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RSA Insurance sells eastern European units for $497 million

Published April 18, 2014 - 6:00am CST

RSA Insurance Group P.L.C. is selling its four businesses in eastern European for €360 million ($497 million), Bloomberg reported.

Generali's Lion I Re cat bond set to expand to up to $262.5 million

Published April 18, 2014 - 6:00am CST

Assicurazioni Generali S.p.A.'s Irish-domiciled catastrophe bond Lion I Re Ltd. is on course to grow to around €180 million ($249 million) to €190 million ($262.5 million) in size, reported.

New Zealand: Major storm causes havoc

Published April 18, 2014 - 6:00am CST

A huge storm has battered much of New Zealand, affecting power supplies, causing damage and disrupting transport, Radio New Zealand reported.

China: Shanghai Free-Trade Zone looks to attract captive insurers

Published April 18, 2014 - 6:00am CST

Officials from the Shanghai Free-Trade Zone are looking to attract companies wishing to set up captive insurers, reports

Peru: Orange alert issued for Ubinas volcano

Published April 18, 2014 - 6:00am CST

Peru's Ubinas volcano has been placed on orange alert, Peru this Week reported.

Azerbaijan: Top 10 insurers continue to dominate during first quarter

Published April 18, 2014 - 6:00am CST

Azerbaijan's 10 biggest insurers accounted for 82% of total insurance premiums during the January to March period, compared with 74% during the previous year, reported.

Pakistan: Islamic insurers agree to end dispute with regulator

Published April 18, 2014 - 6:00am CST

Islamic insurers in Pakistan have agreed to settle out of court for their dispute over Takaful Rules 2012, reports The Express Tribune.

U.K.: Elite Insurance chief says it may not secure rating in time for renewal period

Published April 18, 2014 - 6:00am CST

Jason Smart, CEO of unrated insurer Elite Insurance Co. Ltd., said the firm may not get a rating in time for the next policy renewal period, The Law Gazette reported.

Bangladesh: Rana Plaza compensation fund short of $25 million

Published April 17, 2014 - 5:41am CST

A scheme backed by the International Labour Organization to compensate victims of the Rana Plaza factory disaster is only one-third full, The Guardian reported.

China blames French utility for water pollution

Published April 17, 2014 - 5:38am CST

Chinese authorities have blamed France's Veolia Environnement S.A. for loopholes in supervision of water quality standards, Reuters reported.

Myanmar: Planes collide on runway

Published April 17, 2014 - 5:34am CST

A plane belonging to Golden Myanmar Airlines "was taxiing when it lost control due to a technical problem, and it crashed into one of our aircraft," a Myanmar Airways International Co. Ltd.'s public relations officer said, according to a DVB report.

Nigeria: Insurance regulator reviews 2013 accounting

Published April 17, 2014 - 5:31am CST

The National Insurance Commission is currently reviewing the 2013 financial accounts of four underwriters, Vanguard reported.

China issues red alert for forest fires

Published April 17, 2014 - 5:29am CST

China has issued a red alert in Sichuan and Yunnan provinces for forest fires, Xinhua reported.

South Korea: Sunken ferry insured locally

Published April 17, 2014 - 5:22am CST

South Korea's Financial Services Commission and Financial Supervisory Service has said Sewol ferry that capsized Apr. 16 2014, was insured by Korea Shipping Association and Meritz Fire & Marine Insurance Co. for up to 3.6 billion South Korean won ($3.4 million) and KRW 7.8 billion ($7.5 million), respectively, Bloomberg reported.

U.K.: Hacker steals data on 500,000 cosmetic surgery clients

Published April 17, 2014 - 5:18am CST

The Harley Medical Group, based outside London, said a computer hacker may have extracted data of nearly 500,000 potential clients, The Guardian reported.

Takaful insurers must avoid underpricing

Published April 17, 2014 - 5:15am CST

Takaful operators must be very prudent on pricing and should avoid "falling into the trap of under-pricing to gain market share," Bassel Hindawi, former Insurance Commissioner of Jordan told Islamic Business & Finance.

Russia: state crop insurance for Crimea in 2015

Published April 17, 2014 - 5:11am CST

A regional Russian agriculture ministry has said agriculture insurance with state support is to start in Crimea in 2015, Forinsurer reports citing Interfax.

Australia: Insurance claims from Cyclone Ita damage continue to rise

Published April 16, 2014 - 5:29am CST

The Insurance Council of Australia said it had received 510 claims worth $7.6 million Australian ($7.1 million) by Apr.14 2014, just days after Cyclone Ita struck North Queensland, The Sydney Morning Herald reported.

China: Regulator probing insurers' investment units for insider trading

Published April 16, 2014 - 5:26am CST

Officials from China's insurance regulator have quietly started investigating the investment operations of insurers to look at the operational risks they carry, reports

Russia declares Ukraine on verge of civil war

Published April 16, 2014 - 5:24am CST

Russia has warned that Ukraine is on the verge of civil war, Reuters reported.

Natural disasters to cost Canadian economy up to $39.16 billion by 2050: Report

Published April 16, 2014 - 5:23am CST

A new report by TD Economics said natural disasters are estimated to cost the Canadian economy $21 billion Canadian ($19.12 billion) to $43 billion Canadian ($39.16 billion) per year by 2050, Toronto Star reported.

Chile: Deadly Valparaiso fire to have limited impact on insurers, says Fitch

Published April 16, 2014 - 5:22am CST

Rodrigo Salas, senior director for insurers at Fitch Ratings Chile, said the large fire that killed an estimated 15 people in Chile's Valparaiso city will have a limited impact on insurers, BNamericas reported.

Malaysia: Sabah flood causes millions in infrastructure damage, says official

Published April 16, 2014 - 5:20am CST

Sabah Chief Minister Datuk Seri Musa Aman said floods during late 2013 to Feb. 18 2014 caused an estimated 97.4 million Malaysian ringgits ($30 million) in infrastructure damage, Bernama reported.

Brazil: Olympic construction workers vote to continue strike indefinitely

Published April 16, 2014 - 5:17am CST

Striking workers at Rio de Janeiro's 2016 Olympic venues voted to continue their strike-action indefinitely, Reuters reported.

China: Ministry rates Beijing's air quality 'seriously polluted'

Published April 16, 2014 - 5:16am CST

Beijing's air quality was rated as "seriously polluted" on Apr.14 2014 by the Ministry of Environmental Protection, Xinhua reported.

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