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Abduction of wealthy guests prompts casino operators to seek specialized risk policies

Published August 31, 2015 - 5:55am CST

Casino and hotel operators in China's Macau city are inquiring insurers about the potential for specialized risk policies to protect themselves against the potential consequences of the kidnapping of wealthy clients over unpaid gambling debts, reported CalvinAyre.com citing South China Morning Post.

Coastal megacities in Asia at risk of costly disasters

Published August 31, 2015 - 5:51am CST

Asia's rapidly growing coastal megacities are at risk of powerful storms causing costly disasters, The Straits Times reported.

Cyber attacks and cyber espionage on rise in Latin America

Published August 31, 2015 - 5:50am CST

Internet security analysts have said that cyber espionage and cyber attacks are increasing in Latin America, reported Reuters.

Ample room for Asian reinsurance market to grow further: Fitch

Published August 31, 2015 - 5:49am CST

There is still a vast amount of capacity for the reinsurance market to grow in Asia according new Fitch Ratings Ltd., reports Artemis.bm.

Distribution, deployment of capital key to Indian insurance sector's growth: Report

Published August 31, 2015 - 5:47am CST

A report by Confederation of Indian Industry and Ernst & Young L.L.P. has concluded that strengthening distribution network and identifying ways to deploy additional capital inflows from foreign partners are important for the growth of India's insurance sector, reported Daily News & Analysis citing the Press Trust of India.

Industry premium volume leaps 23%

Published August 31, 2015 - 5:45am CST

Data from Vietnam's Insurance Supervisory Authority of the finance ministry has shown that total insurance premium revenue increased 23% year on year to 24.9 trillion Vietnamese dong ($1.1 billion) in the first five months of 2015, reports Asia Insurance Review.

Insurance premiums inch up 2% in Russia

Published August 31, 2015 - 5:43am CST

Data from Russia's central bank has shown that insurance premiums in the country increased 2% to 517.75 billion Russian rubles ($7.9 billion) in the first half of 2015, reports Finanz.ru citing TASS news agency.

Oil spills into Nile river from electricity station in Egypt

Published August 31, 2015 - 5:39am CST

An oil spill has been reported into Egypt's Nile river following leaks from the cool water unit of Al-Hamra electricity station in the country's Assiut city, MENAFN.com reported citing Daily News Egypt.

Insurer ASR's solvency slides under new Solvency II regime

Published August 28, 2015 - 5:35am CST

Netherlands-based insurer ASR Nederland N.V.'s results for the first half of 2015 showed a sharp decline in the insurer's solvency under new European rules that take effect in January 2016, reported Reuters.

Reinsurance M&As have little effect on pricing: S&P

Published August 28, 2015 - 5:33am CST

Taoufik Gharib, an analyst at Standard & Poor's Corp., has said that merger and acquisition activity in the reinsurance space is likely to "continue for the rest of 2015 and into 2016 as the remaining small and midsize reinsurers race to find consolidation partners," reported Artemis.bm.

Use of alternative capital limited in Latin America: Fitch

Published August 28, 2015 - 5:31am CST

Fitch Ratings Ltd. has said that limited data for modelling and managing catastrophe risks "partially poses constraints in the use of alternative capital" for Latin American insurers and reinsurers, reported Artemis.bm.

Commercial insurance rates continue falling in Australia

Published August 28, 2015 - 5:30am CST

Australian brokerage network Austbrokers Holdings Ltd. has said that commercial insurance rate declines are slowing and it expects rates start climbing at the end of 2016 fiscal year, The Sydney Morning Herald reported.

Potential tsunami would inundate Libya, Greece and Italy, scientists say

Published August 28, 2015 - 5:26am CST

Scientists have said that highly-populated coasts of Italy and Greece would be inundated if a moderate earthquake in the Mediterranean triggers a tsunami, reported Mirror.co.uk.

Brokers' council calls for mandatory insurance for all airlines

Published August 28, 2015 - 5:25am CST

The Nigerian Council of Registered Insurance Brokers have urged the Nigerian Civil Aviation Authority and other government agencies to make it mandatory for all airlines in the country to have adequate insurance, reported Nigeria's BusinessDay.

Zimbabwe's economic crisis hits insurance sector hard

Published August 28, 2015 - 5:23am CST

Zimbabwe's accelerating economic crisis is affecting the country's insurance sector, The Financial Gazette reported.

Towergate Insurance posts $91 million loss

Published August 28, 2015 - 5:22am CST

U.K.-based insurance broker Towergate Insurance Ltd. has reported a 58 million ($91 million) in the first half of 2015, reported Kent Online.

Property owners urged to be proactive with earthquake insurance coverage

Published August 28, 2015 - 5:20am CST

Kim Henshaw, chief executive of Strata Community Australia, has asked owners and firms responsible for strata properties in the nation's New South Wales state to be proactive with earthquake insurance coverage, reported Asia Insurance Review.

Insurers face millions in claims from recent China blasts

Published August 27, 2015 - 5:31am CST

China Taiping Insurance Holdings Co. Ltd. has said that it faces up to 90 million Chinese yuan ($14 million) in claims from the recent explosions in the nation's Tianjin port, Asia Insurance Review reports.

Violence costs businesses billions in India's Gujarat

Published August 27, 2015 - 5:30am CST

Businesses in India's Gujarat state have lost billions due to the ongoing violence, The Times of India reported.

Regulator to declare Romanian insurer insolvent

Published August 27, 2015 - 5:28am CST

The Romanian Financial Supervision Authority has withdrawn the operating license of the country's second-largest insurer, Societatea Asigurare-Reasigurare Astra S.A., reports Reuters.

Vienna Insurance Group's Romanian premiums up 17%

Published August 27, 2015 - 5:27am CST

Austria-based Vienna Insurance Group's Romanian operation posted a 17.6% increase in gross premiums written to €194.2 million ($224 million) in the first half of 2015 from the same period in 2014, reported Romania-Insider.com.

Major downpour now could devastate Sydney as dam overflows: Official

Published August 27, 2015 - 5:26am CST

Stuart Khan, a professor at Australia's University of New South Wales, has warned that a major downpour now could devastate most of Sydney, reported The Sydney Morning Herald.

Two takaful firms account for 7% of premiums

Published August 27, 2015 - 5:24am CST

Combined gross written premiums of Oman's two takaful firms accounted for 7% of total premiums of the country's insurance market in the first six months of 2015, reported Middle East Insurance Review citing the Argaam news website.

Truckers decry nearly 200% hike in premiums

Published August 27, 2015 - 5:22am CST

Trucking firms in Saudi Arabia have criticized the vehicle insurers in Saudi Arabia for raising premiums for third party liability cover by nearly 200%, reported Middle East Insurance Review citing Mubasher news.

Damage from typhoon Ineng more than $21 million

Published August 27, 2015 - 5:20am CST

Typhoon Ineng that recently hit Philippines has caused more than 1 billion Philippine pesos ($21.5 million) in damage in the country's Ilocos Norte province, The Manila Times reports.

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