Source: Business Insurance

The People’s Insurance Co. (Group) of China Ltd. is considering entering the Argentine insurance market as part of its plans to expand its global operations under the Belt and Road Initiative, Noticias reported. The insurer is looking to cover infrastructure projects in Argentina among other segments. Argentina’s insurance regulator recently opened the local market to foreign insurers.

Source: Business Insurance

July 02, 2019 U.K.-based financial services firms reported 819 cyber attacks to the Financial Conduct Authority in 2018, up 1,087% from 69 cyber incidents in 2017, Finextra reported. U.K.-based accountancy firm RSM International said that the companies cited third-party failure and hardware or software issues as root causes of the cyber incidents.

Source: Business Insurance

July 02, 2019 Francis Severin, an official at Jamaica-based University of the West Indies, said that looting and corruption hamper business continuity and recovery following natural disasters in the Caribbean region, Barbados Today reported. Francis Anthony McBarnette, an official at the Organization of American States, called on Caribbean countries to set up business continuity plans for small and mid-sized businesses and strengthen supply chains to cope with disasters.

Source: Business Insurance

July 02, 2019 Issuances of catastrophe bonds and insurance-linked securities worldwide reached $3.6 billion in the second quarter driven by repeat sponsors and perils, Artemis.bm reports. All four ILS deals issued in the quarter came from repeat sponsors. Returning sponsors also brought the majority of catastrophe reinsurance risk to the market in the period, with Bermudian Hamilton Re being the only new sponsor.

Source: Business Insurance

July 02, 2019 A Boeing 737-800 airplane overshot its mark while landing at Mumbai airport in India amid heavy rains, forcing authorities to close the main runway and cancel 52 flights on July 2, NDTV News reported citing sources. The authorities diverted 55 flights to other airports in the country. A spokesman for India-based airline SpiceJet Ltd. said that the flight was carrying 167 passengers and crew on board and the mishap did not cause any injuries, the sources said.

Source: Business Insurance

July 02, 2019 Jerome Despey, president of the Herault chamber of commerce, said that a heatwave and several wildfires have wreaked havoc on vineyards in the south of France, The Connexion reported. Mr. Despey said that high temperatures have burned vineyards in the regions of Gard and the Herault.

Source: Business Insurance

June 28, 2019 South Korea has ordered steelmakers Hyundai Steel Co. and Posco to shut production at three blast furnaces for 10 days due to environmental violations, Nikkei Asian Review reported citing sources. The shutdown is likely to disrupt South Korea’s steel supply chains for months.

Source: Business Insurance

June 28, 2019 Analysts at Germany-based Deutsche Bank A.G. said that reinsurance rates are likely to climb to 2% at the July renewals despite strong rate increases at the April and June renewals, Artemis.bm reports. The analysts said that European reinsurance rates are unlikely to increase significantly at the July renewals which include more global accounts.

Source: Business Insurance

June 28, 2019 A report by U.S.-based consultancy firm A.T. Kearney Inc. found that new technology regulations and increasing geopolitical competition are likely to disrupt supply chains and procurement across the world in the next decade, Information Week reported. Terry Toland, an official at A.T. Kearney, said that companies will need to comply with a conflicting set of rules in international markets related to trade and data privacy.

Source: Business Insurance

June 28, 2019

Japan-based Nissan Motor Co. Ltd. plans to recall an additional 490,000 vehicles in the country due to an electrical fault, The New York Times reported. Nissan said that a fault in the vehicles’ electrical system could increase fire risk in some vans and minivans such as the Serena, the NV200 and Cube. The automaker has recalled more than 1.5 million vehicles in Japan so far this year.