Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Coronavirus supply chain crunch feared as Chinese LNG importer invokes force majeure

Chinese liquid natural gas (LNG) importer, CNOOC Group, has invoked force majeure to cancel contracts without liability meaning it won’t take delivery of some LNG cargoes as a result of the coronavirus epidemic, according to Rob Patterson and Myles Mantle, London partners at law firm Haynes and Boone. They said: “This is among the first known cases of this rare…

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

Novel coronavirus outbreak: implications for international trade and shipping

The recent outbreak of a novel coronavirus in Wuhan, China has received worldwide attention and is increasingly putting a strain on businesses. On 30 January 2020, the World Health Organization declared the outbreak a Public Health Emergency of International Concern. The outbreak of any virulent disease presents the trading and shipping industries with various challenges, as was the case with…

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

Aviation risk managers need to consider coronavirus impact on sector

In 1996, a 32-year-old woman died of a drug-resistant strain of tuberculosis after flying with a US carrier from Chicago to Hawaii. The Centre for Disease Control traced all 249 passengers and found that six of them, some as far as 13 rows behind the woman, had caught the pathogenic bacterium that causes tuberculosis. As a result of this incident,…

Fenchurch Law adds partner as part of international expansion plans

Fenchurch Law adds partner as part of international expansion plans

Fenchurch Law adds partner as part of international expansion plans

UK law firm Fenchurch Law, which works exclusively for insureds and brokers, has appointed Aaron Le Marquer as partner to expand its international expertise. Mr Le Marquer joins the company from Tilleke & Gibbins, a law firm in southeast Asia where he established an insurance practice before becoming a partner based in Thailand. Previously, Mr Le Marquer worked for AIG…

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

Workplace health and safety (WHS) could be the next big thing in the fast-growing Australian class action ‘market’ and could lead to payouts in the tens of millions of dollars, massive legal bills and the imprisonment of directors and officers for industrial manslaughter offences, according to a new note from law firm Norton Rose Fulbright. Australian directors and officers are…

Philippines Insurance Commission to advise government to ditch minimum capital increase

Philippines Insurance Commission to advise government to ditch minimum capital increase

Philippines Insurance Commission to advise government to ditch minimum capital increase

The Insurance Commission (IC) of the Philippines has decided to advise the government not to raise minimum capital requirements for the country’s insurance companies at the end of 2022 as originally planned, according to local newspaper reports. The IC reportedly intends to advise finance secretary Carlos Dominguez to cap the minimum capital requirement for local insurance companies at PHP900m. The…

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

Indian data bill includes potential imprisonment of directors and officers for five years

India’s planned new data protection bill, which is based on the EU’s General Data Protection Regulation (GDPR), is likely to be set before parliament in February or March. The updated bill that was originally proposed in 2018 has recently been updated and contains a number of controversial additions. These include criminal liability for directors and officers who are found responsible…

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

Australian insurers advise government to focus on risk prevention as bushfires rage

The Insurance Council of Australia (ICA) has advised the Australian Government to significantly shift the focus of disaster relief towards mitigation and protection, and also to carry out a major reform of insurance-based taxes to ensure that homes and businesses are adequately protected, as it prepares its 2020-2021 budget. The ICA’s call came at the end of 2019, as the…

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

D&O underwriters are increasing their scrutiny of US American Depository Receipts (ADRs), following recent cases that point to likely increased class action exposure for foreign companies. Recent legal cases in the US have shown foreign companies with ADRs – derivative securities issued by a depositary bank – may be more exposed to securities class action litigation than previously thought. In…

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Indian stock market reacts positively to news of further rise of FDI into insurers to 74%

Shares in Indian insurers rose this week following local media reports that the government may propose in its coming budget to raise the foreign direct investment (FDI) limit in the sector up to 74% from the current 49%. The government raised the limit from 26% up to the current 49% in 2015. Only in September, the government increased the limit…

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