Gloomy outlook for Asia-Pacific insurers, says S&P

The Asia-Pacific insurance sector’s net ratings outlook is “somewhat negative” and pressure is expected to grow if a China-led regional slump worsens, according to Standard & Poor’s (S&P). “Insurers’ investment performance has dipped and become more volatile, while mounting competition has cut profit margins,” the ratings agency says. “Furthermore, business prospects for the insurance sector...

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Natural catastrophes cause $27 billion in insured losses in first half

Sarah Veysey Insured losses from natural catastrophes were $27 billion for the first half of 2016, up from $19 billion a year earlier, according to statistics released Tuesday by Munich Reinsurance Co. Overall, losses from natural catastrophes in the first half of 2016 totaled $70 billion, up from $59 billion in the first half of...

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Iran Petrochem Industry Hit by 2nd Fire in 1 Month

A fire at a petrochemical complex in western Iran was extinguished within hours after it broke out on Friday. The blaze at the Bistoon Petrochemical Company in Kermanshah Province was doused “within a few hours”, Shana quoted firefighters at the scene of the accident as saying. The complex produces linear alkyl benzene (LAB) and heavy...

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