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.
China-based hotel operator Huazhu Group Ltd. said that hackers stole more than 500 million customer records,2Spyware.com reported. The stolen data includes registration details such as names, ID codes, mobile phone numbers, dates of birth, residence addresses and check-in details. Experts said that the data breach is likely to have occurred due to human error. The hackers put the stolen information for sale on the internet for 8 bitcoins or approximately $55,600.
South Korea’s financial regulators fined local insurers about 12 billion South Korean won ($11 million) for regulatory breaches from 2015 to June in this year, Yonhap News Agency reported. Data from South Korean information provider CEO Score showed that the regulators fined brokerages KRW 20 billion.
Brazil’s upper house of parliament recently passed legislation which is expected to make environmental insurance mandatory for businesses, Segs.com reported. The number of insurers providing environmental cover is limited in the country which could lead to a rise in insurance rates for the segment.
United India Insurance Co. Ltd. has received around 5,000 claims worth more than 3.5 billion Indian rupees ($50 million) so far related to recent floods in the state of Kerala, The Financial Express reported. K.B. Vijay Srinivas, chairman of United India, said that the insurer received most of the claims from the property segment for factories and business-related damage
A tornado that damaged a Lennox International Inc. facility in Marshalltown, Iowa, in July caused about $100 million in lost revenue and another $80 million in clean-up expenses, asset write-offs and other costs, but insurance will offset the hit to earnings and special charges, the manufacturer said Monday.
Richardson, Texas-based Lennox, which makes heating, air conditioning and refrigeration equipment, said it expects its profit to be about $55 million lower because of damage from the twister.
American International Group Inc. and Allianz S.E. are among the insurers with the largest exposures to Hurricane Lane, a Category 4 hurricane approaching the state of Hawaii, Fitch Ratings Inc. said in a Thursday note.
The companies with the largest commercial lines market share in Hawaii include First Insurance Co. of Hawaii, AIG, Allianz Global Risks U.S. Insurance Co., DB Insurance Co. Ltd. and Liberty Mutual Insurance Co., when combining the statutory direct written premiums for inland marine, commercial multiperil (nonliability), fire and allied lines, according to Fitch.
The storm, packing sustained winds of 130 mph, could cause “considerable” insured losses in Hawaii if it shifts northeast and tracks through more densely populated areas, Fitch said.
The Association of Insurance Companies of Greece (EAEE) announced on Tuesday that the total of initial insurance payouts for the deadly fires in Attica on July 23 amount to at least 33.7 million euros.
The EAEE said that based on data provided by member insurance companies the compensation on property claims for homes and professional spaces is assessed at 32.4 million euros.
There is a total of 785 reports of damage in both types of properties, with an average cost per claim ranging around 41,300 euros.
(Reuters) – Coty Inc (COTY.N) fell short of quarterly sales forecasts for the first time in six quarters on Tuesday due to a 10-day long trucker strike in Brazil that disrupted supplies to retailers in May and June.
The beauty products maker also said its chief financial officer was stepping down and gave a profit forecast for 2019 that was below Wall Street expectations, helping send its shares down as much as 11.2 percent.
The strike in Brazil reduced sales at Coty’s consumer beauty unit at a time when analysts were expecting growth. The unit accounts for nearly half of its total sales and includes brands such as Rimmel, Max Factor and CoverGirl.
Natural catastrophe and severe weather losses in Australia that fell to the insurance and reinsurance industry in 2018 so far now total roughly AU $261 million, after the Hobart storms and floods industry loss was raised to $100 million by the Insurance Council of Australia.
It’s still under 3½ months since devastating floods struck parts of Hobart and Kingston, after severe storms struck the area, but already insurers are said to have closed more than 50% of household claims, the Insurance Council said.
Insurance is about spreading of risk. Insurance works only because many policyholders pool their risks of loss and transfer portions of those risks to an insurance company. The insurance company, having accepted potential losses from many policyholders, is able to charge an affordable premium to each policyholder based on the probability that only a few of the potential losses will occur and must be paid. Thus, by pooling risks together through an insurance company, insureds can insure their risks at a reasonable price, which would otherwise not be possible if the risks of all insureds had not been pooled together through an insurance company.
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