News

Egypt:Insurance premiums to increase by 30% with currency devaluation

Egypt’s decision last week to devalue its currency by 48% and to allow it to float will lead to insurance premiums rising by 25% to 30%, according to industry players. Insurance executives also expect reinsurance premiums to increase by up to 25% during next year’s renewals due to increases in the value of insured assets...

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Iran – Sovereign Ratings Upgraded

Overview Capital Intelligence (CI), the international credit rating agency, today announced that it has upgraded Iran’s Long-Term Foreign and Local Currency Ratings to ‘BB-‘ from ‘B+’, and affirmed its Short-Term Foreign and Local Currency Ratings at ‘B’. Attachments Credit Rating Announcement (CRA) PDF Download Available Sovereign Rating Report (Iran) Purchase Available – View price list...

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Fire in 6th Refinery of South Pars Contained

TEHRAN, Aug 30 (Shana) – Fire in the sixth refinery of South Pars was fully put out just while ago and cooling operations will continue for another hour just to be sure of re-ignition of the flames, according to senior HSE commander Mehdi Youssefi. Fire in the Seorm Basin of the sixth refinery of phases...

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AM Best: Italy’s quake insured losses, around 10%

Earthquake insurance penetration rates across Italy, very low at about 1 or 2% AM Best released a briefing on last week’s earthquake in Italy, according to which, and following initial discussions with operators in the market, it says it expects insurance losses for the earthquake to be around 10% of the total economic losses. Although...

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Industry net profit grows 15% as claims losses dip

Insurers and reinsurers are in the midst of a dismal financial period, according to recent reports in insuranceNEWS.com.au, but new figures from the prudential regulator show they nevertheless made a combined after-tax net profit of $3 billion for the year to June 30 ­– a 15.3% rise on the previous year. The Australian Prudential Regulation...

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Swiss Re makes Middle East, Africa reinsurance appointment

Swiss Re Ltd. has appointed Tavaziva Madzinga as reinsurance managing director and market executive for Middle East and Africa effective Nov. 1, it announced Tuesday.Mr. Madzinga will replace Frank O’Neill who recently was appointed CEO of Swiss Re U.K.Mr. Madzinga previously was regional CEO for south and east Africa at Pinelands, South Africa-based Old Mutual...

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Zurich names new Asia-Pacific chief

Zurich has announced former Generali executive Jack Howell as its new Regional CEO for the Asia-Pacific. From September 1 Jack Howell will replace Stuart Spencer in the Hong Kong-based role, reporting directly to Group CEO Mario Greco. Mr Howell was formerly Generali’s regional officer for Asia. Mr Greco, who moved to Zurich from Generali in...

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