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Oman says spill from grounded shadow oil tanker covers 400 square kilometers
Built in 2001, it is part of the so-called shadow fleet of older...
Four crew, two rescuers killed in Red Sea attack; US strikes ship in Gulf of Oman
Traffic is even more disrupted in the Strait of Hormuz with just...
Ebola outbreak in DR Congo spiralling out of control: WHO
The continued increase in cases, expanding geographic spread, and persistently high mortality underscore the rapidly evolving nature of this public health emergency. The World Health Organisation (WHO) has warned that the Ebola outbreak in the Democratic Republic of...
Drone strike in Egypt sparks security concerns about Suez oil exports
"The passage through the Red Sea, even via the longer Mediterranean route, could be put at risk, which threatens up to five million barrels per day of oil supply that can currently bypass the Strait of Hormuz," said Saul Kavonic, head of energy research at advisory...
Saudi Arabia unveils plans for multinational maritime defence coalition
The coalition would strengthen maritime security, safeguard freedom of navigation, secure international trade routes and energy supply lines, and protect shared maritime interests in the Bab el-Mandeb Strait and the Gulf of Aden. Saudi Arabia on Thursday unveiled...
Climate change made ‘fire-prone’ weather conditions more likely in Spain and France, scientists say
“We’ve seen repeatedly how climate change increases hot, dry, flammable conditions that are extremely conducive to wildfires," said Clair Barnes, a research associate in extreme weather at Imperial College London, who co-authored the WWA analysis. BRUSSELS:...
Japan earthquake halts auto and chip plants, testing supply chain resilience
Given Japan’s proneness to natural disasters, manufacturers have for decades sought to strengthen the resilience of parts supply and this latest quake, which has claimed the lives of 34 people, will be a test of how robust their efforts have been. The 7.1-magnitude...
Insurers are ‘Actively Evaluating’ new catastrophe risks as Europe burns
Historical data no longer provide an adequate foundation on which to base loss probabilities, which is why the industry now relies “heavily” on forward-looking scenario analysis, Aon’s Bruce said. And Europe’s ability to generate reliable catastrophe risk models will...
Houthis’ Red Sea attacks prompt London insurers to widen high-risk zone
War risk premiums for voyages through the southern Red Sea have already jumped to between 1% to 2% of the value of a ship from 0.3% before the Houthi announcement, sources have said.. Attacks on ships by Yemen’s Houthis have prompted London’s marine insurance market...
Japan earthquake’s insurance claims may top $1.1 billion: Bloomberg Intelligence
Most of the exposure from the July 28 quake in Kumamoto is tied to commercial properties, as well as residential coverage under Japan’s earthquake insurance system, he said. Insurance claims from this week’s earthquake in Japan may top the 175 billion yen ($1.1...
Global CAT losses at nearly $112bn, only $44bn insured: Munich Re
Thomas Blunck,Member of the Board of Management. The first half of the year has provided a welcome breather from previous years of high natural disaster losses. But climate change and growing exposure persist, increasing the risk of larger losses in the future. The...
Willis urges smarter data centre insurance buying as capacity demand nears $15billion
"Buying more insurance is not always the same as being better protected. When risks are properly modelled, understood and mitigated, clients can build more efficient, resilient insurance programs that reflect their actual exposures. This is especially important where...