U.K.-based insurance broker Aon P.L.C. said that terrorism insurance pools worldwide have increasingly adapted to changes in perils to offer cyber and pandemic cover related to terror attacks, Middle East Insurance Review reported. Aon said that U.K.-based Pool Reinsurance Co. Ltd. plans to introduce a non-damage business interruption cover resulting from terrorism in 2019. The insurance pools are also considering covering small and medium-sized enterprises for indirect losses such as denial of access and loss of attraction following terror attacks, Aon added.
St. Maarten has purchased parametric insurance to protect against tropical cyclones, earthquakes and excess rainfall from Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Co., Artemis.bm reports. St. Maarten’s government said that hurricane Irma is expected to have caused nearly $2 billion in economic losses on the island in September 2017
European truck makers could end up paying about €25 billion ($29 billion) for running a price-fixing cartel between 1997 and 2011, Commercial Fleet reported. U.K.-based Road Haulage Association applied to the Competition Appeal Tribunal seeking compensation totaling £6,000 per vehicle out of 600,000 trucks bought or leased between 1997 and 2011. The truck makers include Germany-based Daimler A.G., Norway-based Scania AB (publ), Sweden-based Volvo Car AB (publ.) and Dutch automaker DAF Trucks N.V.
Typhoon Jebi struck western Japan on Sept. 4, disrupting transport, causing power outages and forcing companies to temporarily close their plants, Bloomberg reported citing NHK. West Japan Railway Co. Ltd. halted all local services in the region while Japan Airlines Co. Ltd. and ANA Holdings Inc. canceled 560 domestic and 13 international flights. Toyota Motor Corp. halted operations at most of its group plants and Honda Motor Co. Ltd. stopped production at its Suzuka plant in Mie Prefecture.
New Zealand-based power utility Vector Ltd. is considering replacing overhead power lines with underground lines to storm-proof its network potentially costing the company $5.5 billion New Zealand ($3.6 billion), NZHerald.co.nz reported. The city of Auckland lost 40% of its power network in 15 minutes during a storm in April. Vector said that more than 200,000 properties in Auckland suffered a power outage following the April 10 storm.
German prosecutors have fined automaker BMW A.G. about $11.6 million related to diesel emission manipulation, Fortune reported citing Suddeutsche Zeitung. The prosecutors said that BMW accidentally outfitted 7,600 vehicles with diesel emission manipulation devices following six months of investigations.
The U.S. Geological Survey said that a 5.1-magnitude earthquake struck the Coquimbo region in Chile on Aug. 31, Express.co.uk reported. Tremors shook buildings in the city of San Felipe and Santiago and were felt across the country
A report by U.S.-based consultancy firm The Dun and Bradstreet Corp. found that financial risk managers cited supply chain disruption as a top concern for businesses, The Paypers reported. The respondents also cited extreme weather, geopolitical uncertainty and shifting trade deals as supply chain-related concerns, the report added. The report found that fewer than 20% of respondents made “advanced” use of risk-management tools such as blockchain, artificial intelligence and machine learning.
China-based hotel operator Huazhu Group Ltd. said that hackers stole more than 500 million customer records,2Spyware.com reported. The stolen data includes registration details such as names, ID codes, mobile phone numbers, dates of birth, residence addresses and check-in details. Experts said that the data breach is likely to have occurred due to human error. The hackers put the stolen information for sale on the internet for 8 bitcoins or approximately $55,600.
South Korea’s financial regulators fined local insurers about 12 billion South Korean won ($11 million) for regulatory breaches from 2015 to June in this year, Yonhap News Agency reported. Data from South Korean information provider CEO Score showed that the regulators fined brokerages KRW 20 billion.
The total cost of labor, materials and services necessary to replace property in its entirety, with materials of like kind and quality, without deduction for depreciation.
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