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Australia: Insurers seek privatization of state-run workers compensation

Published September 01, 2014 - 5:49am CST

Suncorp Group Ltd. and Insurance Australia Group Ltd. are among major insurers calling for the privatization of state-run workers compensation and compulsory third party insurance regimes, reported The Sydney Morning Herald.

China: Cat bonds being looked at, says regulator

Published September 01, 2014 - 5:46am CST

The China Insurance Regulatory Commission has said that there have been efforts to develop a framework to sell catastrophe-linked bonds, reported IFR Asia.

South Africa: ABSA agrees to settle earthquake damage claims

Published September 01, 2014 - 5:43am CST

ABSA Group Ltd. has said that it will cover claims for damages from the earthquake that struck the North West province on Aug. 5, reported The Citizen.

Russia: First half 2014 insurance premiums total $14.88 billion

Published September 01, 2014 - 5:41am CST

Official figures have shown that premiums collected by Russian insurers in the first half of 2014 increased 8.2% year on year to 505.83 billion Russian rubles ($14.88 billion), Forinsurer reports.

Panama Canal expansion will cut risk of damage to cargo: Consultant

Published September 01, 2014 - 5:39am CST

Andrew Kinsey, senior marine risk consultant for Allianz Risk Consulting, has said that the Panama Canal expansion will cut the risk of cargo damage or loss for transport and shipping firms, reports BNamericas.

Kenyan insurance industry reports highest growth rate for 2013 in Africa

Published September 01, 2014 - 5:37am CST

The Association of Kenya Insurers has said in a report that Kenya's insurance industry grew by 20.4% in 2013, with gross written premiums increasing to 130.65 billion Kenyan shillings ($1.47 billion), reported The Star.

Pirates attack oil tanker off Malaysian coast, steal cargo

Published September 01, 2014 - 5:35am CST

Pirates have stolen some cargo from a Thailand-registered lube oil tanker off the Malaysian coast, reported citing Marine Insight.

Pakistan: Insurance penetration and density improving

Published September 01, 2014 - 5:33am CST

Insurance penetration in Pakistan has been low for many years, but the current figure, though low, represents a marked improvement, The Express Tribune reported.

Australia: Crop damage due to frost worries farmers

Published September 01, 2014 - 5:30am CST

Unseasonal frost has led to significant crop damage in South Australia, reported Yahoo News.

U.K.: Farmers asked to consider environmental liability insurance

Published September 01, 2014 - 5:28am CST

Farmers in the United Kingdom have been asked to consider environmental liability insurance as they could face penalties up to thousands of pounds if the environment is affected due to farming, reports Farmers Guardian.

Nigeria: Foreign oil companies moving out amid oil thefts

Published August 29, 2014 - 6:00am CST

Overseas oil companies are divesting their assets in Nigeria amid a rising number of thefts in the Niger Delta, reported.

Australia: Ships may use new Great Barrier Reef route to ensure insurance continuity

Published August 29, 2014 - 6:00am CST

A new route has been developed for shippers sailing through the Great Barrier Reef and they are likely to stick to this route to make sure that they do not void their insurance policies, The Cairns Post reported.

Nearly 200 Malaysia Airlines cabin crew quit after disasters

Published August 29, 2014 - 6:00am CST

Many cabin crew members at Malaysian Airline System Bhd., branded as Malaysia Airlines, are quitting the airline following recent tragedies involving the airline's flights, the Daily Mail reports.

Norway: Oil companies hit by hacking attack

Published August 29, 2014 - 6:00am CST

Norway's National Security Authority has said that 50 companies in the oil and energy sectors have been hacked and another 250 are under threat, reported The Local.

Iceland: 5.7-magnitude quake hits Bardarbunga volcano

Published August 29, 2014 - 6:00am CST

A 5.7-magnitude earthquake has hit the Bardarbunga volcano in Iceland, making it the fourth 5.0-magnitude tremor in 48 hours, but there are no signs of an eruption, BBC reported.

Australia: Faulty wiring leaves 40,000 businesses, homes at risk of fire

Published August 29, 2014 - 6:00am CST

Eighteen wholesalers and retailers in Australia have recalled cabling supplied by Infinity Cable Co. Pty. Ltd. because of a potential risk of fire from faulty wiring, the Australian Competition and Consumer Commission has said.

Egyptian Takaful's profit rise nearly 50%

Published August 29, 2014 - 6:00am CST

Egyptian Takaful Insurance Co. (Property) has reported a 48% increase in profits to 25 million Egyptian pounds ($3.5 million) for the first six months of 2014, Asia Insurance Review reported.

China Pacific says Allianz JV expected to start operations in 2015

Published August 28, 2014 - 5:30am CST

China Pacific Insurance (Group) Co. Ltd.'s chairman Gao Guofu has said that its joint venture unit with Allianz S.E will start operations in the first half of 2015, if all goes as planned, reported

Libya: Aircraft, buildings at Tripoli airport set ablaze by militants

Published August 28, 2014 - 5:28am CST

Militants have set aircraft and buildings at Libya's Tripoli airport on fire after they gained control of the airport after weeks of fighting, the Daily Mail reports.

Portugal: Bondholders challenge sale of insurer Tranquilidade

Published August 28, 2014 - 5:27am CST

Espirito Santo Financial Group S.A.'s bondholders are opposing the sale of the company's insurance unit Tranquilidade, reported Reuters.

India: Export orders worth $8 billion at risk due to absence of insurance cover

Published August 28, 2014 - 5:26am CST

Lack of insurance cover is threatening Indian export orders worth $8 billion, Business Standard reported.

Taiwan: Regulator to help insurers in Asian expansions

Published August 28, 2014 - 5:24am CST

The Financial Supervisory Commission of Taiwan has said it will help the country's insurers in their efforts to expand into other Asian countries by relaxing some regulatory obstacles, reported Asia Insurance Review.

Costa Rica: Bridge could collapse if no repairs done, experts say

Published August 28, 2014 - 5:23am CST

Experts have warned that the Taiwan Friendship Bridge in Costa Rica could collapse if there are no immediate steps to fix some major problems on the structure, Inside Costa Rica reports.

Hewlett-Packard recalls up to 6 million laptop cords over burn hazard

Published August 28, 2014 - 5:22am CST

Hewlett-Packard Co. has announced a global recall of about 6 million AC power cords, which can overheat, posing a fire and burn risk, reported ZDNet.

Oman: Sixteen insurers fail to meet new capital requirement

Published August 28, 2014 - 5:20am CST

Sixteen of Oman's 22 insurers do not meet the new minimum capital requirement of 10 million Omani rials ($26 million) and will need to do so in the coming three years, Asia Insurance Review reported citing the Times of Oman.

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