Source: Business Insurance

July 29, 2019 U.K. building inspectors said that a lack of insurance could force 15 firms to stop work by the end of October, delaying construction projects across the country, Architects’ Journal reported. The Association of Consultant Approved Inspectors said insurers are increasingly refusing to provide professional indemnity and public liability cover after the June 14, 2017 Grenfell Tower fire.

Source: Business Insurnace

July 25, 2019 A fuel outage at the Amsterdam Airport Schiphol in the Netherlands on July 24 forced airlines to cancel 180 flights and reduce the number of incoming flights to one-third of normal capacity, Reuters reported. A fault in the systems of Netherlands-based Aircraft Fuel Supply B.V. prevented airlines from refueling at least 70 planes.

Source: Business Insurance

July 25, 2019 Evan Greenberg, chief executive of U.S.-based insurer Chubb Ltd. said that recent insurance rate hikes are spreading to new lines of business and new territories worldwide including the London wholesale market, Artemis.bm reported. Mr. Greenberg said that commercial insurance buyers are increasingly moving towards quality risks, providing more opportunities for the insurance-linked securities sector.

Source: Business Insurance

July 25, 2019 A U.K. disciplinary tribunal has fined Dutch consultancy firm KPMG International £5 million ($6 million) for misconduct related to its audit for The Bank of New York Mellon Corp., The Irish Times reported citing sources. U.K.’s Financial Reporting Council said that KPMG signed off BNY Mellon’s reports between 2007 and 2011 but failed to comply with rules on safeguarding client assets.

Source: Business Insurance

July 25, 2019 U.K. oil tankers are keeping away from the Persian Gulf after Iran seized the Stena Impero oil tanker in the Strait of Hormuz on July 19, Hellenic Shipping News Worldwide reported citing sources. The U.K. navy recently escorted three oil vessels from the region after Iranian patrol boats tried to block the ships’ route. Iran has threatened to seize British ships in retaliation for the arrest of the Grace 1 off Gibraltar on July 4.

Source: Business Insurance

July 25, 2019 U.S.-based toymaker Hasbro Inc. plans to shift some of its production from China to new plants in Vietnam and India due to the U.S.-China trade war, Bloomberg reported. The toymaker said that U.S. goods produced in China could drop to about 50% by the end of 2020, from nearly two-thirds currently.

Source: Business Insurance

July 24, 2019 Retail stores were shuttered early on July 22 in Yuen Long and Tuen Mun in Hong Kong amid growing fears of attacks on civilians by gangsters, Inside Retail Asia reports. The long-running protests in Hong Kong took a bloody turn on July 21 when more than 45 people were injured after a group of thugs linked to Chinese organized crime syndicates Triad assaulted passengers in the Yuen Long train station.

Source: Business Insurance

July 24, 2019 Traders said that fully loaded cargo ships are unable to sail on the Rhine River in Germany after the water level fell due to recent dry weather, Hellenic Shipping News Worldwide reported citing sources. Traders said that the river is too shallow for normal sailings from the cities of Duisburg and Cologne to Kaub.

Source: Business Insurance

July 24, 2019 Bermuda-based insurer Hiscox P.L.C., said that insurance rates are currently increasing at Lloyd’s of London while hikes are selective in the reinsurance and insurance-linked securities sectors, Artemis.bm reports. Rates are expected to rise across geographies according to losses and reinsurers’ performance rather than market-wide increases.

Source: Business Insurance

July 24, 2019 U.K.-based insurance broker Aon P.L.C. said that insurers and reinsurers recorded $20 billion in catastrophe losses worldwide in the first half of this year, the lowest level of losses since 2006, Artemis.bm reports. The insurance broker said that the catastrophes caused $73 billion in economic losses in the first half. Europe, Australia and the United States accounted for most of the insured losses with severe storms’ insurance tab totaling $12 billion.