ASIA-PACIFIC
Tension between China and Taiwan has increased concerns for global insurers and financial services providers serving these regions, with many reportedly reviewing their contingency plans to stay prepared for the worst.
Typhoon Noru wreaked havoc in the Philippines, prompting authorities to suspend work, school and retail operations on Sept. 26, after it made landfall in the countrys main Luzon island.
The General Insurance Association of Indonesia said the local general insurance sector recorded 20% year-on-year growth in aggregate premium income to around 46 trillion Indonesian rupiah ($3.05 billion) in the first half of the year.
Japanese automaker Honda Motor Co. Ltd. has decided to cut production by up to 40% at two of its factories in Japan in October due to the semiconductor shortages and logistical problems driven by COVID-19 outbreaks.
Workers at South Koreas second-largest steelmaking company Hyundai Steel Co. Ltd. have threatened to strike over wages, raising concerns of steel supply chain disruptions that could have a wider impact on industries such as automotive, shipbuilding and construction.
Swiss insurance-linked securities manager Twelve Capital AG expects losses from Typhoon Nanmadol that struck Japan on Sept. 18 to run into several billion dollars.
Indian state of Karnataka has suffered an estimated 36 billion Indian rupees ($452 million) in infrastructure, home and crop damage during this years monsoon season.
Typhoon Muifa made its second landfall in China in Shanghais Fengxian district on Sept. 15 after making first landfall in Zhejiang province on Sept. 14, forcing the country to activate its highest typhoon emergency response level.
A massive fire broke out at a leaking natural gas oil well in the Indian district of Tinsukia on June 8, Jagran Josh reports. The oil well, which is owned by Oil India Ltd., has been leaking natural gas since May 27 following damage. Officials said it could take at least four weeks to control […]
Bermuda-based Aspen Insurance Holdings Ltd. is reviewing its corporate policy on climate change as Indian conglomerate Adani Group's Carmichael project’s losses have grown to nearly $800 million due to effects from the coronavirus pandemic, Moneycontrol reports citing The Sydney Morning Herald. Significant impact on the valuations of the coal mine and rail project in the […]
Data from the Australian Prudential Regulation Authority showed that general insurers reported a $1 billion Australia ($663 million) loss in the first quarter, the first combined quarterly loss in nearly two decades, Reuters reports. The losses were due to the coronavirus pandemic and rise in claims related to bushfires.
Australian regulators have ordered U.K.-based Steamship Mutual Underwriting Association Ltd., the insurer of cargo ship APL England, which lost around 50 containers in rough seas off the coast of Sydney on May 24, to pay $22 million Australia ($15 million) under the Protection of the Seas Act, 9News reports citing Australian Associated Press. The ship […]
A report said that South Korea-based Samsung Electronics Co. Ltd.'s smartphone shipments plunged 18% year-over-year to 59 million units in the first quarter due to the coronavirus pandemic, Yonhap News Agency reports.