Source: Business Insurance

June 28, 2019

Japan-based Nissan Motor Co. Ltd. plans to recall an additional 490,000 vehicles in the country due to an electrical fault, The New York Times reported. Nissan said that a fault in the vehicles’ electrical system could increase fire risk in some vans and minivans such as the Serena, the NV200 and Cube. The automaker has recalled more than 1.5 million vehicles in Japan so far this year.

Source: Business Insurance

June 26, 2019 Taiwan-based EVA Airways Corp. said that an ongoing cabin crew strike is likely to cost the airline more than $34 million in revenue losses, Flight Global reported. The strike began on June 20 and has forced EVA to cancel 248 flights so far and an additional 363 flights on June 29 and June 30.

Source: Business Insurance

June 26, 2019 A report by U.S.-based tech firm Sonatype Inc. found that U.K.-based firms downloaded 21,000 or about one in 10 open source software components on average with a known security flaw in 2018, Software Testing News reported. The report found that about 30% of the components pose a serious cyber risk.

Source: Business Insurance

June 26, 2019 Experts said that a lack of production data and government control in pricing of bulk agricultural products is hampering insurers’ efforts to determine rates for the segment, Asia Insurance Review reported citing sources. China’s agricultural insurance premium income totaled 57 billion Chinese yuan ($8.3 billion) in 2018, up 84% from nearly CNY 31 billion in 2013.

Source: Business Insurance

June 26, 2019 Member countries of the African Union plan to pool their financial resources to cover disaster risks such as drought, floods and extreme weather, Afrik21 reported. Under the program, South Africa-based insurer African Risk Capacity and its partners will provide insurance, identify the countries’ risk profiles and set up a catastrophe risk management framework.

Source: Business Insurance

June 25, 2019 Several shippers including Swiss logistics giant Panalpina World Transport (Holding) Ltd. said that fuel-related sulfur regulations could disrupt supply chains worldwide due to delays in fuel supply and compliance measures and denied port calls, Logistics Middle East reported. U.K.-based International Maritime Organization is implementing a new sulfur cap on fuel content from Jan. 1, 2020.

Source: Business Insurance

June 25, 2019 Germany’s motor transport authority has ordered automaker Daimler A.G. to recall another 60,000 Mercedes vehicles related to the emissions cheating probe, Engadget reported citing sources. The authority had ordered Daimler to recall 700,000 diesel vehicles in April after the automaker used a software in its vehicles to pass emissions tests.

Source: Business Insurance

June 25, 2019 An expert said that an ongoing strike at the Chuquicamata copper mine in Chile is likely to cost miner Corporacion Nacional del Cobre de Chile $50 million for a two-week halt in production, Bloomberg reported. Juan Carlos Guajardo, an official at Chile-based consultancy firm Plusmining, said that the strike, which began on June 14, could cut copper production by 10,000 metric tons and cause a global supply deficit.

Source: Business Insurance

June 25, 2019 A report by Mexico’s rail transport regulator found that the number of train robberies surged 33% year over year to 1,057 incidents in the first quarter, Mexico News Daily reported. The report found that thieves targeted cargo such as grains, seeds, automotive parts and construction materials with the highest numbers of robberies occurring in the states of Sonora, Tlaxcala and Puebla.

Source: Business Insurance

June 25, 2019 Insurance premiums to cover some oil cargo and tankers sailing in the Persian Gulf have surged more than ten-fold to $500,000 after six vessels were attacked in the region since May, Bloomberg reported citing sources. While the cost of covering the tankers surged as soon as the most recent attacks happened, the surge in prices for the cargoes only happened over the past week.