Judy Greenwald

9/11/2018 7:00:00 AM

Source: Business Insurance

Insurers’ response to the prospect of insuring asbestos products is likely to be lukewarm at best, assuming a proposed framework by the U.S. Environmental Protection Agency that would create new opportunities for “new uses” of asbestos comes to fruition.

But given the right price and conditions, there may be available coverage, say some observers.

9/10/2018 5:49:00 AM

Source: Business Insurance

Flood-related damage at Osaka’s Kansai International Airport in Japan has forced several airlines to limit or suspend flight services at the airport, FlightGlobal reported. All Nippon Airways Co. Ltd. has suspended flights to and from Kansai until Sept. 13, Jetstar Japan Co Ltd. has stopped services until Sept. 11 while Germany-based carrier Star Alliance Services GmbH halted sales of flights until Sept. 19. Floods related to typhoon Jebi inundated the airport on Sept. 4, damaging its terminals, runways and cargo area. 

9/10/2018 5:50:00 AM

Source: Business Insurance

U.K.-based insurance broker Aon P.L.C. said that terrorism insurance pools worldwide have increasingly adapted to changes in perils to offer cyber and pandemic cover related to terror attacks, Middle East Insurance Review reported. Aon said that U.K.-based Pool Reinsurance Co. Ltd. plans to introduce a non-damage business interruption cover resulting from terrorism in 2019. The insurance pools are also considering covering small and medium-sized enterprises for indirect losses such as denial of access and loss of attraction following terror attacks, Aon added.

9/10/2018 5:44:00 AM

Source: Business Insurance

St. Maarten has purchased parametric insurance to protect against tropical cyclones, earthquakes and excess rainfall from Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Co., Artemis.bm reports. St. Maarten’s government said that hurricane Irma is expected to have caused nearly $2 billion in economic losses on the island in September 2017

9/4/2018 5:37:00 AM

Source: Business Insurance

European truck makers could end up paying about €25 billion ($29 billion) for running a price-fixing cartel between 1997 and 2011, Commercial Fleet reported. U.K.-based Road Haulage Association applied to the Competition Appeal Tribunal seeking compensation totaling £6,000 per vehicle out of 600,000 trucks bought or leased between 1997 and 2011. The truck makers include Germany-based Daimler A.G., Norway-based Scania AB (publ), Sweden-based Volvo Car AB (publ.) and Dutch automaker DAF Trucks N.V.

9/4/2018 5:36:00 AM

Source: Business Insurance

Typhoon Jebi struck western Japan on Sept. 4, disrupting transport, causing power outages and forcing companies to temporarily close their plants, Bloomberg reported citing NHK. West Japan Railway Co. Ltd. halted all local services in the region while Japan Airlines Co. Ltd. and ANA Holdings Inc. canceled 560 domestic and 13 international flights. Toyota Motor Corp. halted operations at most of its group plants and Honda Motor Co. Ltd. stopped production at its Suzuka plant in Mie Prefecture.

9/4/2018 5:34:00 AM

Source: Business Insurance

New Zealand-based power utility Vector Ltd. is considering replacing overhead power lines with underground lines to storm-proof its network potentially costing the company $5.5 billion New Zealand ($3.6 billion), NZHerald.co.nz reported. The city of Auckland lost 40% of its power network in 15 minutes during a storm in April. Vector said that more than 200,000 properties in Auckland suffered a power outage following the April 10 storm.

9/4/2018 5:30:00 AM

Source: Business Insurance

German prosecutors have fined automaker BMW A.G. about $11.6 million related to diesel emission manipulation, Fortune reported citing Suddeutsche Zeitung. The prosecutors said that BMW accidentally outfitted 7,600 vehicles with diesel emission manipulation devices following six months of investigations.

9/3/2018 5:43:00 AM

Source: Business Insurance

The U.S. Geological Survey said that a 5.1-magnitude earthquake struck the Coquimbo region in Chile on Aug. 31, Express.co.uk reported. Tremors shook buildings in the city of San Felipe and Santiago and were felt across the country

9/3/2018 5:46:00 AM

Source: Business Insurance

A report by U.S.-based consultancy firm The Dun and Bradstreet Corp. found that financial risk managers cited supply chain disruption as a top concern for businesses, The Paypers reported. The respondents also cited extreme weather, geopolitical uncertainty and shifting trade deals as supply chain-related concerns, the report added. The report found that fewer than 20% of respondents made “advanced” use of risk-management tools such as blockchain, artificial intelligence and machine learning.