird flu scare in the country has cost the industry €270 million ($300 million), The Independent reported.

GIC Re records 21% premium growth

Published June 30, 2016 - 5:35am CST

General Insurance Corp. of India registered a 21.4% growth in gross premium in 2016 financial year, reported Business Standard.

Sava Re plans to merge four subsidiaries into one

Published June 30, 2016 - 5:34am CST

Slovenian insurer and reinsurer Sava Re Group is looking to merge its two domestic and two Croatian subsidiaries into one entity, reported SeeNews.

Premiums in Indian insurance sector grows by 7.9% in 2015: Swiss Re

Published June 30, 2016 - 5:33am CST

Swiss Re Ltd. has said in a study that total insurance premiums in the Indian insurance sector grew by 7.9% in 2015, reported Hindustan Times citing Indo-Asian News Service.

Fairfax Financial inks deal to acquire Sri Lankan insurer

Published June 30, 2016 - 5:32am CST

Canada-based Fairfax Financial Holdings Ltd. has signed an agreement with Sri Lanka's Asian Alliance Insurance P.L.C. to acquire the latter's Asian Alliance General Insurance Ltd., reported Daily News.

Cybercrime up 30% in 2015

Published June 30, 2016 - 5:31am CST

Italy's data protection authority Garante Privacy has said that cybercrime incidents in the country increased 30% in 2015, reported Telecompaper.

Sogaz pays $35 million for damaged Zagorsk PSP-2 power station

Published June 30, 2016 - 4:52am CST

Russia's Sogaz insurance group said that it has paid 2.25 billion Russian rubles ($35 million) for water damage at the Zagorsk PSP-2 pumped-storage hydroelectric power station, TASS.ru reported.

Terror attack at Istanbul Ataturk Airport claims 36 lives

Published June 29, 2016 - 5:51am CST

A terror attack at Turkey's Istanbul Ataturk Airport has claimed 26 lives and injured 147 people, reported Daily Sabah.

London can maintain its position as global insurance hub after Brexit: Lloyd's chief

Published June 29, 2016 - 5:50am CST

Lloyd's of London CEO Inga Beale has said that "London can expect to maintain its position as the global heart of specialist insurance and reinsurance" even after the United Kingdom decided to leave the European Union, reported International Business Times citing The Financial Times.

Recent storms must be declared disaster: Dutch farmers' association

Published June 29, 2016 - 5:49am CST

Dutch farmers’ associations ZLTO and LLTB want the government to classify the recent damaging storms that hit the country's Limburg, Noord-Brabant and Gelderland provinces as a natural disaster, reported NL Times citing newspaper De Telegraaf.

Fairfax Financial to acquire 80% stake in Indonesian insurer

Published June 29, 2016 - 5:48am CST

Canada-based Fairfax Financial Holdings Ltd. has signed an agreement to acquire 80% stake in Indonesian insurer PT Asuransi Multi Artha Guna Tbk, reported Asia Insurance Review.

Regulator urges insurers to improve information disclosure

Published June 29, 2016 - 5:47am CST

The China Insurance Regulatory Commission has said that insurers must improve their information disclosure on issues such as capital source when it comes to equity investment in listed firms, reported China Daily.

Reinsurers' resilience to risk concentration needs to be assessed: Report

Published June 29, 2016 - 5:46am CST

The Financial Stability Report by the Reserve Bank of India has said that there is a need to assess the resilience of reinsurers in the face of increasing concentration of contingent liabilities increases in some, reported Business Standard.

Toyota recalls 1.43 million vehicles globally over airbag defect

Published June 29, 2016 - 5:45am CST

Japan's Toyota Motor Corp. said that it is recalling 1.43 million vehicles globally owing to a possible airbag inflator defect, reported EJ Insight citing Reuters.

Workplace injury poses greatest risk for SMEs in Singapore: AIG

Published June 29, 2016 - 5:44am CST

Singapore-based AIG Asia Pacific Insurance Pte. Ltd. has forecast that internal factors such as workplace injury will pose the greatest risk for the country's small and medium enterprises over the coming 12 months, reported The Straits Times.

Damage to Europe's critical infrastructure from climate could triple by the 2020s: Study

Published June 29, 2016 - 5:43am CST

A study by the European Commission's Joint Research Centre has found that damage to Europe's critical infrastructure from climate hazards could triple by the 2020s, reported Phys.org.

Brexit may require revised approach for $661 million of premium: QBE

Published June 28, 2016 - 5:28am CST

Australia's QBE Insurance Group Ltd. said that it may have to take a revised approach in connection with roughly 500 million ($661 million) of insurance and reinsurance premiums it currently sources from E.U. member nations following U.K.'s decision to leave the bloc, reported Asia Insurance Review.

Volkswagen reportedly agrees to $15 billion settlement over emissions scandal

Published June 28, 2016 - 5:26am CST

German carmaker Volkswagen A.G. has reportedly agreed to a $15 billion settlement with U.S. car owners over the diesel emissions scandal, reported BBC News citing news agencies.

Hailstorms cause $111 million in farm damage in Netherlands

Published June 28, 2016 - 5:25am CST

The Netherlands' agricultural and horticultural organization LTO Nederland estimated that farmers in Limburg and Noord-Brabant provinces suffered about €100 million ($111 million) worth of damage due to heavy rains and hailstorms, reports NL Times citing 1Limburg.

Low interest rates hit profitability of New Zealand's insurers

Published June 28, 2016 - 5:24am CST

Profitability of New Zealand's insurers is being hit by low interest rates around the world, reported Interest.co.nz.

Innovation beneficial to reinsurance buyers: Official

Published June 28, 2016 - 5:23am CST

Steve Johnston, director of corporate reinsurance at Canadian insurance co-operative The Co-operators Group Ltd., said that innovation in the reinsurance market has benefitted buyers of reinsurance protection, reported Artemis.bm.

Financial crisis hits Nigerian insurers

Published June 28, 2016 - 5:22am CST

Nigerian insurers are being affected by the current financial crisis in the country as they are finding it difficult to pay reinsurance premium to their overseas reinsurers, reported THISDAY Live.

Cybercrime costs Kenya $20 million annually: Report

Published June 28, 2016 - 5:21am CST

A new report by risk consultancy firm Control Risks East Africa has found that cybercrime costs Kenya an estimated 2 billion Kenyan shillings ($20 million) annually, reported Capital FM Kenya.

Philippine insurance sector's net income down 3.7% in Q1

Published June 28, 2016 - 5:18am CST

The Philippine Insurance Commission said that insurance industry's total net income decreased 3.7% to about 5 billion Philippine pesos ($105.5 million) in the first quarter of 2016, reported Inquirer.net.

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