Across the Asia Pacific region, companies continued to be concerned about Business interruption & supply chain (42%), Natural catastrophes (34%) and Fire & explosion (25%) as these topped the risk rankings again in the latest fourth annual Allianz Risk Barometer.
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Cyclone Hudhud, which lashed eastern India and Nepal last October was the most expensive natural catastrophe event in terms of overall loss in the world last year, according to Munich Re, in a review of natural catastrophes in 2014. The loss caused by the cyclone was US$7 billion.
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With the declaration of the December 2014 Sydney café siege as a terrorist event, businesses affected by the event were able to file insurance claims and be eligible for payouts.
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Fosun International Ltd and Meadowbrook Insurance Group Inc have entered into a definitive agreement under which Fosun will acquire Meadowbrook for US$8.65 per share in cash, representing an aggregate transaction value of approximately US$433 million.
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China's aviation industry is expected to grow rapidly in the coming years, with a recent report estimating that by 2020, China's demand for utility aircraft will hit 10,000, of which 6,000 will be piston-powered, 2,000 turboprop, 500 business jet, 1,000 helicopters, and 500 "others", said XL Group.
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RMS, a leading catastrophe risk management firm, has said it is expanding its business relationship with the China Reinsurance Group (China Re) to further the reinsurer's efforts to cultivate its presence outside of China.
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Towers Watson has encouraged insurers to start preparing for the Quantitative Impact Study (QIS) exercise that will take place during the next phase of development in the preparation for a new Risk-Based Capital (RBC) framework for the insurance industry in Hong Kong.
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The Insurance Regulatory and Development Authority (IRDA) has changed its name to Insurance Regulatory and Development Authority of India.
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The insurers of budget airline Indonesia AirAsia have prepared IDR300 billion (US$23.61 million) as a standby fund to be paid to the families of 155 passengers on board AirAsia Flight QZ8501 and an additional US$46 million for the aircraft.
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Korean Re has indicated that it is keen to establish a subsidiary in Lloyd's in London this year, reported BusinessKorea.
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Generali has entered into an agreement with Multi-Purpose Capital Holdings Bhd - a wholly owned subsidiary of the Malaysian group headed by MPHB Capital - to acquire a 49% stake in its P&C insurance subsidiary, Multi-Purpose Insurans Berhad (MPIB), for a consideration of EUR81.4 million (US$94.15 million).
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Public infrastructure damage caused by the floods is estimated at MYR2 billion (US$560 million), according to International Trade and Industry Minister, Mr Mustapa Mohamed.
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Nepal Reinsurance Co Ltd (NRCL), Nepal's first reinsurance company, has started operation.
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A low-cost insurance innovation for the very low-income households in Hyderabad, Sindh, has been successful in limiting child labour, reported Dawn.com.
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Tropical storm Mekkhala had battered Tacloban last month with winds of up to 130km/h and cut short Pope Francis' visit to the city.
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Partner Reinsurance Asia Pte Ltd, a wholly owned subsidiary of PartnerRe Ltd, has been licensed by the Monetary Authority of Singapore (MAS) to operate as a non-life and life reinsurer, capitalised in Singapore.
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The Insurance Board of Sri Lanka (IBSL) has granted licences to seven new insurance companies to commence business operations from the 1st of January 2015.
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LeapFrog Investments and Lombard Investments will each acquire approximately 11% of Syn Mun Kong Insurance Public Co Ltd (SMK), from Royal & Sun Alliance Insurance Plc. Founded in 1951, SMK is Thailand's second largest automobile insurer and fifth largest general insurer.