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Strike hits Germany, hundreds of flights canceled

Published January 30, 2015 - 6:00am CST

Germany has been hit by a strike as tens of thousands of workers walked off their jobs, resulting in cancellation of hundreds of flights, Press TV reported.

Push to insure farmers against natural disasters a success, says Swiss Re

Published January 30, 2015 - 6:00am CST

Swiss Re Ltd. has said that two million African farmers are now insured against floods, drought and other natural disasters, reports Artemis.bm.

U.K. flood reinsurance scheme approved by European Commission

Published January 30, 2015 - 6:00am CST

The European Commission has approved a U.K. reinsurance scheme which focused on ensuring affordable insurance for flood damage, reported Reuters.

Mozambique floods claim 117 lives, affect 200,000 people

Published January 30, 2015 - 6:00am CST

Mozambique's National Disasters Management Institute has said that the death toll from recent floods has reached 117, Xinhua reports.

H5N1 bird flu spreads to 11 states in Nigeria

Published January 30, 2015 - 6:00am CST

Nigeria's agricultural and rural development minister Akinwumi Adesina said that H5N1 bird flu has spread to 11 states in the country, Reuters reported.

Cambodia's general insurance industry posts 27% growth

Published January 30, 2015 - 6:00am CST

Cambodia's general insurance industry registered an overall growth of 27% in 2014, The Phnom Penh Post reported.

Cat bond market averaged 8% annual growth since 2002: Swiss Re

Published January 30, 2015 - 6:00am CST

The Swiss Re Global Cat Bond Total Return Index has found that the catastrophe bond market has averaged 8.33% on a compound annual growth rate basis since 2002, Artemis.bm reports.

Insurers now responsible for aviation risk underwriting in Nigeria: Regulator

Published January 30, 2015 - 6:00am CST

The Nigerian regulator has ordered that insurers in the nation for underwriting domestic aviation and related risks, Daily Independent reports.

Challenging market conditions spur reinsurer consolidations

Published January 29, 2015 - 6:00am CST

Fitch Ratings Ltd. has said that increasing competition and challenging market conditions are prompting reinsurers in Bermuda to consolidate through mergers and acquisitions, Artemis.bm reported.

African insurance pool plans insurance cover for Ebola and similar epidemics

Published January 29, 2015 - 6:00am CST

The African Risk Capacity agency is looking to provide insurance coverage for Ebola and other similar epidemics to African countries, reports Artemis.bm.

New standards for cyber insurance on tap

Published January 29, 2015 - 6:00am CST

The Japanese government plans to develop standards for cyber insurance coverage in order to increase take up of this coverage by private firms in the country, The Japan News reported.

Solvency II may make some marine insurance classes uneconomical to write

Published January 29, 2015 - 6:00am CST

Patrizia Kern, an official at the International Union of Marine Insurance, has said that the new Solvency II regime that takes effect on Jan. 1, 2016, is likely to make certain classes of marine insurance uneconomical to transact, IHS Maritime 360 reports.

Transparency major shortcoming among several Asia-Pacific insurers: Study

Published January 29, 2015 - 6:00am CST

A recent study has found that transparency is a major shortcoming among insurers in the Asia-Pacific region, Asia Insurance Review reported.

Shipping collisions likely with decline in oil prices: Skuld

Published January 29, 2015 - 6:00am CST

Stale Hansen, chief executive of Norway-based marine insurer Assuranceforeningen Skuld, has said that an increase in shipping collisions is likely as shipping activity increases amid the current decline in oil prices, Ship & Bunker reported citing ShippingWatch.

Proposed reinsurance regulations to challenge insurers: Fitch

Published January 29, 2015 - 6:00am CST

Fitch Ratings Ltd. has said that new reinsurance regulations proposed by Indonesia's Financial Services Authority would increase challenges for the country's reinsurance industry, Asia Insurance Review reports.

Bermuda could emerge as Islamic insurance and reinsurance leader, official says

Published January 29, 2015 - 6:00am CST

Belaid Jheengoor, an asset management executive in Bermuda, has said that Bermuda could emerge as an Islamic insurance and reinsurance leader, reported The Royal Gazette.

Global insurance program for Ebola-like outbreaks proposed

Published January 28, 2015 - 6:08am CST

Jim Yong Kim, president of the World Bank Group, has urged the formation of a global insurance system to help deal with health crises like the Ebola outbreak in West Africa.

Cyber insurance coverage in Latin America in "infancy": Exec

Published January 28, 2015 - 6:02am CST

Javier Mercado, financial lines regional manager at American International Group Inc., said that cyber insurance coverage in Latin America is still in its "infancy," BNamericas reports.

National reinsurer for Egypt will have $450 million of capital

Published January 28, 2015 - 5:58am CST

Mohammed Yusuf, chairman of Egypt's Insurance Holding Co., has said that the country's planned national reinsurer would be established with capital of $450 million, Asia Insurance Review reported citing Al Wafd newspaper.

Insurance rates may rise because of EU data protection laws: Federation

Published January 28, 2015 - 5:56am CST

Insurance Europe said that insurance premium rates in Europe could increase if the European Union does not make significant changes to a set of proposed data protection rules, reported 1asig.ro.

Insurance market contributes 3% to GDP in Panama in 2014

Published January 28, 2015 - 5:55am CST

A Panamanian insurer association has said that the country's insurance market contributed 3% to the national gross domestic product in 2014, Eleconomista.net reported.

Insurance volume placed via brokers in Ukraine declines

Published January 28, 2015 - 5:54am CST

Ukraine's financial service regulator Natskomfinuslug has said that insurance and reinsurance premiums received through brokers totaled 318 million Ukrainian hryvnia ($20 million) during January to September 2014, down 22% year on year, Forinsurer reports.

Farm insurance plan for India planned

Published January 28, 2015 - 5:52am CST

The Indian government is formulating an insurance product for farmers in the country that would insure them against losses from natural calamities, Business Standard reported.

Airlines join cargo cartel lawsuit, possible damage bill increases

Published January 28, 2015 - 5:50am CST

Three companies are joining German logistics firm DB Schenker's antitrust lawsuit against 13 cargo airlines, The Loadstar reported.

Flood losses in Malawi hit economic growth

Published January 28, 2015 - 5:48am CST

Malawi President Peter Mutharika said that economic damage from the recent floods in the country has been pegged at 23.9 billion Malawian kwacha ($51.9 million), reported Reuters.

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