8/13/2018 5:58:00 AM

Source: Business Insurance

Japan-based MS and AD Insurance Group Holdings Inc. is likely to record $595 million in gross losses related to recent floods, Asia Insurance Review reported. The insurer said that the expected loss does not include the amount recoverable from reinsurance. Heavy rains and floods struck Japan’s southwestern part in July.

8/13/2018 5:57:00 AM

Source: Business Insurance  

U.K.-based insurance broker Aon P.L.C.’s unit said that catastrophes including droughts, wildfires, floods and typhoons in July are likely to have caused more than $7 billion in economic losses across the world, Artemis.bm reports. Impact Forecasting L.L.C. said that droughts are likely to cause more than $4 billion in losses in Northern Europe while wildfires in Greece and Sweden are expected to cause over hundreds of millions of dollars worth of damage. Heavy rains and floods in Japan are likely to cost insurers and reinsurers $711 million while typhoons and floods in China are expected to cause about $1.5 billion in losses, Impact Forecasting added.

8/10/2018 5:34:00 AM

Source: Business Insurance

The Indonesian Agency for Meteorology, Climatology and Geophysics said that a 6.2-magnitude earthquake struck Lombok island on Aug. 9, damaging several buildings and causing power outage, The Guardian reported citing CNN Indonesia. The quake occurred near the city of Mataram in north Lombok. The temblor is the third large quake to strike the island recently

8/10/2018 5:36:00 AM

Source: Business Insurance

A report by U.S.-based cyber security firm Vectra Networks, Inc. found that the manufacturing industry is facing increased cyber attack risk due to the proliferation of industrial internet of things devices, Infosecurity reported. The report said that industrial internet of things devices often have insufficient internal access controls making it easier for hackers to breach the network.

8/10/2018 5:41:00 AM

Source: Business Insurance

Insurers are likely to pay more than 2 billion Indian rupees ($29 million) related to a fire at India-based Bharat Petroleum Corp. Ltd.’s refinery in Mumbai, The Times of India reported citing sources. Bharat Petroleum had insured its assets for INR 1.2 trillion, of which the refinery has an individual loss limit of INR 75 billion, the sources said. New India Assurance Co. Ltd. said that the insurer’s net exposure would be only 3% due to high level of reinsurance on energy risks.

8/8/2018 6:50:00 AM Source:

Business Insurance

Oman’s Capital Market Authority said that cyclone Mekunu is likely to cause up to 108 million Omani rials ($281 million) in insured losses, Times of Oman reported. The financial regulator said that insurers have received claims primarily related to property, vehicles, engineering and marine equipment damage among others. The cyclone struck the region on May 25

8/8/2018 6:43:00 AM

Source: Business Insurance

Analysis by U.S.-based cyber security firm Wandera Inc. found that more than one third of employees at insurers across the world suffered at least one mobile phishing attack in 2017, ITProportal.com reported. The analysis found that hackers are increasingly targeting employees’ mobile devices through various messaging services and apps installed on the mobile devices, the analysis added.

8/8/2018 6:48:00 AM

Source: Business Insurance

The Port of Rotterdam Authority has filed a €28-million ($32.5 million) lawsuit against Norway-based tanker operator Odfjell S.E. related to an oil spill, World Maritime News reported. Odfjell’s chemical tanker Bow Jubail collided with a jetty and spilled more than 200 tons of fuel oil in the Rotterdam port on June 23. Harald Fotland, chief operations officer at Odfjell, said that the tanker operator would compensate the port authority for oil spill-related losses.

8/7/2018 6:04:00 AM

Source: Business Insurance

U.K.’s Financial Conduct Authority could fine three local insurers for failing to disclose climate-related risks in their annual financial reports, Ekklesia reported. Environmental organization ClientEarth reported the three insurers – Admiral Group P.L.C., Lancashire Holdings Ltd. and Phoenix Group Holdings – to the regulator. The insurers are legally obliged to include climate risks in their annual reports.

8/7/2018 6:52:00 AM

Source: Business Insurance

Insurers are likely to increase premium rates for directors’ and officers’ liability insurance for banks following several loan-related corruption scandals, Business Line reported. Several banks are looking to increase coverage under their D&O liability policies to almost five times the current level to cover potential legal expenses. An official at a public-sector bank said that the bank plans to increase its D&O cover to 1 billion Indian rupees ($14.5 million).