Big Island tourism still taking big hits

VOLCANO — As Hawaii Volcanoes National Park continues into its fourth consecutive week of closure, the hospitality industry in the hamlet of Volcano faces unprecedentedly lean times.

Park spokeswoman Jessica Ferracane said the closure of the park, which has gone on for 30 days as of Saturday, has so far cost Hawaii Island more than $12.3 million in visitor spending — park visitors last year spent $455,000 each day at Big Island businesses, not counting park entrance fees.

http://www.thegardenisland.com/2018/06/13/hawaii-news/big-island-tourism-still-taking-big-hits/

 

Volcanic activity & insurance considerations for businesses

Since the volcano began erupting last month, images of the eruption of Hawaii’s Kīlauea Volcano have captivated viewers across the United States and around the world. The flow of lava has created remarkable visual images. It has also left a trail of destruction.

https://www.propertycasualty360.com/2018/06/14/volcanic-activity-insurance-considerations-for-bus/?slreturn=20180514172732

 

Ormat taking steps to secure Hawaii geothermal plant in light of lava flows nearby

In a release yesterday evening, Ormat Technologies Inc. provided an update on the Puna geothermal power plant located about 15 miles away from the Kilauea volcano, which erupted on May 3, 2018 and which continues to erupt and flow lava.

Ormat taking steps to secure Hawaii geothermal plant in light of lava flows nearby

https://www.csoonline.com/article/3265453/data-protection/cyber-insurance-data-breach-business-interruption-and-beyond.html

In today’s market, no growing business can isolate itself from online communications and commerce. Yet avoiding the internet entirely is the only way to guarantee your company will not be exposed to cyber threats. Once a business is online it will always be exposed to some residual risk it cannot feasibly address in a disaster recovery plan, business continuity plan, or through an information security technology solution.

https://www.csoonline.com/article/3265453/data-protection/cyber-insurance-data-breach-business-interruption-and-beyond.html

 

Natural Catastrophes Dominate 2018 Marine Risk Landscape

Business interruption (BI) and cyber incidents interlink as the major threat for companies globally in 2018, according to the insight of 1,911 risk experts from 80 countries in the Allianz Risk Barometer 2018. However, for marine and shipping companies, natural catastrophes (34 percent), including storm, floods and earthquakes, takes the top spot – up from number four in 2017. BI tied with cyber incidents (31 percent), for the second spot followed by theft/fraud/corruption (27 percent) and fire/explosion (25 percent) to round out the top five business risks in the maritime sector for 2018. These incidents illustrate the complex nature of insurance risks as most are closely intertwined in complex loss cases.

https://www.maritimeprofessional.com/news/natural-catastrophes-dominate-2018-marine-314521

The top three business risks for 2018: Cyber, supply chain and regulatory compliance

The recently released Allianz Risk Barometer ranked the top business risks for 2018, based on the views of more than 1,900 risk management experts globally. Here, we look at the top three identified business risk for Australia and discuss how they can be effectively managed.

https://www.lexology.com/library/detail.aspx?g=46fecdd5-f513-490a-b722-be5250ebafec

Munich Re & easyJet develop business interruption cover for flight cancellation risks

Reinsurance giant Munich Re and low-cost carrier airline easyJet have collaborated to create a new insurance product that is designed to provide business interruption style coverage to airlines when major flight cancellation issues occur.https://www.reinsurancene.ws/munich-re-easyjet-develop-business-interruption-cover-flight-cancellation-risks/

 

New tax plan won’t help small businesses after hurricane, wildfire, other disasters

As the Southern California wildfires blaze on, people in the path of the flames may be making an unlikely wish: that if the damage happens, it happens before the clock strikes midnight on December 31. It's morbid, but practical — because now that the new tax bill has passed, some significant disaster tax deductions will disappear.https://www.nbcnews.com/business/business-news/new-tax-plan-won-t-help-small-businesses-after-hurricane-n831191

 

Business interruption tops list of commercial risks

Business interruption is the biggest risk facing companies, according to a survey by Allianz Global Corporate & Specialty S.E., while cyber incidents continue to generate growing concern.http://www.businessinsurance.com/article/20180116/NEWS06/912318506/Business-interruption-tops-list-of-commercial-risk-exposures-Allianz

 

USDA issues statement on new soybean rules

Earlier this week, Bloomberg reported on new rules for soybean loads heading to China. USDA has also issued a statement to make farmers and shippers aware of what goes into effect Monday, Jan. 1.http://www.farmfutures.com/soybean/usda-issues-statement-new-soybean-rules