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Japan: Flights, trains cancelled due to heavy snow and strong winds

Published December 19, 2014 - 6:00am CST

Strong winds and heavy snow have hit northern Japan, resulting in the cancellation of hundreds of flights and trains, the Journal of Turkish Weekly reports citing Deutsche Welle.

$9.4 billion in new investment would boost India’s insurance penetration, official says

Published December 19, 2014 - 6:00am CST

T.S. Vijayan, chairman of India's Insurance Regulatory and Development Authority, has said that the domestic insurance sector needs investments worth 600 billion Indian rupees ($9.4 billion) "in the next five years to increase the penetration levels substantially from the current 3.9%."

Chile: Insurance sector's premium income grows 300 percent in decade, says Mapfre

Published December 19, 2014 - 6:00am CST

Spain-based insurer Mapfre S.A. has said in a study that insurers in Chile registered $11.7 billion in premium volume in 2013, up from $2.9 billion in 2003, reports

Peru: Fitch maintains stable outlook on insurance sector

Published December 19, 2014 - 6:00am CST

Fitch Ratings Ltd. has maintained a stable outlook for the Peruvian insurance sector, reports.

Generali to acquire 49% stake in Malaysian property/casualty insurer

Published December 19, 2014 - 6:00am CST

Italian insurer Assicurazioni Generali S.p.A. is set to acquire a 49% stake in Malaysia-based property/casualty insurer Multi-Purpose Insurans Bhd. for €81.4 million ($100 million), FTSE Global Markets‎ reported.

Egypt: Arab Misr Insurance, Misr Insurance competing for $57 million contract

Published December 19, 2014 - 6:00am CST

Two Egypt-based insurers Arab Misr Insurance Group S.A.E. and Misr Insurance Co. are competing to secure a contract to provide insurance for Egypt's Petrotrade Co., Zawya reports citing Amwal Al Ghad.

U.K.: West Midlands organizations losing millions due to data loss incidents

Published December 19, 2014 - 6:00am CST

Data loss has been costing organizations in the U.K.'s West Midlands region millions of pounds every year, BQ Live reported.

Malaysia: Floods affect transport services, prompt evacuations

Published December 19, 2014 - 6:00am CST

Floods have hit Malaysia's east coast states of Terengganu, Pahang and Kelantan, prompting evacuations of more than 12,000 people and closing several road networks, reports Malay Mail Online.

Insurers and reinsurers must find ways to improve efficiency: Hamilton chief

Published December 19, 2014 - 6:00am CST

Kathleen Reardon, chief executive of Bermuda-based reinsurer Hamilton Re Ltd. has urged insurers and reinsurers to find ways of doing business more efficiently, The Royal Gazette reported.

Japanese authorities try to contain bird flu

Published December 18, 2014 - 6:00am CST

Following the detection of a bird flu virus in a poultry farm in Japan's Miyazaki prefecture, the prefectural government and other bodies are taking steps to contain the virus, reported.

Insurance claims in energy sector on the rise: Allianz official

Published December 18, 2014 - 6:00am CST

Chris Dye, claims director at Allianz Global Corporate & Specialty S.E., has said that the cost of energy insurance claims have been continually increasing, Oil & Gas Financial Journal reports.

Australian insurers to maintain high capital ratios in 2015: Fitch

Published December 18, 2014 - 6:00am CST

Fitch Ratings Ltd. has said that Australian insurers are likely to maintain their high capital ratios in 2015, Asia Insurance Review reported.

Brazil's environmental insurance premium volume to almost double in 2015: Association

Published December 18, 2014 - 6:00am CST

Sincor-SP, the insurance association of Sao Paulo, Brazil, has said that environmental insurance premium volume in the country could almost double in 2015, BNamericas reports.

AIG Thailand eyes double-digit growth in financial-insurance product line

Published December 18, 2014 - 6:00am CST

AIG Thailand Group expects double-digit growth in its financial insurance product line on the back of directors and officers liability policies, The Nation reported.

U.K.: Railway networks at risk from climate change and rising sea levels, study says

Published December 18, 2014 - 6:00am CST

A study has concluded that around 41% of the railway network across the Westcountry region is at risk from climate change and rising sea levels, reported Western Morning News.

Global capital rule likely to value assets in two ways

Published December 18, 2014 - 6:00am CST

Due to difficulties in merging accounting standards in various nations, the first single global capital rule for cross-border insurers would use two methods for valuing assets, Reuters reports.

Ghana: Insurers laud directive on sharing risks for gas project's assets

Published December 18, 2014 - 6:00am CST

Local Ghanaian insurers have praised the recent directive calling for sharing insurance risks for Ghana Gas Infrastructure project's assets among the country's 24 general insurers through the Ghana Oil and Gas Insurance Pool, Citifmonline reported.

Zimbabwean insurer Zimre to offload 49% stake in Malawi unit for $1.3 million

Published December 18, 2014 - 6:00am CST

Zimbabwean insurer Zimre Holdings Ltd. will sell a 49% stake in its Malawi unit United General Insurance Co. Ltd. to Nicoz Diamond Insurance Co. Ltd. for about $1.3 million, The Herald reports.

Japan: Storm hits, expected to become stronger

Published December 17, 2014 - 5:57am CST

A severe storm has hit parts of Japan and is expected to become stronger, AccuWeather reported.

India: New players enter general insurance sector

Published December 17, 2014 - 5:55am CST

At least three new insurers have entered the Indian general insurance sector in the past two years amid improved profitability and good growth potential in the sector, The Hindu Business Line reports.

Fairfax to acquire QBE Insurance's units in Hungary, Czech Republic and Slovakia

Published December 17, 2014 - 5:54am CST

Canada-based Fairfax Financial Holdings Ltd. has said that it would acquire QBE Insurance (Europe) Ltd.'s subsidiaries in Slovakia, Hungary and the Czech Republic, ValueWalk reports.

Australia: Firms losing $3.5 million on average each year from cyber attacks

Published December 17, 2014 - 5:52am CST

U.S.-based Ponemon Institute has said in a study that cyber attacks are costing Australian firms across all industry sectors an average of $4.3 million Australian ($3.5 million) per year, The Sydney Morning Herald reported.

China: Two Honda joint ventures among automakers recalling vehicles over faulty air bags

Published December 17, 2014 - 5:50am CST

China's General Administration of Quality Supervision, Inspection and Quarantine has said that two Honda Motor Co.'s joint ventures and several other Chinese automakers are recalling cars in the country over defective airbags, Xinhua reports.

Russia: Satellite Yamal-401 insured by Sogaz for $348.9 million

Published December 17, 2014 - 5:48am CST

The recently launched Russian satellite Yamal-401 has been insured by Russia-based Sogaz Insurance Group for €280 million ($348.9 million), Forinsurer reported.

Argentina: Oil spill in Parana river after ships collide

Published December 17, 2014 - 5:41am CST

A collision between Hong Kong-flagged bulker Octbreeze Island and Italian tanker Ghetty Bottiglieri has caused an oil spill in Argentina's Parana river, The Maritime Executive reports.

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