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Malaysia Airlines losing $1-2 million a day after air tragedies

Published July 29, 2014 - 5:54am CST

Malaysian Airline System Bhd., branded as Malaysia Airlines, is facing significant financial problems following two air tragedies involving its aircraft in 2014, Forinsurer reported citing Interfax.

International Labour Office, World Bank to help improve insurance in Africa and Asia

Published July 29, 2014 - 5:44am CST

The World Bank Group and the International Labour Office have entered into a three-year partnership, seeking to provide small businesses, smallholder farmers and individuals in Asia and Africa with access to improved insurance products, ThisDay Live reported.

Slovakia: Flood cleanup bill in Vratna Dolina estimated at $2.6 million

Published July 29, 2014 - 5:42am CST

The repair and cleanup cost following the recent floods in Slovakia's Vratna Dolina are estimated to cost the Slovak Water Management Enterprise s.e. €2 million ($2.6 million), Environment Ministry State Secretary Vojtech Ferencz said.

Libya warns of disaster as Tripoli fuel tank fire rages

Published July 29, 2014 - 5:38am CST

Libya has warned of the risk of "humanitarian and environmental disaster" after a tank was set on fire amid clashes at Tripoli airport between rival militias, The Telegraph reported.

New Zealand: Insurance deal covers $854.8 million of Dunedin council's assets

Published July 29, 2014 - 5:35am CST

The Dunedin City Council has secured an improved insurance deal that will cover over $1 billion New Zealand ($854.8 million) of previously uninsured council assets in the event of a catastrophe, Otago Daily Times reported.

China: McDonald's meat supplier recalls Shanghai plant's products

Published July 29, 2014 - 5:32am CST

McDonald's Corp.'s outlets in China have pulled beef, pork and chicken items off their menu after U.S.-based supplier OSI Group L.L.C. recalled products made by its Shanghai plant, Bloomberg reported.

Colombia: El Nino drought damages crops, kills livestock

Published July 29, 2014 - 5:30am CST

The El Nino weather phenomenon that has triggered drought in parts of Colombia has damaged crops and resulted in the death of livestock, Reuters reported.

Saudi Arabia: Insurers hesitant to insure transported money due to high risk

Published July 29, 2014 - 5:28am CST

Abdulaziz Abu Al-Saud, vice chairman of the Cooperative Insurance Committee at the Council of Saudi Chambers, said insurers are reluctant to insure transported money because the high risk involved, Saudi Gazette reported.

Lloyd's of London's profits to take hit from Malaysia Airlines flight disasters

Published July 28, 2014 - 5:38am CST

Lloyd's of London is expected to see hundreds of millions of pounds wiped from its profits in 2014 becasue of the two recent Malaysia Airlines flight disasters involving flights MH-17 and MH-370, Sunday Express reported.

China: Serious drought hits China

Published July 28, 2014 - 5:36am CST

China's Inner Mongolia Autonomous Region and Henan Province have suffered power and water shut-offs due to drought, Xinhua reported.

Uzbekistan: First half 2014 insurance premium volume increase

Published July 28, 2014 - 5:34am CST

Total premiums reported by insurers in Uzbekistan for the first half of 2014 have increased 23% year on year to 219.99 billion Uzbekistan som ($94.6 million), reports Forinsurer.

Premiums of Mapfre's Latin American operations up 3.9% in second quarter of 2014

Published July 28, 2014 - 5:32am CST

Mapfre S.A.'s Latin American operations registered a 3.9% year-on-year increase in premiums to €2.61 billion ($3.57 billion) in the second quarter of 2014, BNamericas reported.

Nigeria: Insurance brokers, underwriters join hands to resolve industry issues

Published July 28, 2014 - 5:30am CST

Nigeria's insurance brokers and underwriters have come together to improve services, The Guardian reported.

China: Losses from Typhoon Matmo total $544.2 million

Published July 28, 2014 - 5:24am CST

Typhoon Matmo has claimed 13 lives in China and has caused direct economic losses of 3.37 billion Chinese yuan ($544.2 million), the Ministry of Civil Affairs said.

Azerbaijan: Supervisor plans to expand roster of international insurers and reinsurers

Published July 28, 2014 - 5:23am CST

Azerbaijan's insurance supervisor is planning to expand the roster of international insurers, reinsurers and brokerage firms, Forinsurer reported citing Interfax Azerbaijan.

Slovakia: Floods damage utility poles, trigger landslides in Vlkova

Published July 28, 2014 - 5:21am CST

Heavy rains have flooded parts of Slovakia's Vlkova village, damaging roads and utility poles and triggering landslides, Xinhua reported.

Canada: Storm cleanup bill in Kamloops to cost millions

Published July 28, 2014 - 5:20am CST

The cost of cleanup from the recent storm in British Columbia's Kamloops city is expected to amount to several million dollars, CBC reported.

Ace CEO confident of handling risks in emerging markets

Published July 25, 2014 - 6:20am CST

Evan Greenberg, chief executive of Ace Ltd., has said he is confident of being able to handle risks in emerging markets thanks to the insurer's strategy for integrating companies, Bloomberg reported.

China: City of Yumen sealed off following plague death

Published July 25, 2014 - 6:18am CST

The city of Yumen in Gansu province, China, has been sealed off after a person died of bubonic plague, The Guardian reported citing Chinese media reports.

Brazil: High competition likely to hit reinsurers' profitability, says Moody's

Published July 25, 2014 - 6:13am CST

Moody's Investors Service Inc. has said in a report that an increasingly competitive environment in Brazil's reinsurance sector has triggered strong price competition, BNamericas reported.

Aggressive reinsurance renewal pricing to continue: Lancashire CEO

Published July 25, 2014 - 6:11am CST

Lancashire Holdings Ltd.'s group chief executive officer Alex Maloney has said that aggressive reinsurance renewal pricing will continue this year, reported.

Insurance Australia Group upgrades profit margin projections

Published July 25, 2014 - 6:10am CST

Insurance Australia Group Ltd. has upgraded its forecasts for full-year profit margin to the 18% to 18.3% range from previous projections of 14.5% to 16.5%, Sydney Morning Herald reported.

India: Nuclear equipment suppliers worried over non-availability of insurance cover

Published July 25, 2014 - 6:08am CST

Suppliers of nuclear equipment in India, including international companies, are worried about a paucity of insurance cover and have expressed their concerns to the government, Outlook India magazine reported.

Malaysia: Two factories in Desa Tun Razak destroyed in fire

Published July 25, 2014 - 6:06am CST

A textile plant and a vehicle spare parts factory in Desa Tun Razak, Malaysia, have been destroyed in a fire, Bernama reports.

Argentina: Energy firm says 24-hour strike will cost it $12 million

Published July 25, 2014 - 6:05am CST

A 24-hour strike by 23,000 workers in Argentina's Neuquen basin will cost state-owned oil and gas company YPF S.A. $12 million, the company said.

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