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Insurance

Beirut blast’s insured losses estimated at US$3 billion

spike 8 months ago

The massive port explosion that engulfed the Lebanese capital of Beirut on August 04 is likely to inflict insured losses of around US$3 billion, according to a report by Reuters, citing industry sources.

Parallels have been drawn between this blast and the one that occurred in Tianjin, China in 2015.

The Beirut blast, which killed at least 200 people, destroyed numerous buildings across the city and was felt as far as Cyprus. Lebanese officials have reported economic losses of US$15 billion, most of which is uninsured.

Swiss Re estimated the insured losses at the Tianjin blast at around US$2.5 billion

Insurance

Markel Corporation hit with SG$1.97 billion loss in Q1

spike 12 months ago

Markel Corporation has released its first quarter financial results, and the group isn’t the bearer of good news.

In the first three months of 2020, Markel posted a comprehensive loss to shareholders of US$1.4 billion (around SG$1.97 billion) – a tumble from the comprehensive income of US$732.2 million (around SG$1.03 billion) in the same period last year.

According to the company, a contributing factor to the result is the significant volatility in the equity markets arising from economic uncertainty associated with the coronavirus crisis. In fact, the group reported net investment losses of US$1.7 billion due to the change in

Business News

Mall owner CBL says it’s in forbearance over skipped interest payment

spike 10 months ago

CoolSprings Galleria Mall, Franklin, TN

Source: CBL Properties

Mall owner CBL & Associates said Wednesday it has entered into a forbearance agreement with its lenders over a missed interest payment.

With bills piling up and many of its retail tenants opting to not pay rent during the coronavirus pandemic, CBL did not make an $11.8 million payment on June 1 on its 2023 notes, triggering a 30-day grace period that expired this week.

Then, on June 16, CBL said it would not be making an $18.6 million interest payment due that week on unsecured notes due 2026. That has triggered

Business & Finance

Oil prices fall as U.S. inventory build-up heightens oversupply concerns

spike 1 year ago

TOKYO (Reuters) – Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.

General view of oil tanks and the Bayway Refinery of Phillips 66 in Linden, New Jersey, U.S., March 30, 2020. REUTERS/Mike Segar REFILE – CORRECTING REFINERY NAME

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March.

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