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Insurers settle $183 million in quake claims

Published July 27, 2016 - 5:39am CST

Fedeseg, the insurance federation of Ecuador, said that insurers have paid out $183 million in claims related to the 7.8-magnitude earthquake that hit the nation in April, reported El Universo.

Brussels terror attacks cost Belgium's economy nearly $1 billion

Published July 27, 2016 - 5:38am CST

The March Brussels terror attacks have cost the Belgian economy nearly €1 billion ($1.1 billion), reported RT.com.

One super hurricane could wipe out 50% of ILS capital: Deutsche Bank

Published July 27, 2016 - 5:37am CST

Analysts at Germany's Deutsche Bank A.G. has said that a 1-in-200-year U.S. hurricane loss event could wipe out about 50% of the entire catastrophe bond, alternative capital and insurance-linked securities markets, Artemis.bm reports.

European mutual insurers making use of soft reinsurance market

Published July 27, 2016 - 5:36am CST

A.M. Best Co. Inc. has said in a recent report that European mutual insurers are taking advantage of the soft reinsurance market and influx of alternative reinsurance capital, Artemis.bm reports.

Catastrophes can’t stop RenaissanceRe's net income rise

Published July 27, 2016 - 5:35am CST

Bermudian reinsurer RenaissanceRe Holdings Ltd. posted an increase in net income for the second quarter of 2016, despite taking a hit of more than $60 million from catastrophe claims, The Royal Gazette reported.

China Re opens first overseas branch office in Singapore

Published July 27, 2016 - 5:34am CST

China Reinsurance (Group) Corp. has opened its first overseas branch office in Singapore, Asia Insurance Review reports.

Chubb's operating earnings up despite huge cat losses

Published July 27, 2016 - 5:33am CST

Switzerland-based Chubb Ltd. reported a 34% increase in operating earnings for the second quarter of 2016 despite sustaining huge catastrophe losses during the quarter, reported MarketWatch.

Japanese volcano erupts, flights diverted

Published July 27, 2016 - 5:32am CST

Mount Sakurajima volcano in Japan has spewed a 5,000-metre-high column of ash as it erupted for the first time in three years, The TeCake reports.

Axis Capital Holdings’ net income jumps 90%

Published July 27, 2016 - 5:19am CST

Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd. posted a 90% leap in second quarter profits to $119 million, up from $63 million in the same period of 2015, The Royal Gazette reported.

High catastrophe losses could force reinsurance prices to bottom out

Published July 26, 2016 - 5:27am CST

Analysts at Macquarie Research have suggested that high level of catastrophe losses in the second quarter of 2016 might be enough to force reinsurance pricing to bottom out at the January 2017 renewal season, Artemis.bm reported.

Piracy incidents fall to lowest level since 1995

Published July 26, 2016 - 5:26am CST

The International Maritime Bureau Piracy Reporting Centre said that pirate attacks in the first half of 2016 decreased to their lowest level since 1995, The Maritime Executive reports.

Catastrophe insurance programs can improve disaster aid financing: Think tank

Published July 26, 2016 - 5:25am CST

The Center for Global Development, a U.S.-based nonprofit think tank, has said in a report that catastrophe insurance schemes can improve the financing of disaster aid and cover a range of perils, Artemis.bm reports.

Economic losses continue to climb from storms

Published July 26, 2016 - 5:24am CST

Direct economic losses continue to climb from severe rains across China, with the latest loss estimate being put at 31.14 billion Chinese yuan ($4.7 billion), Xinhua reported.

Low reinsurance costs help offset premium decline for Lloyd's insurers: J.P. Morgan

Published July 26, 2016 - 5:23am CST

Analysts at J.P. Morgan have said that attractive reinsurance pricing has helped offset the continued rate decline deceleration for Lloyd's of London insurers, Artemis.bm reports.

Toyota recalls 139,600 SUVs in Russia

Published July 26, 2016 - 5:22am CST

Russia's Federal Agency on Technical Regulating and Metrology has said that Toyota Motor Corp. is recalling 139,604 RAV4 crossovers in the country over a faulty safety belt mechanism, Reuters reported.

Insurance industry premium income jumps 16%

Published July 26, 2016 - 5:21am CST

The National Bank of Serbia has said that combined total premium income of the country's insurers increased 16.6% to 81 billion Serbian dinars ($720 million) in 2015, SeeNews reports.

Forest fire causes extensive damage

Published July 26, 2016 - 5:20am CST

Authorities have said that a massive forest fire is burning out of control in Greece's Chios Island, Reuters reports.

Floods cause $2.4 billion in economic losses

Published July 25, 2016 - 5:32am CST

The civil affairs bureau of China's Hebei Province has said that heavy downpours and flooding in in the province has killed 114 people and caused direct economic losses of more than 16 billion Chinese yuan ($2.4 billion), Xinhua reported.

Recent bank hacks raise fears for financial industry

Published July 25, 2016 - 5:31am CST

A series of recent cyber attacks against global banks has heightened fears in the financial sector, which is becoming an increasingly attractive target for hackers, reported Mint citing Agence France-Presse.

Experts warn of uptick in cybercrime during Olympics

Published July 25, 2016 - 5:30am CST

Security experts have warned of an increase in cybercrimes during Rio 2016 Olympics in Brazil.

Farmers face tighter controls on business insurance

Published July 25, 2016 - 5:29am CST

U.K.-based farmers are facing tighter controls on business insurance as the Insurance Act 2015 takes effect in August, reported Farmers Weekly.

Satellite data supports development of risk transfer triggers and index insurance schemes

Published July 25, 2016 - 5:28am CST

Satellite data supports the development of risk transfer triggers and index insurance schemes, reported Artemis.bm.

Nuclear insurance pool to review insurer contributions

Published July 25, 2016 - 5:27am CST

The much-awaited Egyptian nuclear insurance pool will hold an assembly meeting soon to review the share contributions submitted by insurers, reported Amwal Al Ghad.

Cybercriminals target mining sector: Trend Micro

Published July 25, 2016 - 5:26am CST

Japan-based security firm Trend Micro Inc. has said in a report that cybercriminals are targeting firms in the mining industry and corporate espionage is the main reason for the attacks, Saudi Gazette reported.

Arabian Shield Cooperative Insurance's net profit up nearly 300%

Published July 25, 2016 - 5:25am CST

Saudi Arabia's Arabian Shield Cooperative Insurance Co.'s net profit before zakat (Islamic tax) increased 288% year on year to 10 million Saudi riyals ($2.6 million) in the second quarter of 2016, reported Mubasher News.

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