Source: Business Insurance

July 25, 2019 A U.K. disciplinary tribunal has fined Dutch consultancy firm KPMG International £5 million ($6 million) for misconduct related to its audit for The Bank of New York Mellon Corp., The Irish Times reported citing sources. U.K.’s Financial Reporting Council said that KPMG signed off BNY Mellon’s reports between 2007 and 2011 but failed to comply with rules on safeguarding client assets.

Source: Business Insurance

July 25, 2019 U.K. oil tankers are keeping away from the Persian Gulf after Iran seized the Stena Impero oil tanker in the Strait of Hormuz on July 19, Hellenic Shipping News Worldwide reported citing sources. The U.K. navy recently escorted three oil vessels from the region after Iranian patrol boats tried to block the ships’ route. Iran has threatened to seize British ships in retaliation for the arrest of the Grace 1 off Gibraltar on July 4.

Source: Business Insurance

July 25, 2019 U.S.-based toymaker Hasbro Inc. plans to shift some of its production from China to new plants in Vietnam and India due to the U.S.-China trade war, Bloomberg reported. The toymaker said that U.S. goods produced in China could drop to about 50% by the end of 2020, from nearly two-thirds currently.

Source: Business Insurance

July 24, 2019 Retail stores were shuttered early on July 22 in Yuen Long and Tuen Mun in Hong Kong amid growing fears of attacks on civilians by gangsters, Inside Retail Asia reports. The long-running protests in Hong Kong took a bloody turn on July 21 when more than 45 people were injured after a group of thugs linked to Chinese organized crime syndicates Triad assaulted passengers in the Yuen Long train station.

Source: Business Insurance

July 24, 2019 Traders said that fully loaded cargo ships are unable to sail on the Rhine River in Germany after the water level fell due to recent dry weather, Hellenic Shipping News Worldwide reported citing sources. Traders said that the river is too shallow for normal sailings from the cities of Duisburg and Cologne to Kaub.

Source: Business Insurance

July 24, 2019 Bermuda-based insurer Hiscox P.L.C., said that insurance rates are currently increasing at Lloyd’s of London while hikes are selective in the reinsurance and insurance-linked securities sectors, Artemis.bm reports. Rates are expected to rise across geographies according to losses and reinsurers’ performance rather than market-wide increases.

Source: Business Insurance

July 24, 2019 U.K.-based insurance broker Aon P.L.C. said that insurers and reinsurers recorded $20 billion in catastrophe losses worldwide in the first half of this year, the lowest level of losses since 2006, Artemis.bm reports. The insurance broker said that the catastrophes caused $73 billion in economic losses in the first half. Europe, Australia and the United States accounted for most of the insured losses with severe storms’ insurance tab totaling $12 billion.

Source: Business Insurance

Mathew Lerner July 24, 2019 Karen Clark & Co. on Wednesday said total damage for the Ridgecrest earthquake July 5 in California should be roughly $200 million, but insured losses will likely be less due to low earthquake insurance penetration rates and high deductibles. Insured losses will likely be less than $40 million because fewer than 20% of property owners in the area have earthquake insurance and earthquake deductibles are high, the Boston-based catastrophe modeler said in its report Wednesday.

Source: Business Insurance

July 17, 2019 The Sao Paulo insurance brokers’ union said that only 25% of Brazilian companies have purchased fire insurance due to lack of knowledge about the product, Segs.com reported. The brokers’ union said that it is mandatory for businesses to buy fire insurance under Brazilian law.

Source: Business Insurance

July 17, 2019 The Philippines and Taiwan are at risk of flooding from storm Danas, AccuWeather reported. The storm, which will bring rainfall of 125mm-250mm, will be accompanied by strong winds threatening to cause tree damage and power outages.