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African Risk Capacity pool to increase disaster cover 700%

Published May 27, 2016 - 5:54am CST

Mohamed Beavogui, director-general of ARC Insurance Co. Ltd., catastrophe insurance pool of the African Risk Capacity agency, has said that the insurer will increase its disaster cover for the continent to $1.5 billion by 2020 from $179 million currently.

GM recalls 2.2 million vehicles in China over valve issue

Published May 27, 2016 - 5:53am CST

China's product quality regulator has said that U.S.-based automaker General Motors Co. has recalled 2.2 million vehicles due to insufficient corrosion resistance on crankcase valves, ABC News reported citing the Associated Press.

Insurer to offer 'volcano insurance' for tourism industry in June

Published May 27, 2016 - 5:52am CST

Sompo Japan Nipponkoa Insurance Inc. plans to sell insurance-like instruments in June to help firms cover losses from volcanic activity, including decline in tourists, Nikkei Asian Review reported.

Insurance association to create oil and gas insurance pool

Published May 27, 2016 - 5:51am CST

Max Zaccar, president of Association of Insurance Companies of Lebanon, has signed a memorandum of understanding with the Lebanese Petroleum Administration to create an oil and gas insurance pool so that local players have priority in insuring the assets of exploration companies once extraction of oil and gas begins.

Atlantic Basin expected to experience more hurricanes than normal in 2016

Published May 27, 2016 - 5:50am CST

The Atlantic Ocean hurricane season is expected to be more active than normal in 2016, Reuters reports.

Property insurance to reach $1.75 billion by 2019: Report

Published May 27, 2016 - 5:49am CST

A report by U.K.-based advisory services firm Timetric Ltd. has said that Qatar government's plan to invest in non-oil sectors to diversify the economy and increased investment in infrastructure ahead of the 2022 FIFA World Cup is expected to boost property insurance in the nation to 6.4 billion Qatari rials ($1.75 billion) by 2019.

Middle Eastern banks targeted by ‘wave’ of cyber attacks: Report

Published May 27, 2016 - 5:49am CST

A report by cyber security firm FireEye Inc. has revealed that banks in the Middle East are being targeted by a "wave" of cyber attacks, reports Computer Weekly.

Rajesh Sinha to head A&H portfolio of Singapore insurer

Published May 27, 2016 - 5:48am CST

Rajesh Sinha has been appointed regional director, accident & health of Singapore-based First Capital Insurance Ltd. and other subsidiaries of Hong Kong-based insurer Fairfax Asia Ltd, reported Asia Insurance Review.

Lloyd's and London market casualty reserves vulnerable to adverse run-offs in future: PwC

Published May 26, 2016 - 5:34am CST

A report by PricewaterhouseCoopers L.L.P. has stated that casualty reserves in the Lloyd's and London market are vulnerable to adverse run-offs in the future, as insurers and reinsurers in the marketplace have been relying on prior year reserve releases to boost returns.

Wildfire could lead to 8% hike in insurance premiums across nation

Published May 26, 2016 - 5:33am CST

The wildfire at Canada's Fort McMurray, Alberta, could result in insurance price hike across the nation, reports MuskokaRegion.com.

GIC Re expects to pay up to $7.5 million for EgyptAir crash

Published May 26, 2016 - 5:31am CST

General Insurance Corp. of India expects to pay out $5 million to $7.5 million related to the recent crash of an EgyptAir Airbus A320 in the Mediterranean Sea, reports Asia Insurance Review citing the Economic Times.

Kumamoto quake payouts for residential properties reach $1.65 billion

Published May 26, 2016 - 5:30am CST

Insurance payouts for damage to residential properties following the recent earthquakes in Japan's Kumamoto Prefecture have increased 46% within a week to $1.65 billion, Artemis.bm reported.

British business losses top $278 million in employee theft: Survey

Published May 26, 2016 - 5:29am CST

A survey by U.K.-based office furniture shop Kit Out My Office has found that theft by employees cost British businesses over 190 million ($278 million) per year, Business Matters reported.

Panel recommends compulsory fire cover for shops

Published May 26, 2016 - 5:29am CST

The Fire Insurance Committee of the Insurance Federation of Egypt has recommended making insurance for commercial shops mandatory in order to cover fire, theft and other risks like natural disasters, reported Middle East Insurance Review.

Bermuda's insurance sector results mask underlying problems: S&P

Published May 26, 2016 - 5:27am CST

A report by Standard & Poor's Rating Services Inc. has concluded that growth in Bermuda's insurance and reinsurance sector masks underlying problems, The Royal Gazette reports.

Delta Insurance enters into capacity partnership

Published May 26, 2016 - 4:35am CST

Specialist liability provider Delta Insurance New Zealand Ltd. has entered into a capacity partnership with U.S.-based Antares Management Solutions Inc., reports Scoop.co.nz.

Japan expects damage from Kumamoto earthquakes to reach $42.1 billion

Published May 25, 2016 - 5:41am CST

The Japanese government expects damage in Kumamoto and Oita prefectures from the recent Kumamoto earthquakes to total 2.4 trillion Japanese yen ($21.96 billion) to JPY 4.6 trillion ($42.1 billion), The Journal reported citing the Associated Press.

Quake costs hit Sony's profits

Published May 25, 2016 - 5:40am CST

Japan-based Sony Corp. has forecast its net income for fiscal year ending March 31, 2017, to decline 46% to 80 billion Japanese yen ($732 million), missing analysts' projections of JPY 196 billion, Bloomberg reported.

Ecuador insurers to use over 50% of capital to settle April quake-related claims

Published May 25, 2016 - 5:39am CST

Ecuador's insurance industry will use over 50% of its combined capital to pay for the claims arising from 7.8-magnitude earthquake that hit the nation in April.

Indian Nuclear Insurance Pool to cover suppliers' risk

Published May 25, 2016 - 5:38am CST

General Insurance Corp. of India-led Indian Nuclear Insurance Pool plans to launch a product to cover the risks of suppliers under the Civil Liability for Nuclear Damage Act 2010, reports The Indian Express.

Swiss defense firm hacked

Published May 25, 2016 - 5:37am CST

Swiss computer emergency response teams have released details of an advanced persistent threat attack on Switzerland-based defense products firm Ruag Holding A.G. and Swiss special forces unit, DRA10, reported SC Magazine UK.

China regulators increase vigilance of sales by foreign insurers

Published May 25, 2016 - 5:36am CST

The China Insurance Regulatory Commission has asked all its branches to increase vigilance against insurance products sales by foreign insurers that break rules, Reuters reported citing Shanghai Securities News.

Over 15,000 insurance claims made due to December 2015 floods: U.K. insurers

Published May 25, 2016 - 5:35am CST

The Association of British Insurers said that more than 15,000 insurance claims have been made due to the floods caused by December 2015 storms Desmond, Eva and Frank, Belfast Telegraph reports.

Caribbean Development Bank approves $3.5 million grant to pay Haiti's catastrophe risk premium

Published May 25, 2016 - 5:34am CST

Barbados-based The Caribbean Development Bank has approved a $3.5 million grant to pay Haiti's annual Caribbean Catastrophe Risk Insurance Facility premium for the period June 1, 2016 to May 31, 2017.

French oil workers' strike disrupts refined products distribution

Published May 25, 2016 - 5:32am CST

Striking French oil sector workers have blocked oil terminals and fuel depots thereby disrupting distribution of gasoline and other refined products, resulting in petrol stations running dry and delays for tankers at ports.

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