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India: Claims from cyclone, floods could reach nearly $1 billion

Published October 23, 2014 - 5:43am CST

Indian general insurers' profits for fiscal year 2015 are likely to be hit by the damage from the recent cyclone Hudhud and the Jammu and Kashmir floods, The Hindu Business Line reports.

European insurers losing billions to fraud because of outdated methods: SAS

Published October 23, 2014 - 5:41am CST

SAS Institute Inc. has said that European insurers are probably losing billions of dollars annually from fraud because of outdated fraud detection methods, and the gap between detected and actual fraud is widening, Computerworld UK reported.

Mexican insurance sector's growth expected to reach 5-7% in 2014: Fitch

Published October 23, 2014 - 5:39am CST

Fitch Ratings Ltd. has predicted that the Mexican insurance sector’s premiums will grow around 5% to 7% this year, a bit slower than in 2013, reported.

Heavy downpour causes massive destruction in Canary Islands

Published October 23, 2014 - 5:36am CST

Heavy rains hit the Tenerife and Santa Cruz regions of Canary Islands resulting in widespread damage, The Weather Network reported.

Indonesia: Mount Sinabung expected to continue erupting for long time

Published October 23, 2014 - 5:34am CST

An increase in seismic activity has been recorded at Mount Sinabung in North Sumatra, Indonesia, and an observation group said eruptions at the volcano are expected to continue for a long time, The Jakarta Post reports.

U.K.: Ban on pesticides could cost food supply chain $4 billion per year, report says

Published October 23, 2014 - 5:33am CST

A report published by The Andersons Centre has said that the present European Union policy of banning some pesticides could cut into the U.K. agricultural industry's profits, Farmers Guardian reports.

Earthquake at Colombia-Ecuador border triggers fears of volcanic eruptions

Published October 23, 2014 - 5:31am CST

A 5.6-magnitude earthquake that recently hit the Colombia-Ecuador border region has triggered fears of eruptions at two volcanoes – Cerro Negro and Chiles – reported Colombia Reports.

Indonesia: New insurance law won’t dent M&As with foreign insurers, Fitch says

Published October 23, 2014 - 5:29am CST

Fitch Ratings Ltd. has said that Indonesia's new insurance law is not expected to dissuade mergers and acquisitions involving foreign insurers, The Jakarta Post reported.

Brazil: Medicine factory blast injures 26

Published October 23, 2014 - 6:00am CST

A blast at a medicine factory in Minas Gerais, Brazil, has injured around 26 people, Fox News Latino reports.

Germany: Storm damage in Bavaria pegged at up to $1.3 million

Published October 23, 2014 - 6:00am CST

Powerful storms have caused damage worth up to €1 million ($1.3 million) in Germany's Bavaria state, Xinhua reports.

Insured damages in Bermuda from Gonzalo estimated at $200M-$400M: AIR

By: Mark A. Hofmann

Published October 22, 2014 - 2:47pm CST

Last week's Hurricane Gonzalo caused estimated insured damages of between $200 million and $400 million in Bermuda, catastrophe modeler AIR Worldwide said Wednesday.

Munich Re, Ace among those best prepared to handle climate change risks: Ceres

Published October 22, 2014 - 6:18am CST

U.S.-based advocacy group Ceres has said that Munich Reinsurance Co. and Ace Ltd. are among the nine insurance sector players it found to be best prepared to manage climate change-related risks, Bloomberg reported.

South African insurers scouting for opportunities in other African nations: PwC

Published October 22, 2014 - 6:16am CST

PricewaterhouseCoopers L.L.P has said that South African insurers have been looking at Kenya, Nigeria and Ghana for expansion to diversify from their slow-growing home market, Bloomberg reports.

Portugal: Lisbon subway workers' strike hits public transport

Published October 22, 2014 - 6:15am CST

Lisbon subway workers have launched a 24-hour strike to protest the government's plans to privatize the metro system, Deutsche Welle reported.

Economic damage worse in El Nino and La Nina years: Study

Published October 22, 2014 - 6:13am CST

A new study has concluded that around 44% of the earth's surface sees worse economic damage during years when the El Nino and La Nina occur, Blue & Green Tomorrow reports.

Reinsurers must seize opportunities in ‘new world of risk’: Hamilton CEO

Published October 22, 2014 - 6:11am CST

Brian Duperreault, chief executive of Hamilton Insurance Group Ltd., has said that the reinsurance industry has taking a slow approach towards tapping new risks, The Royal Gazette reports.

Mexico: Tropical storm Trudy damages roads, crops

Published October 22, 2014 - 6:10am CST

Heavy rains due to tropical storm Trudy in southern Mexico have caused major damage and claimed at least six lives, The Weather Channel reported citing the Associated Press.

Canada: Workers compensation premium rates in Saskatchewan to fall in 2015

Published October 22, 2014 - 6:06am CST

The Saskatchewan Workers' Compensation Board in Canada is looking to reduce premium rates by an average of 3.3% in 2015, saying it has seen a better safety record and effective return-to-work schemes, Leader Post reported.

China-backed hackers target Apple's iCloud users: Blog

Published October 21, 2014 - 3:16pm CST

(Reuters) — Apple Inc.'s iCloud storage service in China was attacked by hackers trying to steal user credentials, a Chinese web monitoring group said, adding that it believes the Beijing government is behind the campaign.

Ace excludes Ebola claims for some new and renewal general liability policies

By: Douglas McLeod

Published October 21, 2014 - 2:55pm CST

Ace USA confirmed Tuesday that it will exclude coverage for Ebola claims under new and renewal general liability polices issued to companies that have exposures to certain African countries.

Record claims to boost price of insuring airplanes against attack

Published October 21, 2014 - 11:46am CST

(Reuters) — Insurers worldwide are going to have to pay up to a record $800 million to cover the damage done by attacks on airplanes this year.

OFF BEAT: Art’s value in eyes of the beholder

Published October 21, 2014 - 11:17am CST

Ever wonder who is worth more — the world’s most famous portrait or one of the showbiz world’s power couples?

Russia ruled out as culprit in Chase cyber security breach, U.S. officials say

Published October 21, 2014 - 10:57am CST

(Reuters) — The Russian government has been ruled out as sponsor of a cyber attack on JPMorgan Chase & Co. disclosed in August, U.S. law enforcement officials said Monday.

Hurricane Gonzalo insured damages estimated around $300M

By: Mark A. Hofmann

Published October 21, 2014 - 10:48am CST

Insured damage in Bermuda from last week's Hurricane Gonzalo should be around $300 million, according to a report issued by catastrophe modeler CoreLogic Eqecat.

Swiss Re to sell U.S. life unit Aurora to RGA

Published October 21, 2014 - 9:40am CST

(Reuters) — Swiss Re Ltd. on Tuesday said it is selling its U.S. life insurance arm, Aurora National Life Assurance Co., to Reinsurance Group of America Inc. for an undisclosed price.

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