8/29/2018 6:07:00 AM
Source: Business Insurance
Brazil’s upper house of parliament recently passed legislation which is expected to make environmental insurance mandatory for businesses, Segs.com reported. The number of insurers providing environmental cover is limited in the country which could lead to a rise in insurance rates for the segment.
8/29/2018 6:11:00 AM
Source: Business Insurance
United India Insurance Co. Ltd. has received around 5,000 claims worth more than 3.5 billion Indian rupees ($50 million) so far related to recent floods in the state of Kerala, The Financial Express reported. K.B. Vijay Srinivas, chairman of United India, said that the insurer received most of the claims from the property segment for factories and business-related damage
A tornado that damaged a Lennox International Inc. facility in Marshalltown, Iowa, in July caused about $100 million in lost revenue and another $80 million in clean-up expenses, asset write-offs and other costs, but insurance will offset the hit to earnings and special charges, the manufacturer said Monday.
Richardson, Texas-based Lennox, which makes heating, air conditioning and refrigeration equipment, said it expects its profit to be about $55 million lower because of damage from the twister.
American International Group Inc. and Allianz S.E. are among the insurers with the largest exposures to Hurricane Lane, a Category 4 hurricane approaching the state of Hawaii, Fitch Ratings Inc. said in a Thursday note.
The companies with the largest commercial lines market share in Hawaii include First Insurance Co. of Hawaii, AIG, Allianz Global Risks U.S. Insurance Co., DB Insurance Co. Ltd. and Liberty Mutual Insurance Co., when combining the statutory direct written premiums for inland marine, commercial multiperil (nonliability), fire and allied lines, according to Fitch.
The storm, packing sustained winds of 130 mph, could cause “considerable” insured losses in Hawaii if it shifts northeast and tracks through more densely populated areas, Fitch said.
To read full article: www.businessinsurance.com/article/20180823/NEWS06/912323524/Insurers-with-Hurricane-Lane-exposures-include-AIG-Allianz-Liberty-Mutual
Hurricane Lane moves toward Hawaii, as seen from the International Space Station./ @astro_ricky/NASA via REUTERS
The Association of Insurance Companies of Greece (EAEE) announced on Tuesday that the total of initial insurance payouts for the deadly fires in Attica on July 23 amount to at least 33.7 million euros.
The EAEE said that based on data provided by member insurance companies the compensation on property claims for homes and professional spaces is assessed at 32.4 million euros.
There is a total of 785 reports of damage in both types of properties, with an average cost per claim ranging around 41,300 euros.
To read full article: greekcitytimes.com/2018/08/22/more-than-30-million-euros-in-insurance-payouts-over-attica-fire-tragedy/
(Reuters) – Coty Inc (COTY.N) fell short of quarterly sales forecasts for the first time in six quarters on Tuesday due to a 10-day long trucker strike in Brazil that disrupted supplies to retailers in May and June.
The beauty products maker also said its chief financial officer was stepping down and gave a profit forecast for 2019 that was below Wall Street expectations, helping send its shares down as much as 11.2 percent.
The strike in Brazil reduced sales at Coty’s consumer beauty unit at a time when analysts were expecting growth. The unit accounts for nearly half of its total sales and includes brands such as Rimmel, Max Factor and CoverGirl.
To read full article: www.reuters.com/article/us-coty-results/trucker-strike-in-brazil-hurts-coty-sales-forecast-falls-short-idUSKCN1L60Z6
Natural catastrophe and severe weather losses in Australia that fell to the insurance and reinsurance industry in 2018 so far now total roughly AU $261 million, after the Hobart storms and floods industry loss was raised to $100 million by the Insurance Council of Australia.
It’s still under 3½ months since devastating floods struck parts of Hobart and Kingston, after severe storms struck the area, but already insurers are said to have closed more than 50% of household claims, the Insurance Council said.
To read full article: www.artemis.bm/blog/2018/08/21/australian-catastrophe-weather-losses-pass-261m-year-to-date/
One in four directors may have to meet damages, legal costs and fines as well as costs incurred by their own organisations from their own pocket because they don’t have the right insurance cover.
Recently, the Institute of Directors released a report which highlighted that 24% of executive and non-executive directors do not have directors’ and officers’ liability (D&O) insurance.
To read full article: www3.asiainsurancereview.com/News/View-NewsLetter-Article/id/43889/Type/eDaily/New-Zealand-Survey-shows-24-of-directors-don-t-have-insurance
PARIS (AP) – An audit commissioned by the French government says about 840 French bridges are suffering from serious damage and at risk of collapse in the coming several years.
President Emmanuel Macron’s government had already promised new infrastructure spending, but is coming under new pressure after Tuesday’s bridge collapse in neighboring Italy that killed 43 people.
To read full article: www.mytwintiers.com/news/report-warns-840-french-bridges-may-face-risk-of-collapse/1381435484
German automaker BMW A.G.’s South Korean unit is recalling 106,317 cars after a recent series of engine fires, Yonhap News Agency reported. BMW plans to recall 42 different models with an exhaust gas recirculation component, which the carmaker blamed for the recent fires. The South Korean government has suspended the operation of all BMW cars that have not received safety inspections.
To read full article: english.yonhapnews.co.kr/news/2018/08/19/0200000000AEN20180819002100320.html
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