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Global crisis management and political risk insurance to grow: KPMG

Published August 09, 2016 - 5:54am CST

KPMG L.L.P. has said in a report that the global crisis management and political risk insurance market is expected to top $10 billion by 2018, GTNews.com reported.

Italian watchdog fines Volkswagen $5.5 million over emissions scandal

Published August 09, 2016 - 5:53am CST

Italy's anti-trust agency said that it has imposed a €5 million ($5.5 million) fine on German automaker Volkswagen A.G. over the emissions scandal, Reuters reported.

Firefighters battle hundreds of forest fires across Portugal

Published August 09, 2016 - 5:52am CST

Authorities have said that over 4,400 firefighters are battling hundreds of forest fires across Portugal, Lancaster Online reports.

Oil rig runs aground off Western Isles of Scotland

Published August 09, 2016 - 5:50am CST

The Transocean Winner, a 17,000-ton drilling rig, has run aground off the Western Isles of Scotland in heavy winds, The Weather Channel reported citing news agencies.

Sri Lanka floods have greater impact on insurers than 2004 tsunami

Published August 09, 2016 - 5:49am CST

Dirk Pereira, president of the Insurance Association of Sri Lanka, said that the negative impact of the recent floods on insurers "is greater than that of the tsunami of December 2004," The Island reported.

BMW recalls further 28,577 vehicles in Australia over Takata airbag defect

Published August 09, 2016 - 5:48am CST

German carmaker BMW A.G. has expanded its recall of vehicles owing to faulty airbags manufactured by Takata Corp., The Motor Report reported.

Law lifts restrictions on foreign ownership of insurance adjustment firms

Published August 09, 2016 - 5:47am CST

The newly passed Republic Act 10881 has lifted the restrictions on the foreign ownership of insurance adjustment firms in the Philippines, The Manila Times reports.

Nonlife insurance market grows 11.8% in H1 in Lithuania

Published August 09, 2016 - 5:46am CST

Data by Lithuania's central bank has showed that the nonlife insurance market in the country grew 11.8% year on year to €230 million ($255 million) in the first half of 2016, The Baltic Course reported.

Cybercrime activity up in Brazil amid Olympics: Report

Published August 08, 2016 - 6:10am CST

Cyber security firm Fortinet Inc. has said in a report that cybercrime activity is increasing in Brazil, which is currently hosting the Olympics, Insightcrime.org reported.

Forest fire prompts evacuations in Spain

Published August 08, 2016 - 6:09am CST

A forest fire in La Palma island of Spain's Canary Islands archipelago has prompted evacuations of 500 more residents, The Advertiser reported.

Q2 results of some Brazilian insurers affected by recession

Published August 08, 2016 - 6:08am CST

Some Brazilian insurers have posted a fall in their earnings in the second quarter of 2016 owing to recession in the nation, BNamericas reported.

Foreign insurers in Japan call for improvement in corporate governance and risk management

Published August 08, 2016 - 6:07am CST

FNLIA, an association of 21 foreign insurers in Japan, has called for collaboration amongst regulators, policy influencers and insurance practitioners to improve corporate governance and risk management in the sector, Asia Insurance Review reported.

Firms must be vigilant while purchasing cyber insurance: Official

Published August 08, 2016 - 6:05am CST

Leon Fouche, an official at advisory firm BDO, has warned New Zealand-based firms against jumping straight into buying cyber insurance as cybercrime incidences rise, Stuff.co.nz reports.

Malaysia's insurance sector to undergo significant transformation

Published August 08, 2016 - 6:04am CST

Jessica Chew Cheng Lian, an official at Malaysia's central bank, said that the country's insurance sector will undergo its most significant transformation over the coming five to 10 years, New Straits Times Online reported.

Corruption probes, bankruptcies spur take-up of D&O in Brazil

Published August 08, 2016 - 6:03am CST

Brazilian insurance regulator Susep has said that there has been a surge in Directors and Officers liability insurance market in the country owing to corruption probes and numerous bankruptcies, Reuters reports.

Regulator issues guidelines for acquiring Indian insurers' shares

Published August 08, 2016 - 5:59am CST

India's Insurance Regulatory and Development Authority has issued guidelines for acquisition of shares in the nation's listed insurers, The Times of India reported citing the Press Trust of India.

Recent unrest likely to have cost traders, industrialists about $150 million

Published August 05, 2016 - 5:15am CST

An industry body said that the recent unrest in India's Jammu and Kashmir state is likely to cost traders and industrialists from Jammu region about 10 billion Indian rupees ($150 million), Daily Excelsior reports.

Airport closure likely to have cost Dubai $330 million

Published August 05, 2016 - 5:14am CST

The recent shutdown of Dubai International Airport following the crash-landing of an aircraft is likely to have cost the emirate around $330 million, Gulf Business reports citing newspaper Khaleej Times.

STX Offshore & Shipbuilding faces 25 civil lawsuits amounting to $92 million

Published August 05, 2016 - 5:13am CST

South Korea's STX Offshore & Shipbuilding Co. Ltd. is facing 25 civil lawsuits for claims totalling102 billion South Korean won ($92 million), reported The Korea Times.

Reinsurance supply exceeding demand: Hannover Re

Published August 05, 2016 - 5:13am CST

Hannover Re S.E. has said that supply of reinsurance capital and capacity is far exceeding demand in global property/casualty reinsurance space, "although further indications of a bottoming out in prices could be discerned," Artemis.bm reported.

Suncorp still has reinsurance available to cover 2011 Canterbury quake claims

Published August 05, 2016 - 5:11am CST

An official at Suncorp Group New Zealand Ltd. has said that the insurer still has reinsurance available to cover its outstanding claims related to the 2011 Canterbury quakes, Stuff.co.nz reports.

RSA Insurance underwriting profits soar

Published August 05, 2016 - 5:10am CST

U.K.-based RSA Insurance Group P.L.C.'s underwriting profit increased 63% to 119 million ($158 million) in the first half of 2016, International Business Times reported.

Tropical Storm Earl hits Belize and Mexico's Caribbean coastline

Published August 05, 2016 - 5:09am CST

Tropical Storm Earl has hit Belize and Mexico's Caribbean coastline with heavy rains and string wind, Reuters reported.

Tokio Marine Egypt General Takaful plans expansion

Published August 05, 2016 - 5:08am CST

Wael Badran, an official at Tokio Marine Egypt General Takaful, said that the insurer is looking to expand its footprint into three new regions of the country, Amwal Al Ghad reports.

Chinese insurers asked to examine business risks

Published August 04, 2016 - 5:35am CST

The China Insurance Regulatory Commission has asked insurers to examine their business risks and strengthen their risk controls, Reuters reported citing Caixin.

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