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Turkey: More than half of construction projects halted after inspections

Published October 30, 2014 - 5:42am CST

An official from Turkey's social security ministry has said that authorities have closed down about 974 construction projects out of a total 1,800 after inspections, which follow recent fatal accidents, Hurriyet Daily News reports.

Hedge funds' reinsurance move questioned by analysts

Published October 30, 2014 - 5:38am CST

Analysts have expressed doubt over hedge funds that are forcing their way into the reinsurance sector, questioning whether these funds would remain in the market ahead of the next big catastrophe, Reuters reported.

Asia: Marine insurance growth not in pace with maritime sector, says QBE official

Published October 30, 2014 - 5:35am CST

QBE Insurance Group Ltd.'s Singapore chief executive Karl Hamann has said that Asia's marine insurance industry growth is keeping pace with the developments in the region's maritime sector, Asia Insurance Review reports.

China: FAW-Volkswagen Automobile to recall 270,635 Audi cars

Published October 30, 2014 - 5:30am CST

China's General Administration of Quality Supervision, Inspection and Quarantine has said that FAW-Volkswagen Automobile Co. Ltd. will recall 270,635 Audi cars in the country over a defect in the air bag software, reported Reuters.

Europe: Blackout threat growing due to power supply risks, study says

Published October 30, 2014 - 5:26am CST

Europe has increased risks of blackouts in the region in the coming winter, Bloomberg reports.

China: Ratings agencies warn insurers of shadow banking risks

Published October 30, 2014 - 5:23am CST

Ratings agencies have warned Chinese insurers of shadow banking default-risks after a doubling in insurers' trust holdings, reported Bloomberg.

Bermudan insurers, reinsurers found to have better risk management against global warming

Published October 30, 2014 - 5:21am CST

In a recent report by Ceres on the insurance sector, Bermudan insurers achieved top rankings in accounting for climate change.

Singapore: Insurer Great Eastern's third quarter 2014 net profit down 31%

Published October 30, 2014 - 5:19am CST

Singapore-based insurer Great Eastern Holdings Ltd. has said that its net profit for the third quarter of 2014 fell 31% to $194.6 million Singapore dollars ($153 million), The Straits Times reports.

Italy's Banca Carige to sell insurance units to Apollo Management for $1 billion

Published October 29, 2014 - 5:49am CST

Italy-based Banca Carige S.p.A. has said that it would sell its two insurance divisions to Apollo Management Holdings L.P. to reduce its capital deficit of €810 million ($1 billion), reported Reuters.

India: Insurer United India says reinsurance will protect against damage claims

Published October 29, 2014 - 5:46am CST

United India Insurance Co. Ltd. chairman and managing director Milind Kharat has said that despite receiving huge damage claims, the insurer's profit is unlikely to be hit as its reinsurer would cover most of them, reports

U.K.: Shipping industry being monitored over Ebola scare

Published October 29, 2014 - 5:44am CST

The U.K.'s Maritime and Coastguard Agency has been monitoring incoming vessels from West African ports over Ebola fears, The Guardian reports.

Several major businesses say targeted cyber attacks biggest concern: Poll

Published October 29, 2014 - 5:42am CST

A survey by Kaspersky Lab Z.A.O. and research specialist B2B International has found that businesses are significantly concerned about the growing threat of targeted cyber attacks, BetaNews reports.

China: Coal mine accident in Tiechanggou claims 16 lives

Published October 29, 2014 - 5:40am CST

A coal mine accident in China caused by a shaft collapse has killed 16 miners and injured 11, the Associated Press reported citing an official.

Air bag problem may hit Takata's future business

Published October 29, 2014 - 5:38am CST

Japanese automotive parts maker Takata Corp. is currently facing trouble because of problems related to potentially faulty car air bags and this could affect future business, Reuters reports.

Canada: Liability cover amount for Cape Breton & Central Nova Scotia Railway questioned

Published October 29, 2014 - 5:36am CST

Local observers have said that Cape Breton & Central Nova Scotia Railway's third-party liability insurance coverage is insufficient, even though it meets provincial standards, reports.

Australia: Strong winds cause major damage in Tasmania

Published October 29, 2014 - 5:31am CST

Strong winds lashed many parts of Tasmania, causing major damage across the state, ABC Online reports.

Russia: Fall in number of insurers reported

Published October 29, 2014 - 5:28am CST

The number of insurers operating in Russia in the first half of 2014 totaled 425, down 6.5% from the same period in 2013, Forinsurer reports.

Russia: Cybercrime market in 2013-2014 fiscal year estimated to be $2.5 billion

Published October 28, 2014 - 10:02am CST

Russia-based Group-IB has said in a report that the cybercrime market in Russia was worth around $2.5 billion for the fiscal year 2013-2014, Forinsurer reports.

Piracy threats off Somalia down considerably: E.U. counter-piracy head

Published October 28, 2014 - 10:00am CST

Alessandro Mariani, head of the European Union's counter-piracy operations, has said that there has been a significant decline in piracy threats off Somalia during the last two years, reported.

South Korea: Regulator plans to expand disaster insurance cover for public facilities

Published October 28, 2014 - 9:59am CST

South Korea's Financial Services Commission has said that it is considering expanding disaster insurance coverage for public facilities such as bridges, tunnels, railroads, subways and hospitals, among others, The Korea Times reported.

Nigeria: Pirate attacks in Niger Delta on the rise

Published October 28, 2014 - 9:57am CST

Piracy has been increasing in the oil-rich Niger delta in Nigeria and with attacks on oil workers and authorities and kidnappings of nine people in the past few days, reports International Business Times.

Alleged cyber attack by GCHQ cost Belgium's Belgacom millions: Official

Published October 28, 2014 - 9:56am CST

Fabrice Clement, head of security and information management at Belgium's Belgacom N.V., said that the cyber attack on the telecommunications firm, supposedly executed by U.K.'s Government Communications Headquarters, has cost the company "several million euros," Computing reported.

Oman issues marine warning as Cyclone Nilofar becomes stronger

Published October 28, 2014 - 9:55am CST

Cyclone Nilofar has become stronger and it is just 550 kilometers from Oman, with wind speeds averaging almost 150 kilometers per hour, Emirates 24/7 reports.

Perils raises insured loss estimate for European windstorm Christian to $1.45 billion

Published October 28, 2014 - 9:53am CST

Perils A.G. has increased the insured loss estimate for European windstorm Christian to €1.14 billion ($1.45 billion), reports

Asean markets provide huge potential for Korean insurers: Swiss Re official

Published October 28, 2014 - 9:51am CST

Swiss Re Ltd.'s chief economist in Asia, Clarence Wong, has said that entering the Southeast Asian markets would be an advantage for Korean insurers, The Korea Times reported.

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