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Extreme’ California wildfire forces hundreds to evacuate

Aug 15, 2020 | , , ,

No casualties were reported but the blaze threatened 5,420 homes and other structures in communities about 40 miles (65 km) north of downtown Los Angeles where residents have been told to prepare for possible evacuations over the weekend, Garrido said.

Across the United States, fires have been less ferocious so far in 2020, burning around 1.4 million fewer acres than in the same period of 2019. Conditions are expected to worsen in California next month when Santa Ana winds arrive in the south and El Diablo winds pick up in the North.

Who pays for Mauritius oil spill and how much?

Aug 15, 2020 | , , , , ,

Under the 2001 International Convention on Civil Liability for Bunker Oil Pollution damage, which is referred to as the BUNKER convention and has been administered by the International Maritime Organization (IMO) since it came into force in 2008, the owners of vessels are responsible for damage caused by oil leaks. That means Nagashiki rather than Mitsui OSK is liable.The Wakashio is insured by Japan P&I Club, the country’s only organization that underwrites protection and indemnity insurance for ocean going and coastal vessels. On Wednesday, a spokesman for Japan P&I said it was “trying to make internal estimates” for how much the clean up would cost.

Munich Re among insurers facing ‘Major’ Beirut blast losses

Aug 13, 2020 | , , , ,

Property damage alone from the blast, which killed more than 150 people and triggered the collapse of Lebanon’s government, could exceed $7 billion, according to the Institute of International Finance.

Although only a fraction of the losses are covered by insurance, the blast’s financial impact still could blow holes in reinsurers’ balance sheets. Insured losses at the port and nearby vessels and cargoes could reach $250 million, according to Guy Carpenter & Co., a U.S. brokerage.
“We are currently assuming that this will be a major loss for us,” Christoph Jurecka, Munich Re’s chief financial officer, told reporters in an Aug. 6 conference call. He declined to estimate the size of the loss, but Munich Re classifies total payouts of more than 10 million euros ($11.8 million) for one incident as “major.”

Hannover Re, another Germany-based reinsurer, also anticipates a loss of at least 10 million euros, a company board member, Sven Althoff, said last week in a call with analysts.

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