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Nigeria: Foreign oil companies moving out amid oil thefts

Published August 29, 2014 - 6:00am CST

Overseas oil companies are divesting their assets in Nigeria amid a rising number of thefts in the Niger Delta, reported.

Australia: Ships may use new Great Barrier Reef route to ensure insurance continuity

Published August 29, 2014 - 6:00am CST

A new route has been developed for shippers sailing through the Great Barrier Reef and they are likely to stick to this route to make sure that they do not void their insurance policies, The Cairns Post reported.

Nearly 200 Malaysia Airlines cabin crew quit after disasters

Published August 29, 2014 - 6:00am CST

Many cabin crew members at Malaysian Airline System Bhd., branded as Malaysia Airlines, are quitting the airline following recent tragedies involving the airline's flights, the Daily Mail reports.

Norway: Oil companies hit by hacking attack

Published August 29, 2014 - 6:00am CST

Norway's National Security Authority has said that 50 companies in the oil and energy sectors have been hacked and another 250 are under threat, reported The Local.

Iceland: 5.7-magnitude quake hits Bardarbunga volcano

Published August 29, 2014 - 6:00am CST

A 5.7-magnitude earthquake has hit the Bardarbunga volcano in Iceland, making it the fourth 5.0-magnitude tremor in 48 hours, but there are no signs of an eruption, BBC reported.

Australia: Faulty wiring leaves 40,000 businesses, homes at risk of fire

Published August 29, 2014 - 6:00am CST

Eighteen wholesalers and retailers in Australia have recalled cabling supplied by Infinity Cable Co. Pty. Ltd. because of a potential risk of fire from faulty wiring, the Australian Competition and Consumer Commission has said.

Egyptian Takaful's profit rise nearly 50%

Published August 29, 2014 - 6:00am CST

Egyptian Takaful Insurance Co. (Property) has reported a 48% increase in profits to 25 million Egyptian pounds ($3.5 million) for the first six months of 2014, Asia Insurance Review reported.

China Pacific says Allianz JV expected to start operations in 2015

Published August 28, 2014 - 5:30am CST

China Pacific Insurance (Group) Co. Ltd.'s chairman Gao Guofu has said that its joint venture unit with Allianz S.E will start operations in the first half of 2015, if all goes as planned, reported

Libya: Aircraft, buildings at Tripoli airport set ablaze by militants

Published August 28, 2014 - 5:28am CST

Militants have set aircraft and buildings at Libya's Tripoli airport on fire after they gained control of the airport after weeks of fighting, the Daily Mail reports.

Portugal: Bondholders challenge sale of insurer Tranquilidade

Published August 28, 2014 - 5:27am CST

Espirito Santo Financial Group S.A.'s bondholders are opposing the sale of the company's insurance unit Tranquilidade, reported Reuters.

India: Export orders worth $8 billion at risk due to absence of insurance cover

Published August 28, 2014 - 5:26am CST

Lack of insurance cover is threatening Indian export orders worth $8 billion, Business Standard reported.

Taiwan: Regulator to help insurers in Asian expansions

Published August 28, 2014 - 5:24am CST

The Financial Supervisory Commission of Taiwan has said it will help the country's insurers in their efforts to expand into other Asian countries by relaxing some regulatory obstacles, reported Asia Insurance Review.

Costa Rica: Bridge could collapse if no repairs done, experts say

Published August 28, 2014 - 5:23am CST

Experts have warned that the Taiwan Friendship Bridge in Costa Rica could collapse if there are no immediate steps to fix some major problems on the structure, Inside Costa Rica reports.

Hewlett-Packard recalls up to 6 million laptop cords over burn hazard

Published August 28, 2014 - 5:22am CST

Hewlett-Packard Co. has announced a global recall of about 6 million AC power cords, which can overheat, posing a fire and burn risk, reported ZDNet.

Oman: Sixteen insurers fail to meet new capital requirement

Published August 28, 2014 - 5:20am CST

Sixteen of Oman's 22 insurers do not meet the new minimum capital requirement of 10 million Omani rials ($26 million) and will need to do so in the coming three years, Asia Insurance Review reported citing the Times of Oman.

Egypt: Mohandes Insurance proposes $7 million policy for Suez Canal laborers

Published August 28, 2014 - 5:19am CST

A personal accident insurance policy totaling 50 million Egyptian pounds ($7 million) will be given to laborers of the Suez Canal project, said Mohamed Ahmed Lotfy, chairman of Mohandes Insurance Co. S.A.E.

Financial, insurance sectors most targeted by cyber attackers: IBM

Published August 27, 2014 - 7:16am CST

IBM Corp. said in a research report that the financial and insurance sectors are those most targeted by cyber attackers, making up nearly 50% of the cases reported in 2014, reports

New Zealand: Insurer ordered to pay for building damage from multiple earthquakes

Published August 27, 2014 - 7:14am CST

Insurance Group Australia Ltd. has been ordered by the New Zealand Supreme Court to pay for damage to a Christchurch building from multiple earthquakes, reported Radio New Zealand.

India: Parliament may pass Insurance Bill by end of 2014, says minister

Published August 27, 2014 - 7:13am CST

India's Union Finance Minister Arun Jaitley has said that Parliament may pass the Insurance Bill for increasing the foreign direct investment limit to 49% by the end of 2014, reports The Hindu.

South Korea: Rain causes floods and landslides

Published August 27, 2014 - 7:12am CST

Heavy rain in the southeast region of South Korea has caused flooding and landslides, leaving at least one dead, Bloomberg reported citing Yonhap News.

Bangladesh: Huge crop damage feared due to floods

Published August 27, 2014 - 7:10am CST

Bangladesh's Department of Agriculture Extension has said that floods have caused damage to around 50,000 hectares of farmlands in 12 districts, reported The Financial Express.

Apollo in talks to buy Portuguese insurance unit

Published August 27, 2014 - 7:08am CST

Apollo Global Management L.L.C. is in talks to acquire Portuguese bank Banco Espirito Santo S.A.'s insurance unit Tranquilidade for about €200 million ($264.8 million), reported Zacks.

Romania: German insurer Gothaer to insure TAROM's aircraft fleet

Published August 27, 2014 - 7:07am CST

Germany-based insurer Gothaer Versicherungsbank V.V.a.G. said its Romanian unit has won the contract to insure the aircraft fleet of Romanian airline TAROM S.A., reports Business Review.

Costa Rica: Payment for claims up 10% in July

Published August 27, 2014 - 7:05am CST

Figures from Costa Rica's insurance supervisor have shown that payment for claims in July increased 10% year on year to 153.8 million Costa Rican colons ($285,130), reports

Taiwan: TransAsia proposes $496,319 in compensation to families of plane crash victims

Published August 26, 2014 - 5:36am CST

TransAsia Airways Corp. has offered a compensation of $14.9 million Taiwanese ($496,319) each to the families of 48 passengers and crew who died in the TransAsia Flight GE222 crash in July 2014, reported Taipei Times.

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