Ireland-based insulation board manufacturer Ballytherm Ltd. is suing its insurer U.K.-based Brit UW Ltd. for €6.5 million ($7.3 million) for refusing to settle claims related to shrinkage of its product, The Irish Times reported. Ballytherm is facing claims for property-related damage due to shrinkage of its boards. The firm said that the shrinkage occurred due to a change in a chemical blend supplied by Dutch firm Covestro B.V. Ballytherm said that Brit had wrongfully refused to provide an indemnity under its product liability policy.
U.S.-based catastrophe risk modeler AIR Worldwide Corp. said that a one-in-a-100 year catastrophe-related insured loss is likely to total $271 billion worldwide, Artemis.bm reports. AIR Worldwide said that the modeled global insured average annual loss is estimated at around $86 billion. The latest global aggregate average annual loss includes data from three new models – European severe thunderstorm, Southeast European earthquake and flood.
Data from U.S.-based IT services firm Resilinc Corp. showed that 1,069 supply-chain disruptions occurred globally in the first half driven by extreme weather, factory fires and mergers and acquisitions, Supply Chain Dive reported. The data showed that more than 300 disruptions directly affected businesses’ continuity of supplies. Several companies are also considering alternative locations for production and sourcing following a rise in tariffs.
A report by think tank The Geneva Association called on risk modelers and the insurance industry to including the latest findings in climate science into catastrophe risk modeling to mitigate disaster-related damage, Artemis.bm reports. The association also called on risk modelers to look at different climate change-related outcomes to help develop new insurance products and services.
A report by U.K.-based reinsurance broker Willis Towers Watson P.L.C. said that the insurance-linked securities sector worldwide expects continued growth in the property catastrophe business, Artemis.bm reports. The report found that ILS players are also considering opportunities in cyber risk followed by marine and terror risks for future growth. Nearly 75% of ILS funds believe that investors would support growth in other risk categories such as cyber, marine, aviation and satellites.
Highlighting the increase in distracted driving fatalities and injuries, The Risk Institute at The Ohio State University Fisher College of Business revealed the impact that modifying road design can have on reducing frequency and severity of distracted driving crashes.
The findings, released Monday, found that the length of a roadway segment or number of lanes had a negative impact on the frequency of distracted driving crashes and that roundabouts had a significant effect on reducing severity of crashes.
Road environments that have a median or a shoulder with an asphalt pavement were also found to have fewer distracted driving crashes, researchers found.
Other key findings included:
Distracted driving-related crashes account for about 18% of overall Ohio crash fatalities and 16% of serious injuries in Ohio.
Distracted driving-related crashes are up to 49% more severe when they occur on a highway system.
Distracted driving crashes are 5-10 times more likely to be fatal than severe in a rear end and or angle crash.
Roundabouts were found to be the single most effective road design in reducing the rate of crashes and crash severity. Within the 2013-17 data, there were no fatal crashes in roundabouts.
This study helps to highlight that there is a need to improve traffic safety and road management,” Phil Renaud, executive director of the Columbus-based institute, said in a statement. “It provides new evidence that supports taking steps to improve traffic signs and safety regulations for distracted driving in specific areas. There are things we can do on a local, city level to lower crash frequencies and severities.”
Aon PLC has introduced nondamage business interruption coverage designed to protect income streams of companies with an abundance of intangible assets, the broker said in a statement Tuesday.
Nondamage business interruption policies protect the revenues of companies such as hotels, retailers, pharmaceutical firms and transportation companies against business interruption costs that result from an event without physical damage, Aon said in a statement.
The coverage is structured by Aon’s innovation and solutions team and can utilize parametric indices together with traditional insurance and reinsurance, the statement said, adding both Lloyd’s of London and Swiss Re Ltd. are providing capacity.
A report by insurance industry think tank the Geneva Association said that catastrophe modeling can be combined with the latest climate science to better understand the impact of weather risk on assets, operations and investments, Verdict.co.uk reports. This can then be used to develop risk management measures, as well as to assess and mitigate extreme weather risk across the life cycle of infrastructure projects, and offer additional risk transfer and investment opportunities.
A report by the European Court of Auditors said that flood protection should be improved as storms increase and sea levels rise, Agriland reported. “Major future challenges remain concerning the much fuller integration of climate change, flood insurance and spatial planning in flood risk management,” the court said.
Swiss Re Ltd. said that there is a $500 billion global property and mortality risks protection gap, which “signals the existing high level of unprotected risks and significant growth potential for insurers,” Artemis reports. Swiss Re also said that global premiums are expected to grow by around 3% per year in 2019 and 2020, with Asia anticipated to experience 9% growth in premiums.
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