Source: Business Insurance

September 25, 2019 Ford Motor Co. has recalled around 322,000 cars in Europe for potential fire risk, Automotive News Europe reported citing Reuters. The recall affects Mondeo, S-Max and Galaxy vehicles built between February 2014 and February 2019. The recall includes 101,000 vehicles in Germany, 56,000 cars in the United Kingdom and the remainder in the company’s key European markets.

Source: Business Insurance

September 25, 2019 Lloyd’s of London has launched parametric profit protection insurance for the hotel industry to provide coverage against any revenue-impacting event, Artemis reports. The insurance policy does not require a named peril qualifier, and instead will be payout for events that affect a hotel and create a pre-defined gap between actual and expected profits.

Source: Business Insurance

September 25, 2019 German automaker Volkswagen AG’s current chief executive and chairman, as well as its former chief executive, have been charged with market manipulation in connection with the diesel emissions scandal of 2015, Live Mint reports. German prosecutors have accused chief executive Herbert Diess, chairman Hans Dieter Poetsch and former chief executive Martin Winterkorn of deliberately informing markets too late about $33 billion that the company had to bear because of the scandal.

Source: Business Insurance

September 25, 2019 Officials expect the collapse of U.K.-based travel group Thomas Cook Group PLC to cost the Bulgarian tourism industry around $56 million, Business Insider reported citing Reuters. The company owes $40 million to more than 50 hotels on the coast of the Black Sea.

Source: Business Insurance

September 19, 2019 Regular explosions within Istanbul’s Orhanli industrial zone are threatening flights at the Sabiha Gokcen International Airport, Xinhua reported. Meanwhile, a huge fire broke out at Ema Chemical Systems-Huntsman’s chemical factory located within the industrial zone on Sep. 18, forcing evacuation of the compound.

Source: Business Insurance

September 19, 2019 Iran’s Islamic Revolutionary Guard Corps seized a tanker in the Persian Gulf for allegedly smuggling 250,000 liters of diesel to the United Arab Emirates on Sep. 16, True News Source reports citing ISNA. The detention follows drone attacks on Saudi oil facilities on Sep. 14.

Source: Business Insurance

September 19, 2019 Sompo Japan Nipponkoa Insurance Inc. expects to pay out more than 110 billion Japanese yen ($1 billion) in claims for typhoon Faxai, The Japan Times reports. The typhoon made landfall in Japan’s Chiba prefecture on Sep. 9 and caused widespread damage.

Source: Business Insurance

September 17, 2019 The Australian Competition and Consumer Commission said that Toyota Motor Corp. has recalled 82,756 vehicles fitted with Japan-basedTakata Corp.’s airbags, myGC reports. The recall relates to the passenger side front airbag inflators in Yaris, Corolla and Avensis vehicles. “As it gets older, a combination of high temperatures and humidity can cause the airbag inflator propellant to degrade,” the recall notice said.

Source: Business Insurance

September 17, 2019 Spain’s Insurance Compensation Consortium expects insurance claims related to damage caused by heavy rains and flash floods in southern and eastern Spain to total at least €142 million ($157 million), The Olive Press reported. The amount includes damage to businesses, homes, and vehicles, but excludes structural damage.

Source: Business Insurance

September 17, 2019 Bermuda-based reinsurance and retrocession linked investment manager Markel CATCo Investment Management Ltd. said that investors in its listed fund are exposed to potential losses from hurricane Dorian and typhoon Faxai, Artemis reports. The hurricane is expected to cause insurance and reinsurance losses of up to $8.5 billion, which will cause some minor losses in retrocessional insurance-linked securities or collateralized reinsurance markets.