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Alternative capacity to reach 15% of property catastrophe reinsurance: Study

Published June 18, 2013 - 7:58am CST

Guy Carpenter & Co. L.L.C. has said that alternative reinsurance capacity likely will reach 15% of the global property catastrophe reinsurance market in 2013, rising from just 8% in 2008, reports Artemis.bm.

Global takaful business likely to hit $20 billion by 2017: Deloitte

Published June 18, 2013 - 7:56am CST

Deloitte L.L.P. has said in a report that the global takaful business is expected to reach $20 billion by 2017, Trade Arabia reports.

Turkey: Insurance industry grows 27.3% in first quarter of 2013

Published June 18, 2013 - 7:54am CST

The Turkish insurance sector witnessed a 27.3% year-on-year growth in the first quarter of 2013, the Insurance Association of Turkey said.

Total written premium of insurers in U.A.E. estimated at $7.2 billion in 2012

Published June 18, 2013 - 7:52am CST

Preliminary estimates from the Insurance Authority of United Arab Emirates shows that the total written premiums of local and foreign insurers in the country grew 10% year on year to 26.5 billion U.A.E. dirhams ($7.2 billion) in 2012.

New Zealand: April storms cost insurers more than $28.7 million

Published June 18, 2013 - 7:50am CST

The late April 2013 storms that hit New Zealand cost insurers more than $36 million New Zealand ($28.7 million), News Talk ZB reported.

India: Insurers pass resolution against raising foreign investment cap

Published June 18, 2013 - 7:48am CST

The All India Insurance Corp. Employees Association has passed a resolution demanding the withdrawal of the Insurance Bill, which proposes raising the foreign direct investment cap in India's insurance industry from 26% to 48%, The Hindu reported.

Australia: Dimmeys forced to recall products

Published June 18, 2013 - 7:46am CST

Victoria, Australia-based Dimmeys Stores Pty. Ltd. has been forced to recall several products due to safety concerns, Smart Company reported.

Japan's Orix to buy more than 25% share of Bahraini insurer MEDGULF

Published June 18, 2013 - 7:44am CST

Japanese financial services group Orix Corp. has signed an agreement to buy 25.7% of issued shares of Bahrain-based Mediterranean and Gulf Insurance and Reinsurance Co., AniNews.in reported.

Angola: Volume of premium written might triple by 2017, says insurer

Published June 18, 2013 - 7:42am CST

Angola's volume of premium written might grow threefold by 2017, Manuel Gonçalves, chief executive of ENSA – Seguros de Angola S.A., said.

Australian business interruption fears rise after catastrophes: Study

Published June 17, 2013 - 5:41am CST

Concerns over business interruption ranked fourth among the most significant risks facing businesses in 2013, Aon P.L.C. said in its Australasian Risk Survey, Business Day reported.

China: Insurance regulator approves establishment of Nuclear Insurance Brokers

Published June 17, 2013 - 5:39am CST

The China Insurance Regulatory Commission recently approved an application for the establishment of Nuclear Insurance Brokers Ltd. in the mainland with a registered capital of 100 million Chinese yuan ($16.31 million), reports Hexun.com.

New Zealand: At least $160.9 million of city insurance funds at risk

Published June 17, 2013 - 5:38am CST

At least $200 million New Zealand ($160.9 million) of insurance funds the Christchurch city council is depending on for its damaged assets is at risk, Stuff.co.nz reported.

Chile: Proposals to overhaul insurance regulator

Published June 17, 2013 - 5:37am CST

Chile's finance ministry will submit a bill to congress to restructure the insurance regulator Superintendencia de Valores y Seguros (SVS), BNamericas reported.

Malaysia: Labuan IBFC issues 29 licenses in 2012

Published June 17, 2013 - 5:35am CST

The Labuan International Business and Financial Centre achieved positive growth in the insurance industry, having recorded 29 license approvals, Zeti Akhtar Aziz, chairman of the Labuan Financial Services Authority, said.

Lebanon: Insurance sector's growth flat or negative in 2013

Published June 17, 2013 - 5:34am CST

The Association of Insurance Companies in Lebanon said the country's insurance sector is likely to see flat or negative growth in 2013, despite a 20% year-on-year growth in premiums during the first quarter, reports The Daily Star.

Bulgarian insurers invested $1.72 billion abroad in first-quarter 2013

Published June 17, 2013 - 5:33am CST

A report by Bulgaria's central bank for the first quarter of 2013 shows that insurers invested 2.63 billion Bulgarian levs ($1.72 billion) overseas, and 49% of total managed insurance funds are invested overseas, Standart News reported.

Estonia: ERGO shuts 18 offices

Published June 17, 2013 - 5:31am CST

ERGO Insurance S.E. has closed 18 offices in Estonia and has submitted an application to the Unemployment Insurance Fund for collective lay-offs of 46 sales specialists, The Baltic Course reported.

Brazil: Maritima Seguros partners with broker

Published June 17, 2013 - 5:25am CST

Brazilian insurer Maritima Seguros S.A. has teamed up with brokerage firm Grande Corretora de Seguros do Brasil as it looks to achieve its aim to triple production in two years, reports Segs.com.br.

Around $1.7 billion in insurance losses from European floods will fall on reinsurers: Study

Published June 14, 2013 - 5:50am CST

The ongoing floods in Central Europe are likely to cause around €2.75 billion ($3.66 billion) in insured losses, of which approximately €1.3 billion euros will fall on global reinsurers, an analysis by Keefe, Bruyette & Woods Ltd. revealed.

Philippines suffered economic losses of over $1.03 billion from two large disasters: Aon Benfield

Published June 14, 2013 - 5:49am CST

Two major catastrophes that struck the Philippines in 2011 and 2012, namely tropical storm Sendong and Typhoon Pablo, resulted in economic losses of $31.7 million and more than $1 billion, respectively, a report by Aon Benfield has revealed.

China: Insurance sector review finds full solvency compliance

Published June 14, 2013 - 5:47am CST

A recent regulatory review has found that the Chinese insurance sector continued to improve its risk profile during the first quarter of 2013, with the sector achieving required solvency compliance, Hexun.com reported.

Europe: Changes to proposed capital requirements needed, says insurance lobby

Published June 14, 2013 - 5:46am CST

Insurers in Europe have, for some time, been seeking revisions to the Solvency II regulations as the proposed clauses mean they may be unable to offer long-term products.

France: Striking rail workers cause partial rail traffic disruption

Published June 14, 2013 - 5:43am CST

French railway workers are walking off the job protesting against the government's proposed railway system reform, Euronews reported.

China has largest flood loss potential among high-growth markets: Swiss Re

Published June 14, 2013 - 5:42am CST

Swiss Reinsurance Co. Ltd. has said in a report that China has the largest flood loss potential among the world's high-growth economies, reports Asia Insurance Review.

U.K.: Cyber attacks beat euro crisis as top risk facing banks, says Bank of England

Published June 14, 2013 - 5:41am CST

U.K. banks consider cyber-attacks their biggest risk, even more than the euro crisis, Andrew Haldane, director of financial stability at the Bank of England, said.

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