Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Final loss estimate for Cyclone Debbie put at $1.3bn

Perils, the Zurich-based catastrophe data provider, has issued its fourth and final estimate for the losses suffered by property insurers from Cyclone Debbie, the tropical storm that hit Australia in March 2017. The estimate, which puts the losses at $1.3bn (AUD1.7bn), comes almost a year to the day that the category four cyclone made landfall on 28 March, hitting the…

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

The ongoing effect of climate change is worsening the impact of natural disasters and costing the agriculture sector billions of dollars, according to a report from the United Nations’ Food & Agriculture Organisation (FAO). Furthermore, the much-talked-about protection gap between insured and economic losses has yet again been starkly exposed in the ongoing humanitarian crisis in Papua New Guinea, following…

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

Sanchi’s expanding oil slick raises environmental concerns

The spill from the stricken oil tanker Sanchi has created an oil slick that has trebled in size since the ship went down in the East China Sea in a ball of flames more than a week ago, and is threatening to make it the costliest marine disaster in recent memory. China’s State Oceanic Administration reported on Sunday that it…

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

Asean plans to improve nat cat response following Typhoon Tembin

The Association of Southeast Nations (Asean) is to accelerate its plan to develop systems to help its member states respond better to natural disasters following the destruction caused by Typhoon Tembin. The regional trading bloc made the announcement in the wake of the typhoon which made landfall in the southern Philippines on 22 December and caused widespread damage, including 180…

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

BI, cyber and nat cats top 2018 Allianz Risk Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate and Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

Tanker Sanchi sinks with no survivors

The Sanchi, the stricken Iranian tanker that collided with a US freighter off the eastern coast of China in one of the worst oil ship disasters in decades has sunk, taking with it all remaining survivors on board, according to Iranian officials. According to an Iranian navy commander speaking on Saturday 13 January, a massive explosion occurred on the ship,…

NZ companies facing rise in weather insurance premiums

NZ companies facing rise in weather insurance premiums

NZ companies facing rise in weather insurance premiums

The cost of insurance claims related to storms and floods has risen by 70% in New Zealand during the past three years and led to it being ranked as a high risk location by reinsurers, according to local broker NZbrokers. Consequently businesses operating in New Zealand should plan for a rise in any weather-related insurance premiums, said NZbrokers’ chief executive…

Philippines government offers farmers payout over Typhoon Tembin

Philippines government offers farmers payout over Typhoon Tembin

Philippines government offers farmers payout over Typhoon Tembin

More than 20,000 Filipino farmers whose crops were destroyed by the recent Typhoon Tembin, also known as Typhoon Vinta in the Philippines, have received roughly $3.6m (182m Philippine pesos) in insurance payments from the Philippines Department of Agriculture (DA). Agriculture secretary F Piñol made the announcement via Facebook, disclosing that payments for farmers in six regions in Mindanao would be…

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