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Indonesia lawmakers seek to limit foreign ownership in insurers

Published August 22, 2014 - 8:54am CST

(Reuters) — Indonesian lawmakers are looking into the possibility of reducing the stake foreign investors are allowed to hold in local insurers, the latest move toward more nationalistic policies in Southeast Asia's biggest economy.

Egypt: 3,000 factories shut due to recurring blackouts

Published August 22, 2014 - 5:14am CST

Recurring power cuts pose a threat to several businesses in Egypt, Xinhua reported.

Concerns over terrorism rise in Chile after recent bomb attacks

Published August 22, 2014 - 5:13am CST

Santiago, the capital of Chile, seems to be increasingly facing the threat of bomb attacks, BNamericas reported.

Ireland: Rail strike will damage economy, says exporter association head

Published August 22, 2014 - 5:12am CST

Planned work stoppages in Ireland, slated to be held on Sept. 7 and Sept. 21, will cause considerable damage to the economy, said Simon McKeever, head of the Irish Exporters Association.

U.K.: Bad weather takes bite out of Ecclesiastical Insurance's profits

Published August 22, 2014 - 5:10am CST

U.K.-based insurer Ecclesiastical Insurance Group P.L.C. recorded a 25% year-on-year decline in pre-tax profit to 18.4 million ($31.4 million) in the first half of 2014, Gloucester Citizen reported.

Mexico: Oil thieves cause pipeline leak, pollute river

Published August 22, 2014 - 5:09am CST

An oil spill that contaminated a stretch of the Rio San Juan river will "take approximately two to three months" to clean up, David Korenfeld, head of Mexico's national water commission, said.

China: Railway station site in Xinjiang catches fire

Published August 22, 2014 - 5:08am CST

A fire engulfed 600 square meters of an unfinished railway station in China's Xinjiang Uygur Autonomous Region, Xinhua reported.

Malaysia: Takaful companies advised to consider merging

Published August 22, 2014 - 5:06am CST

Takaful firms in Malaysia have been advised to consider merging soon due to potential limited growth prospects and strong competition, particularly with the approaching de-tariffication of fire and motor insurance in 2016.

Zambia: KCM property damaged by revolting miners

Published August 22, 2014 - 5:05am CST

Miners in Chingola damaged property worth thousands of Zambian kwacha belonging to Konkola Copper Mines P.L.C. as they sought higher wages and improved work conditions, reported Lusaka Times. KCM residential flats were among the damaged properties.

Russia's Soglasie Insurance pays $184,451 for ship engine damage

Published August 22, 2014 - 5:03am CST

Russia-based Soglasie Insurance Co. Ltd. has made an insurance payment of more than 6.7 million Russian rubles ($184,450) to a shipping company for damage to a vessel's main engine, Forinsurer reported.

After Russia targets McDonald's, businesses wonder who's next

Published August 21, 2014 - 11:19am CST

(Reuters) — Russia said on Thursday it was investigating dozens of McDonald's restaurants, in what many businessmen said was retaliation for Western sanctions over Ukraine that they fear could spread to other symbols of Western capitalism.

Steve Niparko joins Aon Risk Solutions' Denver construction group

By: Kate Shepherd

Published August 21, 2014 - 9:47am CST

Aon Risk Solutions has appointed Steve Niparko as senior vice president and strategic account manager of the firm’s construction services group for the Denver office.

Marine insurers consider risks of Arctic shipping routes

Published August 21, 2014 - 5:41am CST

The shipping industry is increasingly looking at the possibility of using the Arctic shipping routes, leading insurers to consider the situation.

Drought in Brazil third most costly natural disaster worldwide in 2014 first half: Aon

Published August 21, 2014 - 5:40am CST

The drought in Brazil was the third-most expensive natural catastrophe in the world during the first half of 2014, leading to economic losses of $4.3 billion, Aon Benfield Inc. said.

IAG's New Zealand unit pays out $2.9 billion for Canterbury earthquakes damage

Published August 21, 2014 - 5:38am CST

Insurance Australia Group Ltd.'s New Zealand arm has paid out more $3.3 billion New Zealand ($2.9 billion) for the Canterbury earthquakes damage and has settled 58% of the claims, The New Zealand Herald reported.

Niger Insurance looks to provide terrorism cover in Nigeria

Published August 21, 2014 - 5:37am CST

Niger Insurance P.L.C. is working with foreign reinsurers to provide terrorism insurance products in Nigeria, ThisDay Live reported.

China: Direct economic losses from heavy rains, hailstorms in Ningxia total $34 million

Published August 21, 2014 - 5:36am CST

Heavy rains and hailstorms have hit China's Ningxia Hui Autonomous Region, killing four and resulting in direct economic losses of about 210 million Chinese yuan ($34 million), Xinhua reported.

Oman: Minimum capital for insurers increased to $26 million

Published August 21, 2014 - 5:34am CST

Insurers in Oman have been directed to increase their minimum capital to 10 million Omani rials ($26 million) from OMR 5 million, Times of Oman reported.

Japan: Landslides kill at least 36 in Hiroshima

Published August 21, 2014 - 5:32am CST

Landslides triggered by heavy rains have claimed at least 36 lives in Japan's Hiroshima city, Reuters reported.

Chrysler, General Motors to recall vehicles in China

Published August 21, 2014 - 5:30am CST

Chrysler Group L.L.C. and General Motors Co. will recall vehicles in China over software flaws and airbag issues, respectively, Xinhua reported.

Belarus: Finance ministry issues standards for safe operations for insurers

Published August 21, 2014 - 5:27am CST

The Finance Ministry of Belarus recently introduced standards to ensure proper operation of insurers, reports Forinsurer.

OFF BEAT: Adjuster who drove her way out of a job winds up with settlement

Published August 20, 2014 - 10:19am CST

Even when a loss assessor contributes to losses for the insurer she works for it’s apparently not sufficient grounds in Ireland to fire her.

China says testing catastrophe insurance system

Published August 20, 2014 - 8:30am CST

(Reuters) — China is testing out an insurance system to fund reconstruction work after natural disasters as part of a broader push to expand the insurance sector, a top regulator said on Wednesday.

Russia: Central bank mulling support for insurers hit by reinsurance shortage

Published August 20, 2014 - 5:32am CST

SOGAZ Insurance Group's chairman Sergei Ivanov has said that the Russian central bank is discussing options to support insurers in the country who have been affected by a lack of reinsurance capacities, Forinsurer reported citing Interfax.

Iraq: Insurers increase political risk premiums

Published August 20, 2014 - 5:30am CST

Insurer Clements Worldwide said the threat of violence due to the presence of Islamic State of Iraq and the Levant in northern Iraq has prompted insurers to increase political risk premiums, reports Middle East Insurance Review citing news website Quartz.

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