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Barclays takes $77M hit from British and U.S. fines

Published September 23, 2014 - 2:50pm CST

(Reuters) — British bank Barclays P.L.C. was hit with a combined $77 million in fines from British and U.S. regulators on Tuesday as the lender continues to be dogged by problems from its past.

Canada may spread oil-by-rail insurance burden, mulls special fund

Published September 23, 2014 - 10:17am CST

(Reuters) — The Canadian government is looking at extending the insurance burden for crude-by-rail disasters beyond just railways and is weighing the idea of a special fund similar to one once set up for maritime oil spills, a government official said.

China: Expected financial reform attracts foreign insurers

Published September 23, 2014 - 5:45am CST

Major global insurers are increasingly eyeing expansion prospects in China as they expect the country to push financial reforms, which could unlock further insurance opportunities, reported.

Australian insurers report high profits: KPMG

Published September 23, 2014 - 5:42am CST

KPMG L.L.P has said in a report that Australian insurers have posted higher earnings during the 12 months to June 30, 2014, recording combined profits of $4.96 billion Australian ($4.4 million) and an 18.5% insurance margin, reports Business Spectator.

Kenya: Insurers say claims handled well even as traders complain

Published September 23, 2014 - 5:41am CST

Kenya's insurance sector, responding to traders' complaints that underwriters ignored them after the 2013 Westgate mall attack, said it has handled claims in the best way possible, The Star reported.

Canada: Government looks to extend crude-by-rail insurance burden

Published September 23, 2014 - 5:39am CST

Canada's government is planning to extend the oil-by-rail disasters' insurance burden beyond just railways, reports Reuters citing a government official.

India: Higher insurance premium prices expected for aviation insurance

Published September 23, 2014 - 5:37am CST

Airline and insurance executives in India have said that airlines in the country will probably have to pay 20% to 25% more for insurance premiums, Mint reported.

Philippines: Crop damage from storms pegged at $109 million

Published September 23, 2014 - 5:35am CST

The Philippines' Department of Agriculture has said that crop damage losses from typhoon Luis and tropical Storm Mario have reached 1.14 billion Philippine pesos ($109 million), reports AsiaOne.

Economic catastrophe feared in West Africa due to Ebola epidemic

Published September 23, 2014 - 5:34am CST

The Ebola epidemic is threating livelihoods and economies of West African nations such as Liberia, Guinea and Sierra Leone, while also causing a health crisis, reports.

Argentina: Higher risk exposure for insurers from investment rule, says Moody's

Published September 23, 2014 - 5:32am CST

Moody's Investors Service Inc. has said in a report that the Argentine government's recent move to increase insurers' minimum investment amount in the infrastructure and SME sectors to 8% to 18% has exposed the insurers to the increasing risks in these sectors.

New Zealand: Magnitude-5.5 earthquake hits North Island

Published September 23, 2014 - 5:31am CST

The North Island province of New Zealand has been hit by a 5.5-magnitude earthquake, reported The New Zealand Herald.

India: GIC Re calls for fairer business practices from major firms

Published September 23, 2014 - 5:29am CST

A.K. Roy, chairman and managing director of General Insurance Corp. of India, has urged some of the country's large state-owned companies to follow fair and unbiased business practices while looking for reinsurance covers, reported The Asian Age.

India: Estimated losses from crop damage in Kashmir reach $603.2 million

Published September 23, 2014 - 5:28am CST

Floods in Kashmir, India, have caused considerable damage to the agriculture sector with total losses reaching 36.74 billion Indian rupees ($603.2 million), reports Businessworld.

Arab Bank found liable over Hamas attacks, U.S. jury says

Published September 22, 2014 - 4:18pm CST

(Reuters) — In a first-of-its-kind case, a U.S. jury on Monday said Arab Bank P.L.C. provided material support to Hamas and must therefore compensate the victims of two dozen attacks the Islamic militant group allegedly carried out in Israel and the Palestinian territories.

French court rules UBS must deposit 1.1B euro in tax probe

Published September 22, 2014 - 11:21am CST

(Reuters) — A French appeals court ruled on Monday Swiss bank UBS must deposit a guarantee of 1.1 billion euros ($1.41 billion) in an investigation of charges it helped wealthy French customers avoid tax, the prosecutor’s office said.

Series of earthquakes hits Philippines, damages many buildings

Published September 22, 2014 - 5:45am CST

The Philippine Institute of Volcanology and Seismology has said that about a dozen earthquakes were recorded in a southern Philippine town that destroyed 17 buildings, reports The Weather Network.

Taiwan: Rules targeting insurers' risk-based capital ratio approved

Published September 22, 2014 - 5:44am CST

An amendment to the Insurance Act that targets insurers' minimum risk-based capital ratio has been approved by a government authority, The China Post reported.

Pakistan: Floods damage 986,000 hectares of crops

Published September 22, 2014 - 5:42am CST

Around 986,000 hectares of crops have been damaged in Pakistan owing to the recent floods, resulting in projections for a major production fall, reports.

Singapore become Asian insurance hub for construction risk insurance

Published September 22, 2014 - 5:41am CST

Singapore-based firms have been expected to underwrite construction projects worth $4.5 billion in 2014, marking a 22% growth during the past five years, reported Asia Insurance Review.

Philippines: Tropical storm 'Mario' results in damage worth $1.71 million

Published September 22, 2014 - 5:39am CST

The Philippines' Ilocos Norte province has experienced widespread damage to its infrastructure, livelihood and crops as a result of the tropical storm 'Mario', reports

Nigeria: Majority of port insurance papers fake, says association

Published September 22, 2014 - 5:37am CST

Sunday Thomas, director-general of the Nigerian Insurers Association, has said that nearly 75% of insurance papers secured by importers in the maritime industry are bogus, reports Nigerian Bulletin.

Chrysler recalls 230,000 SUVs because of fuel pump relay problem

Published September 22, 2014 - 5:34am CST

An issue with fuel pump relay has prompted Chrysler Group L.L.C. to recall more than 230,000 sport utility vehicles, of which around 189,000 were sold in the United States, reports MarketWatch.

Indonesia: Gross general insurance claims up 27.9% in first half of 2014

Published September 22, 2014 - 5:33am CST

Figures from the regional general insurance association have shown that gross general insurance claims in Indonesia reached 9.86 trillion Indonesian rupiahs ($830.2 million) during the first half of 2014, reported.

Yemen: Airport closed after clashes between army and rebels in Sanaa

Published September 22, 2014 - 5:31am CST

Major clashes between rebels and the army in Sanaa, Yemen, have left 71 dead and forced many to flee their homes, Nigerian newspaper The Punch reported.

Air France's fate in balance as pilots strike: Minister

Published September 22, 2014 - 5:27am CST

France's Transport Minister Alain Vidalies has said the fate of Air France might be at stake due to the ongoing pilots' strike, reported Business Spectator.

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