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Philippines: Mayon volcano alert level raised to critical, thousands evacuated

Published September 18, 2014 - 5:51am CST

Philippines' Mayon volcano has been showing signs of unrest and thousands of people have been evacuated from the region, reported Gulf News.

Air France losing up to $19 million a day due to pilot strike

Published September 18, 2014 - 5:49am CST

Air France S.A. has cancelled more than 50% of its flights due to the ongoing strike by pilots, reports Bloomberg.

Reinsurers eyeing flood insurance in Netherlands as competition intensifies

Published September 18, 2014 - 5:48am CST

Growing competition in the reinsurance market have prompted the biggest reinsurers to cover floods in Netherlands, reports Bloomberg.

German insurer ERGO eyes insurance assets in Eastern Europe

Published September 18, 2014 - 5:46am CST

Germany-based insurer ERGO Versicherungsgruppe A.G. is considering acquiring some insurance assets in the Eastern European region, an executive from the company told Handelsblatt.

Regulatory changes increase Asia Pacific insurance mergers and acquisitions

Published September 18, 2014 - 5:44am CST

Clyde & Co. has said in a report that mergers and acquisitions in the Asia Pacific insurance sector increased in the first half of 2014, Asia Insurance Review reported.

Hannover Re confident over prospects despite increasing competition

Published September 18, 2014 - 5:42am CST

Hannover Re S.E.'s chief executive, Ulrich Wallin, has said that the reinsurer is confident about its prospects despite increasing competition in the market, Reuters reported.

Bermuda: ACP Re acquires Tower Group

Published September 18, 2014 - 5:38am CST

Bermuda-based ACP Re Ltd. has acquired Tower Group International Ltd. for a cash payment of $2.50 per share, reports Nasdaq.

Brazil: New rules may spur insurance growth in oil sector

Published September 18, 2014 - 5:36am CST

Brazilian insurance regulator Susep's new regulations on calculating premium retention rates is expected to drive insurance growth in the oil sector, BNamericas reports citing Diego Kashiwakura, an analyst at Moody's Investors Service Inc.

Google could enter reinsurance market: Expert

Published September 17, 2014 - 7:22am CST

Standard & Poor's Corp.'s Dennis Sugrue has said that financially strong businesses such as Google Inc. could enter the reinsurance market, which could mean further competition in the sector, reported The Royal Gazette.

Cyber risks, autonomous cars to increase liability claims: Swiss Re

Published September 17, 2014 - 7:19am CST

Swiss Re Ltd. has said that risks related to cyber-attacks, autonomous cars and hydrofracking could result more costly liability claims, reports Bloomberg.

Brazil: Economic administrative council approves sale of Itau's insurance unit to ACE

Published September 17, 2014 - 7:16am CST

Brazil's Administrative Council for Economic Defense has granted approval for ACE Ltd.'s move to acquire Brazilian bank Itau Unibanco Holding S.A.'s insurance unit, reported citing Reuters Brazil.

China: Lloyd's gets license to establish branch office in Beijing

Published September 17, 2014 - 7:13am CST

Lloyd's of London has secured a license to set up a new office in Beijing as part of its business expansion plans in China, Asia Insurance Review reported.

Air France pilots strike, 40% of flights could be cancelled

Published September 17, 2014 - 7:11am CST

Around 40% of flights of Air France-KLM S.A. could be cancelled as the airline's pilots continued their strike for a second day, reports.

Turkey: Researchers say major earthquake possible near Istanbul

Published September 17, 2014 - 7:08am CST

Researchers from Turkey and the U.S.-based Massachusetts Institute of Technology say a large earthquake is possible near Istanbul because of the North Anatolian Fault, reports domain-B.

Nigeria: Cornerstone Insurance plc to acquire FIN Insurance

Published September 17, 2014 - 7:06am CST

Nigeria's Cornerstone Insurance P.L.C.'s shareholders have given their approval to acquire FIN Insurance Company Ltd., a subsidiary of First City Monument Bank Ltd., reported Nigeria's BusinessDay.

Ukraine: Insurer Nova launches obligatory reinsurance program with Scor as partner

Published September 17, 2014 - 7:04am CST

Ukrainian insurer JSC Nova has launched a new obligatory reinsurance program for property, engineering and transportation risks, Forinsurer reports.

Singapore sees ten-fold rise in marine oil theft cases

Published September 17, 2014 - 7:01am CST

Singapore's police have said that there has been a rise in marine oil theft cases in the country, The Star Online reports.

Ukrainian insurer shun Russian reinsurers

Published September 16, 2014 - 6:00am CST

Figures from Ukraine's National Commission for the State Regulation of Financial Services Markets show that the country's insurers are increasingly pulling their business from Russian reinsurers.

Mexico: Hurricane Odile causes mass destruction, leaves thousands stranded

Published September 16, 2014 - 5:58am CST

Hurricane Odile has lashed Mexico's Baja California Sur state, causing massive destruction and leaving 30,000 tourists stranded, reports Bloomberg.

Indonesia: Government plans to set up new state-controlled reinsurer

Published September 16, 2014 - 5:56am CST

The government of Indonesia is likely to launch a new state-owned reinsurer in October, reported Asia Insurance Review.

Price decline in catastrophe reinsurance to slow in 2015: Swiss Re

Published September 16, 2014 - 5:47am CST

Swiss Re Ltd. has said that it sees a slower decline in the prices of natural catastrophe reinsurance in 2015, Bloomberg reported.

Japan: Magnitude 5.6 earthquake strikes Tokyo

Published September 16, 2014 - 5:44am CST

The United States Geological Survey said that a magnitude 5.6 earthquake has hit Japan's Tokyo region, shaking buildings, though there were no immediate reports of damage or a tsunami, reported Outlook.

Qatar Re set aims to be a global multi-line reinsurer

Published September 16, 2014 - 5:42am CST

Qatar Re L.L.C.'s gross premium volume is set to increase 60% year on year to around $550 million in 2014, CPI Financial reported.

Brazil: Insurance premium growth to slow, says consultancy

Published September 16, 2014 - 5:41am CST

Brazilian insurance consultancy Rating de Seguros Consultoria has said that the country's total insurance premiums are likely to grow 8% year on year in 2014, which compares with an average growth rate of 15% over the recent years, BNamericas reports.

Indonesia: Financial regulator plans to limit foreign ownership in local insurers

Published September 16, 2014 - 5:39am CST

Indonesia's Financial Services Authority plans to set limits on foreign ownership of local insurers, reported The Jakarta Post.

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