7/22/2020 | This week in Business Insurance International Topics… – Editor
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 the fire.
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 Australian state of Queensland could increase Carmichael’s dependence on parent firm Adani, Aspen Re said.
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 was on its way to Melbourne from China and was carrying bar stools, food dehydrators, medical face masks, shields and goggles, furniture, range hoods, gazebos and cat furniture.
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.