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North Korea's Sony hack seen as cyber security game-changer

By: Louise Esola

Published December 21, 2014 - 6:00am CST

Risk and security experts examining the unprecedented cyber attack on Sony Pictures Entertainment Inc. see it as a game-changer for companies who think they have a handle on cyber security.

London looks to change tax rates to lure and retain reinsurance business

By: Sarah Veysey

Published December 21, 2014 - 6:00am CST

A U.K. government drive to attract and retain reinsurance business in London has been welcomed by market participants concerned about competitive threats posed by other jurisdictions.

XL Group's $3.4 billion bid to buy London rival Catlin may start trend

By: Douglas McLeod

Published December 21, 2014 - 6:00am CST

XL Group P.L.C. will gain scale and a much bigger London presence with its proposed acquisition of Catlin Group Ltd., though some experts express caution about potential pitfalls of the combination.

Asia particularly vulnerable to natural disasters, but market remains soft

By: Judy Greenwald

Published December 21, 2014 - 6:00am CST

SINGAPORE — Asia is particularly vulnerable to natural disasters, but the region's risk managers can expect to experience the same soft market as their peers worldwide.

China sets up trust insurance fund to cap industry risk

Published December 19, 2014 - 2:51pm CST

(Reuters) — China on Friday set up its first insurance fund for its $2.1 trillion trust industry in a move to reduce financial risk in shadow banking, the country’s banking regulator said.

Aspen renews special purpose insurer Silverton Re for 2015

By: Mark A. Hofmann

Published December 19, 2014 - 2:19pm CST

Aspen Insurance Holdings Ltd.’s Aspen Reinsurance operation’s Aspen Capital Markets division has renewed Silverton Re for 2015, Hamilton, Bermuda-based Aspen announced Friday.

India looks to sway Americans with nuclear power insurance plan

Published December 19, 2014 - 8:45am CST

(Reuters) — India is offering to set up an insurance pool to indemnify global nuclear suppliers against liability in case of a nuclear accident in a bid to unblock billions of dollars in trade held up by concerns over exposure to risk.

Ransomware hacks an emerging risk for companies

By: Judy Greenwald

Published December 19, 2014 - 8:09am CST

SINGAPORE — “Ransomware,” a type of hack whereby a company's employees innocently click on a malware link that apparently originates from inside the company and a message appears saying all of a company's data will be encrypted and inaccessible unless a ransom is paid, has so far been confined to a large extent to Australia, a Microsoft Corp. security executive said.

Japan: Flights, trains cancelled due to heavy snow and strong winds

Published December 19, 2014 - 6:00am CST

Strong winds and heavy snow have hit northern Japan, resulting in the cancellation of hundreds of flights and trains, the Journal of Turkish Weekly reports citing Deutsche Welle.

$9.4 billion in new investment would boost India’s insurance penetration, official says

Published December 19, 2014 - 6:00am CST

T.S. Vijayan, chairman of India's Insurance Regulatory and Development Authority, has said that the domestic insurance sector needs investments worth 600 billion Indian rupees ($9.4 billion) "in the next five years to increase the penetration levels substantially from the current 3.9%."

Chile: Insurance sector's premium income grows 300 percent in decade, says Mapfre

Published December 19, 2014 - 6:00am CST

Spain-based insurer Mapfre S.A. has said in a study that insurers in Chile registered $11.7 billion in premium volume in 2013, up from $2.9 billion in 2003, reports elEconomistaAmerica.cl.

Peru: Fitch maintains stable outlook on insurance sector

Published December 19, 2014 - 6:00am CST

Fitch Ratings Ltd. has maintained a stable outlook for the Peruvian insurance sector, Gestion.pe reports.

Generali to acquire 49% stake in Malaysian property/casualty insurer

Published December 19, 2014 - 6:00am CST

Italian insurer Assicurazioni Generali S.p.A. is set to acquire a 49% stake in Malaysia-based property/casualty insurer Multi-Purpose Insurans Bhd. for €81.4 million ($100 million), FTSE Global Markets‎ reported.

Egypt: Arab Misr Insurance, Misr Insurance competing for $57 million contract

Published December 19, 2014 - 6:00am CST

Two Egypt-based insurers Arab Misr Insurance Group S.A.E. and Misr Insurance Co. are competing to secure a contract to provide insurance for Egypt's Petrotrade Co., Zawya reports citing Amwal Al Ghad.

U.K.: West Midlands organizations losing millions due to data loss incidents

Published December 19, 2014 - 6:00am CST

Data loss has been costing organizations in the U.K.'s West Midlands region millions of pounds every year, BQ Live reported.

Malaysia: Floods affect transport services, prompt evacuations

Published December 19, 2014 - 6:00am CST

Floods have hit Malaysia's east coast states of Terengganu, Pahang and Kelantan, prompting evacuations of more than 12,000 people and closing several road networks, reports Malay Mail Online.

Insurers and reinsurers must find ways to improve efficiency: Hamilton chief

Published December 19, 2014 - 6:00am CST

Kathleen Reardon, chief executive of Bermuda-based reinsurer Hamilton Re Ltd. has urged insurers and reinsurers to find ways of doing business more efficiently, The Royal Gazette reported.

U.S. weighs response to Sony hacking attack blamed on North Korea

Published December 18, 2014 - 1:55pm CST

(Reuters) — The United States was considering possible options on Thursday in response to a major cyber attack on Sony Pictures blamed on North Korea, amid calls for tougher sanctions on Pyongyang to cut it off from the global banking system.

Cooper Gay launches reinsurance unit in Uruguay

By: Shelby Livingston

Published December 18, 2014 - 11:12am CST

Cooper Gay Swett & Crawford Ltd. on Wednesday said it has launched Cooper Gay Uruguay to place facultative and treaty reinsurance for personal, health, property and casualty lines for insurance companies in the region.

Japanese authorities try to contain bird flu

Published December 18, 2014 - 6:00am CST

Following the detection of a bird flu virus in a poultry farm in Japan's Miyazaki prefecture, the prefectural government and other bodies are taking steps to contain the virus, Inquirer.net reported.

Insurance claims in energy sector on the rise: Allianz official

Published December 18, 2014 - 6:00am CST

Chris Dye, claims director at Allianz Global Corporate & Specialty S.E., has said that the cost of energy insurance claims have been continually increasing, Oil & Gas Financial Journal reports.

Australian insurers to maintain high capital ratios in 2015: Fitch

Published December 18, 2014 - 6:00am CST

Fitch Ratings Ltd. has said that Australian insurers are likely to maintain their high capital ratios in 2015, Asia Insurance Review reported.

Brazil's environmental insurance premium volume to almost double in 2015: Association

Published December 18, 2014 - 6:00am CST

Sincor-SP, the insurance association of Sao Paulo, Brazil, has said that environmental insurance premium volume in the country could almost double in 2015, BNamericas reports.

AIG Thailand eyes double-digit growth in financial-insurance product line

Published December 18, 2014 - 6:00am CST

AIG Thailand Group expects double-digit growth in its financial insurance product line on the back of directors and officers liability policies, The Nation reported.

U.K.: Railway networks at risk from climate change and rising sea levels, study says

Published December 18, 2014 - 6:00am CST

A study has concluded that around 41% of the railway network across the Westcountry region is at risk from climate change and rising sea levels, reported Western Morning News.

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