Netherlands bails out ING
The Dutch government has handed €10bn (£7.8bn) to bank and insurance group ING. The government will take non-voting preferred shares in the group, giving it an 8.5% stake. ING said this would create “a strong buffer to navigate the market and economic environment”.
The California Department of Insurance, which intervenes when insurance companies are slow to pay customers, has recovered $12.7m (£7.5m) from insurers on claims resulting from last October’s wildfires in the state.
Swiss Re’s Malawi deal
Swiss Re has entered into a weather derivative contract with the International Development Association, part of the World Bank. Swiss Re will pay up to $5m (£2.9m) if Malawi’s farmers are hit by a drought that leads to a shortfall in maize production.
UK ‘already in recession’
The UK economy is already in recession, according to a new study from Ernst & Young. The report says the economy has worsened dramatically in the past three months and forecasts contraction for the next three quarters.
Cyber crime on the rise
Internet criminals are getting more sophisticated and increasing the number of attacks they launch, the FBI has warned. Shawn Henry, new head of the bureau’s cyber division, said it had thousands of open cases.