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Heavy rains and floods hit France, damage pegged at about $560 million

Published October 06, 2015 - 5:25am CST

Heavy downpours and floods have caused more than €500 million ($560.7 million) in damage in southern France, reported Gazzetta del Sud Online citing the Alpes-Maritimes department.

Typhoon Mujigae causes $2 billion in economic losses in China's Guangdong province

Published October 06, 2015 - 5:24am CST

The recent typhoon Mujigae has caused more than $2 billion) in direct economic losses in southern China, Xinhua reports.

Energy reform in Mexico an opportunity for marine insurers: Law firm

Published October 06, 2015 - 5:23am CST

Mexico-based law firm M&L Estudio Legal has said that energy reform in the country could present opportunities for marine insurers, reported BNamericas citing El Economista.

New Zealand urged to cut insurance regulation, rely more on ratings agencies

Published October 06, 2015 - 5:22am CST

Don Brash, former governor of the Reserve Bank of New Zealand, has said that insurers should be held accountable more to market forces and ratings agencies, reports Asia Insurance Review citing Interest.co.nz news website.

Regulator ready to design fire insurance pool in Indonesia

Published October 06, 2015 - 5:21am CST

Indonesia's Financial Services Authority is ready to design a fire insurance pool to help the government mitigate risks arising from forest and land fires, reported Tempo.co.

Nuclear power plants face increasing risk of serious cyber attack: Report

Published October 06, 2015 - 5:19am CST

A report by U.K.-based think tank Chatham House has said that global nuclear power plants are facing growing risk of a "serious cyber attack," reported BBC News.

Natural disasters costs Philippines nearly $6.5 billion a year

Published October 06, 2015 - 5:18am CST

The Philippines loses more than 300 billion Philippine pesos ($6.4 billion) each year due to natural disasters, reported The Philippine Star.

African Reinsurance's profits boom

Published October 06, 2015 - 5:17am CST

Nigeria-based African Reinsurance Corp.'s profit increased 90% in original currencies in the first six months of 2015, Addis Fortune reports.

Insured losses from typhoon Dujuan nearly $80 million

Published October 05, 2015 - 5:25am CST

Insured losses from the recent typhoon Dujuan that hit China's Ningbo city in Zhejiang province are more than 500 million Chinese yuan ($78.7 million), reported Asia Insurance Review citing the China Daily.

Global reinsurance market may be heading for "new reality": A.M. Best

Published October 05, 2015 - 5:23am CST

A.M. Best Co. Inc. foresees a "new reality" for the global reinsurance market, reports Artemis.bm.

Catastrophe bond issuance likely to remain strong in 2016: Fitch

Published October 05, 2015 - 5:22am CST

Fitch Ratings Ltd. has said that catastrophe bond issuance is likely to remain strong in 2016, reported Artemis.bm.

World's nine biggest insurers face new capital rules

Published October 05, 2015 - 5:20am CST

The International Association of Insurance Supervisors has finalized new capital rules for the nine biggest insurers in the world, reported Reuters.

Profitability becoming increasingly elusive for marine underwriters in Asia: Official

Published October 05, 2015 - 5:19am CST

Todd Wilhelm, head of underwriting at QBE Asia Pacific Holdings Ltd., has said that profitability is becoming increasingly elusive for marine underwriters in Asia, reported Asia Insurance Review.

American Club makes strategic investment in Cyprus-based hull insurer

Published October 05, 2015 - 5:17am CST

U.S.-based American Steamship Owners Mutual Protection and Indemnity Association, Inc. has made a strategic investment in American Hellenic Hull Insurance Co. Ltd., a new Cyprus-based hull insurer, reports Marine Log.

Typhoon Mujigae hits China, causes huge damage

Published October 05, 2015 - 5:15am CST

Typhoon Mujigae has hit China's south coast with winds of up to 112 miles an hour and caused huge destruction and flooding, reported Reuters citing Xinhua.

Five Russian banks hit by DDoS cyber attacks: Official

Published October 05, 2015 - 5:13am CST

Artyom Sychev, an official at Russia's central bank, said that five banks have been hit by a Distributed Denial of Service attack with the attackers demanding a ransom paid in bitcoin, reported CoinTelegraph.

Australia: Volkswagen A.G. may face billions in fines

Published October 02, 2015 - 5:45am CST

Volkswagen A.G. is under investigation by the Australian Competition and Consumer Commission and may face billions of dollars in fines if it is found to have used a "defeat device" capable of cheating pollution tests on cars sold in Australia, The Sydney Morning Herald reported.

Typhoon Dujuan causes $220 million in economic losses

Published October 02, 2015 - 5:44am CST

China's Office of State Flood Control and Drought Relief headquarters has said that typhoon Dujuan has resulted in economic losses worth 1.4 billion Chinese yuan ($220 million) since it hit the country's Zhejiang and Fujian provinces, reports Xinhua.

Maritime piracy and armed robbery costs West Africa $2 billion each year: Official

Published October 02, 2015 - 5:42am CST

Geoffrey Mawuli Biekro, Chief of Naval Staff of the Ghana Navy, has said that maritime piracy and armed robbery costs West Africa $2 billion each year, reported GhanaWeb.

Hackers increase cyber attacks on government organizations and firms

Published October 02, 2015 - 5:41am CST

U.S.-based cyber security firm FireEye Inc. has said in a report that hackers have increased their attacks on government organizations and firms in Southeast Asia amid heightened regional tensions, reported Bloomberg.

After downgrade, Takaful Re asks S&P to withdraw ratings

Published October 02, 2015 - 5:39am CST

Standard & Poor's Corp. has lowered its long-term counterparty credit and insurer financial strength ratings on U.A.E.-based reinsurer Takaful Re Ltd. from 'BBB' to 'BBB-,' CPI Financial reports.

UK: Insurers demand urgent action to address climate change

Published October 02, 2015 - 5:38am CST

Mark Carney, governor of the Bank of England, has received an open letter from 15 senior insurance executives demanding urgent action to address climate change, Reuters reported.

Arab cybercriminal group targets government organizations: Kaspersky Lab

Published October 02, 2015 - 5:37am CST

Security firm Kaspersky Lab Z.A.O. has said that an Arabic-speaking cybercriminal group that has been active since 2012 has increased attacks in the Middle East and North Africa region in the second and third quarters of 2015, reports ArabianBusiness.com.

Malaysia: Insurance industry's 2015 outlook positive, says Allianz Malaysia Bhd CEO

Published October 02, 2015 - 5:35am CST

Zakri Khir, CEO of Allianz Malaysia Bhd, has said that he is positive about the insurance industry's outlook considering Malaysia’s solid fundamentals, Daily Express reported.

Unrest causes millions in losses to factories in industrial corridor

Published October 01, 2015 - 5:32am CST

Ongoing political unrest in Nepal's Bara-Parsa industrial corridor has prompted about 2,000 factories in the region to shut down, reported The Kathmandu Post.

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