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Yum China severs ties with owner of plant in meat scandal

Published July 23, 2014 - 2:41pm CST

(Reuters) — Yum Brands Inc.'s China division has stopped buying from OSI China after Shanghai police detained five people connected to the meat supplier's factory at the center of a new food safety scandal, Yum said Wednesday.

Ascent Underwriting increases limits on medical billings liability coverage

By: Kate Shepherd

Published July 23, 2014 - 1:15pm CST

Specialist managing general agent Ascent Underwriting L.L.P. on Wednesday said it has increased the limits on its CyberPro medical billings errors and omissions product up to $5 million.

Eurasia Insurance could pay up to $3.2 million in MH17 flight disaster claims

Published July 23, 2014 - 5:39am CST

The recent Malaysia Airlines MH17 flight disaster could see JSC Eurasia Insurance Co. pay up to $3.2 million in claims, reports TengriNews.

Japan: Financial Services Agency looks to strengthen insurer oversight

Published July 23, 2014 - 5:33am CST

Japan's Financial Services Agency is looking to combine its inspection and supervisory policies to boost insurer oversight, sources revealed.

Vietnam: Damage from Typhoon Rammasun totals $6.2 million

Published July 23, 2014 - 5:31am CST

Typhoon Rammasun has claimed 27 lives in Vietnam and caused economic damage of about 125 billion Vietnamese dongs ($6.2 million), Vietnam's National Steering Committee for Flood and Storm Prevention and Control said.

Australia: Government mulls compensation for flight MH17 disaster victims

Published July 23, 2014 - 5:29am CST

Australia's Prime Minister Tony Abbott is mulling over offering compensation to the families of the 28 Australians who died when Malaysia Airlines flight MH17 was shot down over Ukraine, The Morning Bulletin reported.

South Korea: Trains collision leaves one dead, dozens wounded

Published July 23, 2014 - 5:28am CST

Two passenger trains collided in South Korea's Gangwon Province, killing one person and injuring dozens, reports Xinhua citing Yonhap News Agency and YTN.

India: Business disruption, reputation damage from cyber-attacks among top concerns

Published July 23, 2014 - 5:24am CST

In a cybercrime poll by KPMG L.L.P.'s Indian unit, 48% of those surveyed said they face business disruption and reputation damage because of a cyber-attack, reports Business Standard citing Press Trust of India.

Indonesia: New rules will shape insurance industry, says Fitch

Published July 23, 2014 - 5:21am CST

Fitch Ratings Ltd. has said that the changing insurance rules in Indonesia aimed at improving transparency and stability will shape the overall sector, Asia Insurance Review reported.

Azerbaijan: First half 2014 insurance premiums up 7% to $270.3 million

Published July 23, 2014 - 5:19am CST

Premiums reported by insurers in Azerbaijan in the first half of 2014 increased 7% year on year to 212 million Azerbaijani manats ($270.3 million), Forinsurer reported citing Interfax-Azerbaijan.

Ace net income down 12.5% in 2nd quarter

By: Matthew Lerner

Published July 22, 2014 - 4:29pm CST

Net income declined 12.5% to $779.0 million at Zurich-based Ace Ltd. as the company's agriculture activities weighed upon results.

Harley-Davidson, a U.S. icon, highlights offshoring's perils

Published July 22, 2014 - 3:20pm CST

(Reuters) — U.S. motorcycle maker Harley-Davidson Inc. came late to the offshoring game.

Beazley reports $132.9M profit in 2014 first half

By: Sarah Veysey

Published July 22, 2014 - 11:52am CST

Beazley P.L.C. reported pretax profit of $132.9 million for the first six months of 2014, up 61.5% posted for the comparable period last year, the Dublin-based insurer and reinsurer said Tuesday.

China food scandal spreads, drags in Starbucks, Burger King and McNuggets in Japan

Published July 22, 2014 - 10:33am CST

(Reuters) — The latest food scandal in China is spreading fast, dragging in U.S. coffee chain Starbucks, Burger King Worldwide Inc. and others, as well as McDonald's products as far away as Japan.

Libya: Airport damage from heavy fighting to cost up to $400 million, says Barclays

Published July 22, 2014 - 5:54am CST

Clashes between rival Libyan militias at Tripoli airport resulted in an estimated $200 million to $400 million in damages to aircraft, Barclays P.L.C. said in research.

Brazil: Increased competition drives down aviation reinsurance rates

Published July 22, 2014 - 5:52am CST

Daniela Murias, director of Brazilian aviation at Allianz Global Corporate & Specialty, said increasing competition in the Brazilian reinsurance industry has pushed down rates much beyond than what the fall in aviation accident rate would account for, BNamericas reported.

Magnitude 6.2 earthquake strikes off Japan's northeast coast

Published July 22, 2014 - 5:51am CST

The United States Geological Survey has said a magnitude 6.2 earthquake struck off Japan's northeast coast, near the disputed Russian-administered Kuril Islands, reports Japan Today citing Agence France-Presse.

Nigeria: Insurers' premiums from 2004 to 2013 reach $9.37 billion

Published July 22, 2014 - 5:49am CST

The Nigerian insurance sector earned 1.5 trillion Nigerian naira ($9.37 billion) in premiums from 2004 to 2013, the Nigerian Insurers Association revealed.

Morocco: Three reinsurers come together to establish Mamda Re

Published July 22, 2014 - 5:47am CST

Three reinsurers from Bermuda, France and Morocco have come together to set up a reinsurer, Mamda Re, that will cover agricultural risks in the Moroccan and African markets, Middle East Insurance Review reported.

Philippines: Damage from typhoon estimated at $167.9 million

Published July 22, 2014 - 5:45am CST

Typhoon Rammasun has claimed 94 lives in the Philippines and caused an estimated 7.3 billion Philippines pesos ($167.9 million) in damage, the National Risk Reduction and Management Council said.

Peru: Insurance penetration to reach 3.31% by 2020, says expert

Published July 22, 2014 - 5:44am CST

Carlos Chamochumbi, commercial vice president at Peruvian insurer Interseguro Compañía de Seguros de Vida S.A., has said that insurance penetration in the country will increase to 3.31% by 2020, reports

Ghana: 23 nonlife insurers' earnings total $84 million in first quarter of 2014

Published July 22, 2014 - 5:42am CST

Ghana's insurance industry saw 23 out of the 25 nonlife players close the first quarter with combined earnings of 226.3 million Ghanaian cedi ($84 million), Business & Financial Times reported.

Insurance market in East Africa aims to enhance stability

Published July 22, 2014 - 5:40am CST

The Cross Border and Group Widening Supervision Manual, which was created in 2013 and is now being implemented, will strengthen East Africa's insurance industry, East African Business Week reported.

Yum, McDonald's apologize as new China food scandal brews

Published July 21, 2014 - 12:01pm CST

(Reuters) – McDonald's Corp. and Yum Brands Inc are facing a new food safety scare in China, denting the fast food restaurants' efforts to shore up reputations and businesses that were hurt by a 2012 safety scandal in one of their biggest markets.

Britain's fraud office launches criminal probe into foreign exchange rigging

Published July 21, 2014 - 11:31am CST

(Reuters) — Britain’s anti-fraud agency said on Monday it has launched a criminal investigation into alleged rigging of the $5.3 trillion-a-day currency market.

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