9/27/2018 5:42:00 AM

Source: Business Insurance

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.

9/27/2018 5:44:00 AM

Source: Business Insurance

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.

9/26/2018 5:46:00 AM

Source: Business Insurance

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.

9/26/2018 5:36:00 AM

Source: Business Insurance

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.

9/26/2018 5:30:00 AM

Source: Business Insurance

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.

9/25/2018 5:37:00 AM

Source: Business Insurance

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.

9/25/2018 5:47:00 AM

Source: Business Insurance

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.

9/25/2018 5:33:00 AM

Source: Business Insurance

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.”

9/25/2018 5:45:00 AM

Source: Business Insurance

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.

9/24/2018 5:48:00 AM

Source: Business Insurance

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.