9/24/2018 5:37:00 AM

Source: Business Insurance

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.

9/24/2018 5:51:00 AM

Source: Business Insurance

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.

9/24/2018 5:55:00 AM

Source: Business Insurance

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.

9/20/2018 5:36:00 AM

Source: Business Insurance

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.

9/20/2018 5:32:00 AM

Source: Business Insurance

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.

9/20/2018 5:41:00 AM

Source: Business Insurance

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.

9/20/2018 5:45:00 AM

Source: Business Insurance

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.

9/19/2018 6:00:00 AM

Source: Business Insurance

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.

9/19/2018 6:01:00 AM

Source: Business Insurance

Insurers have received claims worth 680 million Chinese yuan ($99 million) related to typhoon Mangkhut so far from Guangdong province in China, South China Morning Post reported citing media sources. The Guangdong province’s government said that the typhoon is likely to cause at least CNY 4.2 billion in economic losses in the region. Jianglong Shipbuilding Co. Ltd. said that the storm caused about CNY 5 million worth of damage to its production facilities, warehouses and ships. The typhoon struck southern China on Sept. 16.

9/19/2018 6:04:00 AM

Source: Business Insurance

Marine insurers are likely to pay up to €590 million ($689 million) for fire-related damage at a shipyard in Germany, Yacht Harbor reported. U.K.-based insurer Lancashire Holdings Ltd. is expected to pay €70 million, while RSA Insurance Group P.L.C., Beazley P.L.C. and Atrium Underwriting Group Ltd. are likely to pay up to €45 million each. The fire broke out at Lurssen Maritime Beteiligungen GmbH and Co. K.G.’s Bremen shipyard on Sept. 14 and damaged infrastructure and an under-construction 140-meter yacht.