China’s market regulator said that U.S.-based General Motors Co.’s Chinese joint venture will recall more than 3.3 million vehicles on Oct. 20 due to a suspension system-related defect, Reuters reported. The country’s State Market Regulatory Administration said that Shanghai General Motors Co. Ltd. will recall Buick, Chevrolet and Cadillac vehicles produced between 2013 and 2018. General Motors will repair the vehicles free of charge, the regulator added.
U.S.-based S&P Global Ratings Inc. said that property insurance rates are expected to rise moderately in Asia following catastrophe-related losses in the region, Asia Insurance Review reported. The ratings agency said that Asian insurers are likely to suffer most of the losses while foreign reinsurers could record business interruption and flood damage-related losses. Insurers and reinsurers in Asia are using outdated catastrophe risk models to determine risk pricing and reinsurance cover which could lead to pricing inadequacy, S&P Global added.
U.S.-based Joint Typhoon Warning Center said that super typhoon Trami is likely to hit Japan on Sept. 28 causing heavy rains, floods and mudslides across the country, VOA News reported. The storm is also expected to strike the Ryuku Islands, Okinawa Prefecture and Tokyo and disrupt transportation across Japan.
Experts said that the International Maritime Organization’s low-sulfur regulation for shipping fuel could disrupt shippers’ operations and oil supplies across the world, S&P Global reported. The global sulfur cap of 0.5% on marine fuels comes into effect on Jan. 1, 2020. The experts said that sufficient fuel with the right specification may not be available within the deadline due to a stalemate between the shipping and refinery industries. The disruption could range from a few months to years and could cause fuel shortages and high fuel costs, the experts added.
Japanese companies are increasingly buying liability insurance to cover legal claims for office bullying and sexual harassment, The Japan News reported. Businesses including small and medium-sized enterprises have purchased about 46,000 policies in the first seven months, up 60% from the same period in 2017. The insurance covers cases in which employees sue the company or top executives for power-related mismanagement, sexual abuse, loss of salary, unpaid overtime or unfair dismissals.
A survey by U.K.-based internet services firm Beaming Ltd. found that more than 30% of businesses would terminate contracts with suppliers whose negligence caused them to suffer a cyber attack, Londonlovesbusiness.com reported. The survey found that more than 60% of small businesses did not have cyber insurance and faced reputation and business operations-related risks. Nearly 20% of respondents would take legal action to recover financial losses, the survey added.
Iceland-based VIS Insurance Ltd. is closing seven local offices as part of its plans to offer its services digitally, Iceland Review reported citing RUV. The insurer plans to close the offices starting Oct. 1. And reduce the number of remaining offices to six.
Researchers from U.K.’s Durham University have developed a new seismic risk model to focus on potential impacts and help mitigate disaster risk in earthquake-prone regions, Science Daily reported. The method is expected to help risk planners to better understand the consequences of multiple quake scenarios compared with the standard probabilistic and deterministic risk model.
U.K.’s Financial Conduct Authority is considering fining conglomerate Tesco P.L.C.’s banking unit more than £30 million ($39 million) for failing to prevent a 2016 cyber attack, Sky News reported. Hackers had breached Tesco Bank’s services in November 2016 forcing the lender to suspend all online transactions temporarily.
Scientists said that the eruption of Katla volcano in Iceland could disrupt air traffic across the world, The Independent reported citing The Sunday Times. Sarah Barsotti, official at the Icelandic Meteorological Office, said that the level of disruption “depends on the intensity of the eruption and the direction of the winds at the time.”
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