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Libya: Airport damage from heavy fighting to cost up to $400 million, says Barclays

Published July 22, 2014 - 5:54am CST

Clashes between rival Libyan militias at Tripoli airport resulted in an estimated $200 million to $400 million in damages to aircraft, Barclays P.L.C. said in research.

Brazil: Increased competition drives down aviation reinsurance rates

Published July 22, 2014 - 5:52am CST

Daniela Murias, director of Brazilian aviation at Allianz Global Corporate & Specialty, said increasing competition in the Brazilian reinsurance industry has pushed down rates much beyond than what the fall in aviation accident rate would account for, BNamericas reported.

Magnitude 6.2 earthquake strikes off Japan's northeast coast

Published July 22, 2014 - 5:51am CST

The United States Geological Survey has said a magnitude 6.2 earthquake struck off Japan's northeast coast, near the disputed Russian-administered Kuril Islands, reports Japan Today citing Agence France-Presse.

Nigeria: Insurers' premiums from 2004 to 2013 reach $9.37 billion

Published July 22, 2014 - 5:49am CST

The Nigerian insurance sector earned 1.5 trillion Nigerian naira ($9.37 billion) in premiums from 2004 to 2013, the Nigerian Insurers Association revealed.

Morocco: Three reinsurers come together to establish Mamda Re

Published July 22, 2014 - 5:47am CST

Three reinsurers from Bermuda, France and Morocco have come together to set up a reinsurer, Mamda Re, that will cover agricultural risks in the Moroccan and African markets, Middle East Insurance Review reported.

Philippines: Damage from typhoon estimated at $167.9 million

Published July 22, 2014 - 5:45am CST

Typhoon Rammasun has claimed 94 lives in the Philippines and caused an estimated 7.3 billion Philippines pesos ($167.9 million) in damage, the National Risk Reduction and Management Council said.

Peru: Insurance penetration to reach 3.31% by 2020, says expert

Published July 22, 2014 - 5:44am CST

Carlos Chamochumbi, commercial vice president at Peruvian insurer Interseguro Compañía de Seguros de Vida S.A., has said that insurance penetration in the country will increase to 3.31% by 2020, reports

Ghana: 23 nonlife insurers' earnings total $84 million in first quarter of 2014

Published July 22, 2014 - 5:42am CST

Ghana's insurance industry saw 23 out of the 25 nonlife players close the first quarter with combined earnings of 226.3 million Ghanaian cedi ($84 million), Business & Financial Times reported.

Insurance market in East Africa aims to enhance stability

Published July 22, 2014 - 5:40am CST

The Cross Border and Group Widening Supervision Manual, which was created in 2013 and is now being implemented, will strengthen East Africa's insurance industry, East African Business Week reported.

Malaysia Airlines MH 17 tragedy might prompt insurers to increase prices: Experts

Published July 21, 2014 - 5:58am CST

Experts have said that the tragedy involving Malaysia Airlines flight MH 17 might prompt insurers to raise their prices in the war-risk category, Business Standard reported.

China: Damage from Typhoon Rammasun totals $4.3 billion

Published July 21, 2014 - 5:56am CST

Typhoon Rammasun, the strongest typhoon to strike southern China in 41 years, has claimed 18 lives and caused economic damages of $4.3 billion, the government and state media said.

U.K. looks to modernize insurance law

Published July 21, 2014 - 5:54am CST

The U.K.Treasury has announced new reforms that look to force companies to better disclose risk information before purchasing an insurance policy, Reuters reported.

Brazilian offshore insurance sector set for changes

Published July 21, 2014 - 5:53am CST

The Brazilian offshore insurance sector, largely dominated by Itau Seguros S.A., looks set for some changes as the offshore market grows into more challenging areas, Offshore Magazine reported.

Saudi Arabia: Low penetration rates pose problems in crowded insurance sector

Published July 21, 2014 - 5:51am CST

Smaller players in the crowded Saudi Arabian insurance industry are finding it difficult to maintain or boost their business, with rising costs being one of the main factors, reports

U.K.: RSA's chief says plans to turn around insurer ahead of schedule

Published July 21, 2014 - 5:49am CST

London-based RSA Insurance Group P.L.C.'s CEO Stephen Hester said his turnaround plan for the company is a year ahead of its schedule, Bloomberg reported.

U.K.: Small businesses lack adequate protection against cyber-attacks, finds study

Published July 21, 2014 - 5:46am CST

Kaspersky Lab Z.A.O. has said several small businesses in the United Kingdom do not have adequate protection against cyber-attacks, Computerworld UK reported.

Nigeria: Insurance Commissioner emphasizes appropriate rating of insurers

Published July 21, 2014 - 5:44am CST

Nigeria's Commissioner for Insurance, Fola Daniel, has stressed the need for appropriate rating of insurers, Business Day reported.

Japan: Mount Fuji in 'critical state' after 2011 earthquake, scientists say

Published July 21, 2014 - 5:42am CST

The 2011 Tohoku-Oki earthquake in Japan has caused pressure to build under active volcano Mount Fuji, Sydney Morning Herald reported.

Canada: Magnitude 6.0 earthquake rattles parts of Yukon

Published July 21, 2014 - 5:40am CST

A strong 6.0-magnitude shook parts of Yukon, Canada, CTV News reported.

Payouts for crashed Malaysian flight MH-17 hinge on determining fault

Published July 18, 2014 - 5:39am CST

Insurers for the Malaysia Airlines flight MH-17 that crashed in Ukraine are expected to make the payments relatively fast, if the cause of the crash is determined, Reuters reported.

Philippines: Insurance losses from Typhoon Rammasun low, says AIR Worldwide

Published July 18, 2014 - 5:37am CST

Insurance losses from damage caused by Typhoon Rammasun, which hit the Philippines, are not expected to be significant, catastrophe modeler AIR Worldwide Corp. said.

Canada: Grounding of Amakusa Island ship highlights oil spill risk

Published July 18, 2014 - 5:36am CST

Environmentalists and First Nations have said that the recent grounding of ship Amakusa Island near Prince Rupert in British Columbia highlights the risk of an oil spill if tanker traffic significantly increases on the North Coast, The Vancouver Sun reported.

Allianz lead insurer for crashed Malaysia Airlines flight

Published July 18, 2014 - 5:35am CST

Germany's Allianz S.E. is the lead hull and liability reinsurer covering the Malaysia Airlines flight MH-17 that was brought down over Ukraine, Bloomberg reported.

Ireland: Insurers providing flood cover again to businesses in high-risk zones

Published July 18, 2014 - 5:34am CST

Insurers are once again starting to provide flood insurance cover to companies in some of Cork City's high-risk flood zones, Irish Examiner reported.

Canada: Forest fire prompts Alterra Power to halt operations at wind farm

Published July 18, 2014 - 5:32am CST

Canada-based Alterra Power Corp. has temporarily stopped operations at its Dokie 1 wind farm in British Columbia because of a nearby forest fire, reNews reported.

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