Source: Business Insurance

August 27, 2019 Wildfires have burned more than 1.8 million acres of tropical forests and savannah in the Amazon region in Bolivia, CNN reported citing sources. Brazil’s space research institute said that the number of wildfires increased 422% to 13,396 fires in Bolivia so far this month. Evo Morales, president of Bolivia, said that the wildfires have damaged forests in La Chiquitania region in eastern Bolivia.

Source: Business Insurance

August 27, 2019 The German Insurance Association said that natural hazards caused €1.3 billion ($1.45 billion) worth of insurance losses in the first half of the year, Xinhua reports. Damage to residential buildings cost insurers €730 million. Storm and hail damage to houses accounted for the largest share of the loss at €660 million.

Source: Business Insurance

August 27, 2019 Ship insurers have paid out more than $100 million in damages following a spate of tanker attacks and seizures in the Persian Gulf this summer, Hellenic Shipping News reported citing the Wall Street Journal. The Norwegian Shipowners’ Mutual War Risks Insurance Association said that war risk premiums have increased ten-fold this year, with ships crossing the Strait of Hormuz paying between $300,000 and $400,000 per sailing.

Source: Business Insurance

August 26, 2019 The Japan Meteorological Agency said that the Mount Asama volcano erupted in eastern Japan on Aug. 25, AA.com reported citing sources. The agency said that the volcano spewed smoke about 600 meters into the sky and issued warnings for flying rocks and pyroclastic flows for surrounding regions.

Source: Business Insurance

August 26, 2019 Tolga Gurkan, chief executive of Allianz Turkey, said that the insurer is setting up a technical earthquake and fire testing and training center in the country this year, Daily Sabah reported. Allianz has invested €1 billion ($1.1 billion) so far in Turkey as the insurer looks to boost digitization.

Source: Business Insurance

August 23, 2019 (Reuters) — Deutsche Bank has agreed to pay more than $16 million to settle charges it violated U.S. corruption laws by hiring relatives of foreign government officials in order to win or retain business, the U.S. regulator said in a statement. The Securities and Exchange Commission alleged that Germany’s largest lender hired poorly qualified or unqualified relatives of officials in Asia and Russia at their request, in violation of the Foreign Corrupt Practices Act. Between at least 2006 and 2014, it said Deutsche employed relatives of executives working at state-owned enterprises in China and Russia with the “primary goal” of generating business for the company such as initial public offerings. The SEC also found that Deutsche employees created false books and records that concealed corrupt hiring practices and failed to accurately document and record certain related expenses, violating internal accounting rules. Under the settlement, Deutsche Bank did not admit or deny the findings, the SEC said.

Source: Business Insurance

August 26, 2019 A survey found that just 5% of top executives of big corporations used parametric triggers for risk management while only 4% used catastrophe bonds due to a lack of understanding about the benefits of alternative strategies, Artemis.bm reports. The survey by U.S.-based Marsh & McLennan Cos. Inc. urged insurers and reinsurers to use data-driven risk modeling including analytics, artificial intelligence and machine learning to increase use of parametric risk products.

Source: Business Insurance

August 26, 2019 Tom Johansmeyer, co-head of U.S.-based Property Claim Services Inc., said that a lack of historical and contextual data continues to hinder the entry of the insurance-linked securities market into the cyber insurance segment, Artemis.bm reports. Mr. Johansmeyer said that “silent” cyber exposures such as interrelated losses among different segments and long tails of professional lines claims have made it harder for the ILS sector to provide capacity for cyber risks.

Source: Business Insurnace

Judy Greenwald August 16, 2019 The Philadelphia oil refinery that filed for bankruptcy a month after a devastating fire is looking for a buyer after failing to obtain insurance proceeds, according to reports. Allianz Global Risk US Insurance Co., a unit of German insurer Allianz SE, is the lead insurer on Philadelphia Energy Solutions Refining & Marketing LLC’s $1.25 billion property insurance coverage, according to a filing with the Delaware bankruptcy court.

Source: Business Insurance

August 19, 2019 Research found that repair costs for structural and safety defects in apartment buildings across Australia could exceed $6 billion Australia ($4 billion), 9News.com.au reported. The research by Australia-based consultancy firm Equity Economics said that the repairs would only cover remediation of water leaks, fire safety breaches and combustible cladding in buildings constructed since 2009 and excludes legal costs and insurance premiums.