Source: Business Insurance

September 16, 2019 Heavy rains have caused 10 billion Indian rupees ($140 million) worth of damage to coffee crops in the Indian state of Karnataka, The Times of India reported. The rains have damaged around 150,000 hectares of coffee estates in three districts.

Source: Business Insurance

September 16, 2019 State-owned China Export & Credit Insurance Corp. expects insurance payouts to rise this year as the trade war between the United States and China intensifies, Moneyweb reported citing sources. The insurance policies help cushion companies from the risk of export deals collapsing because of elevated duties on goods flowing between the two countries.

Source: Business Insurance

September 16, 2019 Germany’s motor vehicle authority could fine Audi AG €25,000 ($27,675) for each car carrying illegal software that can manipulate emissions levels, Euronews reported citing Bild am Sonntag. The company has until Sep. 26 to remove the software from thousands of diesel vehicles with V6 and V8 TDI engines.

Source: Business Insurance

September 16, 2019 (Reuters) – OxyContin maker Purdue Pharma LP filed for bankruptcy protection Sunday night, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic. Purdue’s board met Sunday evening to approve the long-expected bankruptcy filing, which the company is pursuing to restructure under terms of a proposal to settle the widespread litigation. Purdue, which filed for Chapter 11 protection in a federal bankruptcy court in White Plains, New York, reached a tentative deal to resolve lawsuits with 24 states and five U.S. territories, as well as lead lawyers for more than 2,000 cities, counties and other plaintiffs, the company said. Two dozen states remain opposed or uncommitted to the proposed settlement, setting the stage for contentious legal battles over who bears responsibility for a public health crisis that has claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest U.S. data. Thousands of cities and counties, along with nearly every state, have sued Purdue and, in some cases, its controlling Sackler family. The lawsuits, seeking billions of dollars in damages, claim the company and family aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks. Purdue and the Sacklers have denied the allegations.

Source: Business Insurance

September 16, 2019 Insured losses from Typhoon Faxai, which made landfall in Japan on Sept. 9, will be between $3 billion and $7 billion, according to catastrophe modeler AIR Worldwide Corp. The estimate includes damage from wind and storm surge to residential, commercial, industrial and agricultural property and automobiles, Boston-based AIR said in a statement Monday. Faxai struck Tokyo with winds equivalent to a strong Category 2 hurricane and brought damaging winds along with storm surge and heavy rain to coastal regions, AIR said.

Source: Business Insurance

September 09, 2019 Robert De Rose, senior director at U.S. credit rating agency A.M. Best Co., said that the global reinsurance sector needs systemic changes in order to survive in the long run, Asia Insurance Review reports. The main impediments facing the sector include intense competition, excess capacity, potential for increased inflation, less cushion in carried loss reserves and continued interest from third-party capital.

Source: Business Insurance
September 09, 2019 Paul Schultz, chief executive at Aon Securities, expects “very strong” pick up in catastrophe bond issuances, Artemis reported. As the insurance-linked securities market and reinsurance recover from losses, cat bond issuance is set to make a comeback in larger volumes, Mr. Schultz added.

Source: Business Insurance

September 09, 2019 Swedish clothing brand Hennes & Mauritz AB has stopped purchasing leather from Brazil due to environmental concerns highlighted by Amazon wildfires, Business Standard reports citing Reuters. Additionally, U.S.-based fashion products maker VF Corp. recently banned Brazilian leather due to Amazon wildfires.

Source: Business Insurance

September 09, 2019 Technology leaders in Asia have warned that the U.S.-China trade war threatens to fracture the global supply chain, Abacus News reports citing Bloomberg. The harsher business environment is also pushing tech companies on both sides to re-evaluate their operations, giving rise to a splintering of supply chains.