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Increase in government levies, reinsurance costs to lead to rise in premiums: Official
Ray Brott, partner at New Zealand-based insurance broker Emerre and Hathaway Insurances Ltd., said that insurance premiums are likely to rise over the next two years due to increases in government levies and reinsurance costs.

POSTED SEPTEMBER 25, 2017 4:00 AM
African businesses lose $2 billion to cyber attacks: Official
Dele Aden, managing director of Ghana-based cyber security firm Delta3 International Ltd., said that businesses in Africa lost $2 billion to cyber attacks in 2016.

POSTED SEPTEMBER 25, 2017 4:00 AM
Damaged pipeline grounds more than 100 flights, causes fuel shortage: Official
Judith Collins, New Zealand's energy and resources minister, said that a damaged pipeline that resulted in a fuel shortage across the country and grounded more than 100 flights, was restarted on Sep. 24.

POSTED SEPTEMBER 25, 2017 4:00 AM
As volcano likely to erupt, governor declares province-wide natural disaster
Mangku Pastika, governor of Indonesian province of Bali, declared a province-wide natural disaster before the expected eruption of Mount Agung volcano.

POSTED SEPTEMBER 25, 2017 4:00 AM
Dubai authorities take steps to reduce skyscraper fire risk
The Dubai Land Department is encouraging local property owners to replace non-fire-resistant building facades in collaboration with the city's real estate developers.

POSTED SEPTEMBER 25, 2017 4:00 AM
Latin American trade bloc members mulling cat bond
Larisa Mora-Aguila, Mexico's deputy director of public debt office, said that four members of Latin American trade bloc Pacific Alliance plan to issue a catastrophe bond with assistance from The World Bank Group.

POSTED SEPTEMBER 25, 2017 4:00 AM
Automakers likely to face billions of euros in fines
A study by U.K.-based PA Consulting Group Ltd. found that automakers including Germany-based Volkswagen A.G., BMW A.G. and Daimler A.G. are likely to face fines running into the billions of euros for failing to meet new European carbon dioxide emissions limits slated for 2021.

POSTED SEPTEMBER 25, 2017 4:00 AM
Restaurants, traders yet to receive insurance payout following London Bridge terror attack
Restaurant and traders around Borough Market in London said that they have yet to receive payouts from insurers under their terrorism protection policies despite their businesses being closed for more than 10 days after the London Bridge terror attack on June 3.

POSTED SEPTEMBER 25, 2017 4:00 AM
Hurricane Maria likely to cause $30 billion in damage in Puerto Rico
U.S.-based disaster modeling firm Enki Holdings L.L.C. said that hurricane Maria caused an estimated $30 billion worth of damage in Puerto Rico.

POSTED SEPTEMBER 25, 2017 4:00 AM
Mexico quake losses could reach $2 billion: AIR
Insured losses from the magnitude 7.1 earthquake that struck central Mexico Sept. 19 will be between 13 billion and 36.7 billion Mexican pesos ($726.7 million and $2.05 billion), according to catastrophe modeling firm AIR Worldwide.

POSTED SEPTEMBER 22, 2017 4:26 PM

News – Insurance Journal

Japan Post’s Stock Sale Raises $11B, but Demand Is Subdued
A government sale of Japan Post Holdings Co. stock raised $11 billion in the world’s second-biggest share sale this year, with the postal and financial giant’s attractive dividend yield helping drum up sufficient, albeit subdued, demand. The stock priced at …

POSTED SEPTEMBER 25, 2017 10:54 AM
Bank of England Seeks Brexit Deal to Cover Derivative, Insurance Contracts
The Bank of England said an agreement is needed as part of the Brexit process to protect the “long-term validity” of 20 trillion pounds ($27.1 trillion) of existing derivative contracts. The BOE’s Financial Policy Committee said on Monday that after …

POSTED SEPTEMBER 25, 2017 10:21 AM
Oversight Panel Makes No Changes in Systemic Risk Tags on Insurers
A panel of U.S. regulators decided after meeting on Friday to stick with its existing policy for stricter rules on a handful of large financial institutions it deems “systemically important.” The Financial Stability Oversight Council convened Friday to potentially remove …

POSTED SEPTEMBER 25, 2017 5:00 AM
Legal Experts See Room for Deal in Equifax Data Breach Lawsuits
Equifax Inc. could get away with paying a mere $1 per person after failing to protect almost half of America’s credit data. While the 118-year-old credit-reporting firm has been hit with more than 100 consumer lawsuits over its massive security …

POSTED SEPTEMBER 25, 2017 5:00 AM
Despite Indefensible Process, Senate Should Pass Graham-Cassidy Health Care Bill: Viewpoint
Before Obamacare, state governments were the chief regulators of health insurance. Obamacare put the federal government in that role. The latest Republican health-care bill, sponsored by Senators Lindsey Graham, Bill Cassidy and others, would partially reverse that shift in authority. …

POSTED SEPTEMBER 25, 2017 5:00 AM
DUAL’s Construction Division in North Carolina Adds Mahar as Senior Underwriter
DUAL Commercial has hired John Mahar as a senior underwriter within its Construction Division. Mahar will be located in DUAL’s new office in Charlotte, NC. Mahar has more than 18 years of experience in the insurance industry with the majority …

POSTED SEPTEMBER 25, 2017 4:49 AM
Federal Judge Tentatively Approves West Virginia Chemical Spill Settlement
A federal judge has tentatively approved a revised settlement to a class-action lawsuit over a West Virginia chemical spill that left up to 300,000 people without tap water for up to nine days. U.S. District Judge John Copenhaver on Thursday …

POSTED SEPTEMBER 25, 2017 4:28 AM
2nd Sinkhole Opens in Florida Neighborhood
A second sinkhole opened up in a Florida neighborhood about a half-mile (.8 kilometers) from where a home was partially swallowed by one earlier the same week. Orange County Fire Rescue spokeswoman Kathleen Kennedy says the sinkhole reported Thursday morning …

POSTED SEPTEMBER 25, 2017 4:22 AM
Kentucky AG Hires 4 Law Firms To Investigate Opioid Industry
Kentucky’s Democratic attorney general says he has hired four law firms to investigate and potentially sue several makers and marketers of opioid-based painkillers that have spurred a wave addiction across Appalachia. But Republican Gov. Matt Bevin’s administration said Andy Beshear’s …

POSTED SEPTEMBER 25, 2017 4:19 AM
Scott Issues Emergency Order to Florida Nursing Homes After 11 Patient Deaths
After 11 nursing home residents died in the sweltering heat of hurricane-induced power outages, Florida’s nursing home industry is now on a collision course with Gov. Rick Scott. Days after Hurricane Irma ravaged the state, Scott used his emergency powers …

POSTED SEPTEMBER 25, 2017 4:08 AM

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