The World Bank Group plans to expand the Pacific Catastrophe Risk Insurance Co.’s operations to offer parametric disaster insurance to Pacific Island nations, Artemis.bm reports. The Pacific Catastrophe Risk Insurance has so far provided parametric earthquake and cyclone insurance protection to five Pacific Island nations with a risk pool of around $45 million. The World Bank plans to tap into private capital while expanding the range of parametric insurance products.
A report by Australia-based MetLife Insurance Ltd. found that more than a third of local small and medium-sized enterprises do not have a succession plan in place, Asia Insurance Review reported. More than half of SMEs would be able to operate for only up to a year if key persons were unable to work. Several SMEs did not have insurance for absence of key persons, trauma and disablement, the report added.
A recent railway derailment could ultimately cost Australian miner BHP Billiton Group $55 million Australia ($40 million) per day due to lost production revenue, Perth Now reported citing sources. BHP derailed a runaway, fully-laden iron ore train on Nov. 5, which damaged 1.5km of track. BHP said that it would take a week to clear the track and resume rail operations and the company would draw on stockpiles of ore at Port Hedland to maintain shipping operations.
Indonesia-based insurer PT Jasa Raharja (Persero) will likely pay nearly 9 billion Indonesian rupiah ($585,200) in total to beneficiaries of victims for the PT. Lion Mentari Airlines’ plane crash, Asia Insurance Review reported citing media sources. A total of 181 passengers and eight crew members died in the Oct. 29 crash. Under the country’ aviation liability rules, Lion Air is also likely to pay compensation for each victim. China Minsheng Investment Group Leasing Holdings Ltd., which owns the crashed Boeing 737, said that the plane is fully covered by insurance.
The U.S. Geological Survey said that a 6.4-magnitude earthquake struck off the coast of southern Argentina near the resort town of Ushuaia on Oct. 29, Daily Mail reported. There were currently no reports of casualties or damage.
A report by the International Committee of the Red Cross found that natural disasters caused $472 billion Australia ($335 billion) worth of damage across the world in 2017, The West Australian reported. The report found that the Asia-Pacific region accounted for two-fifth of catastrophes worldwide. The report added that 25 natural disasters struck China and 15 disasters hit India out of 335 catastrophes worldwide.
A 6.2-magnitude earthquake struck central New Zealand near the town of Taumarunui on Oct. 30, Stuff.co.nz reported. Kris Faafoi, the country’s civil defense minister, said there were no reports of damage and no threat of tsunami or increased volcanic activity.
The Philippines’ data privacy regulator told U.S.-based Facebook Inc. to provide free identity theft insurance to nearly 800,000 users following a data breach in September, Techno Chops reported. The National Privacy Commission also told Facebook to provide fraud protection measures after the breach compromised users’ details including name, phone numbers, emails, gender, address and birth date. The data breach affected 50 million users across the world and 775,973 user accounts in the Philippines.
Data showed that ships were hit by 156 incidents of piracy and armed robbery in the first nine months, up nearly 30% from 121 incidents the first nine months of 2017, Hellenic Shipping News Worldwide reported. The data from Malaysia-based ICC International Maritime Bureau’s piracy reporting center showed that the Gulf of Guinea off the Nigerian coast accounted for 57 or 35% of the total incidents. The data also showed that crew members’ kidnappings grew 40% to 112 incidents.
The takeup rate for cyber insurance is increasing dramatically, but there are significant discrepancies between large and small companies’ purchasing preferences, says a report issued Wednesday.
The percentage of firms that purchase cyber insurance, via either stand-alone policies or endorsements, has increased 40 percentage points since 2011, including a 10-percentage-point uptick from 2017 alone, which is the largest year-over-year increase since the survey started, according to the eighth annual Information Security and Cyber Risk Management report released by Zurich Insurance Group Ltd. and Advisen Ltd.
A total of  75 percent of respondents buy cyber insurance, according to the survey.
The period of time during which a surviving spouse no longer receives survivors benefits (after the youngest child is no longer eligible) and before he or she is eligible for retirement benefits.
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