Experts said that insurers and reinsurers across the world are expected to include an exclusion clause for Iranian business in insurance policies following U.S. sanctions against the country, Ajot.com reported. Daniel Pilarski, partner at U.K.-based law firm Watson Farley and Williams, said that shippers are likely to face difficulties in buying insurance for vessels and cargo as several protection and indemnity clubs will stop covering Iran-related trade. Vanand Meliksetian, official at Dutch consultancy firm Sia Partners, said that China is likely to use insurers that have no direct exposure to the U.S. to conduct business with Iran.
Research concluded that March 4 Novichok nerve-agent attacks cost companies in the city of Salisbury in the United Kingdom an estimated £115 million ($151 million) in lost business, Hazardex reported. The research by U.K.-based life sciences firm Antibodies.com found that the attacks damaged Salisbury’s reputation as a tourist destination with several companies reporting a 50% drop in revenue. Sergei Skripal, a former Russian military officer, and his daughter Yulia Skripal were poisoned in Salisbury using Novichok.
A 5.2-magnitude earthquake struck the Dominican Republic on Sept. 23 shaking several hotels on the island, Daily Star reported. The quake was also felt in Haiti.
U.S.-based ratings agency A.M. Best Co. Inc. said that lack of risk modeling is hampering insurers in the Gulf Cooperation Council region to predict flood and fire-related losses, Middle East Insurance Review reported. Mahesh Mistry, senior director of analytics at A.M. Best, said that floods and fire are increasingly causing large losses with the current risks different from those perceived previously in the region.
Production stoppages and reduced output due to recent storms are likely to have cost Japan-based Mazda Motor Corp. $248 million, Nikkei Asian Review reported. Heavy rains and floods in western Japan forced Mazda to halt production at its main factory in Hiroshima Prefecture and in Yamaguchi Prefecture from late June to July. The two factories operated at reduced capacity until Sept. 10 due to transport-related disruption. Mazda also slowed production of parts for shipment to plants in China, Thailand and Mexico.
Margrethe Vestager, the European Union’s competition commissioner, said that the trade bloc has started a preliminary investigation into U.S.-based Amazon.com Inc. over potential antitrust violations, Fox Business reported citing media sources. Ms. Vestager said that the regulator is investigating whether the company is using data from third-party sellers for its own calculations related to customer demands and offers.
The U.S. Geological Survey said that a cluster of 19 earthquakes struck the Pacific Islands region on Sept. 17, Express.co.uk reported. The agency said that a 5.8-magnitude quake struck near the Solomon Islands while a 5.5-magnitude quake hit near Fiji’s Ndoi Island.
Japanese cryptocurrency firm Tech Bureau Corp. said that hackers stole about $60 million in digital currencies from its exchange on Sept. 14, Reuters reported. Tech Bureau said that hackers stole virtual currencies including bitcoin, monacoin and bitcoin cash of which JPY 4.5 billion belonged to customers.
Victor Garcia, chief executive of U.S.-based logistics firm CAI International Inc., said that typhoon Mangkhut-related damage is likely to disrupt transpacific shipments to European and U.S businesses, Freight Waves reported. The typhoon struck southern China and Hong Kong on Sept. 16, affecting manufacturing and shipping-related operations in the region. Mr. Garcia said that several companies’ supply-chains are likely to face disruptions for a few days.
A report found that beauty product manufacturers and suppliers could face significant liability risks due to widespread use of three hazardous chemicals in several products, Asia Insurance Review reported. The report by Germany-based Allianz Global Corporate and Specialty S.E. and U.S.-based analytics firm Praedicat Inc. found that manufacturers face risks related to product recalls, mislabeling and liability for consumer or workplace injuries. The toxic chemicals – dibutyl phthalate, toluene and formaldehyde – are used in nail polish, perfumes, body lotions and other personal care products.
The right of a beneficiary to receive, in one sum, the unpaid payments remaining under an installment option which was selected for the settlement of the proceeds or values of a Life Insurance policy.
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