political risk insurance News

If China Invades Taiwan, It Would Cost World Economy $10 Trillion

War over Taiwan would have a cost in blood and treasure so vast that even those unhappiest with the status quo have reason not to risk it. Bloomberg Economics estimate the price tag at around $10 trillion, equal to about …

How Panama Fishing Boats Brought Mining Company First Quantum to its Knees

For more than a month, a group of 16 fishing boats has been blocking a key port in Panama, choking off coal and essential supplies destined for First Quantum Minerals’ giant copper mine there, eventually forcing it to halt operations …

Lloyd’s Leads Insurers in Raising Rates, Cutting Taiwan Cover as Conflict Risks Rise

Lloyd’s of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources with knowledge of the matter say. Insurers …

Russian Carmaker GAZ Files Third Lawsuit Against Volkswagen

Russian carmaker GAZ has filed a lawsuit worth 15.6 billion roubles ($200.5 million) against Volkswagen, court records show, adding to two others filed earlier this year. The lawsuit, details of which have not been published, was filed with the Nizhny …

Russia’s Largest Cargo Airline Ordered to Pay Aircraft Lessor BOC Aviation $406.2M

/A U.S. judge on Tuesday ordered Russia’s largest cargo airline to pay aircraft lessor BOC Aviation Ltd. $406.2 million after being declared in default on leases for three Boeing 747-8 freighters following Russia’s invasion of Ukraine. U.S. District Judge Lewis …

Russia’s GAZ Group Files $348M Suit Against Volkswagen

The Gorky Automobile Plant, part of Russia’s GAZ Group which was contracted to assemble cars for Volkswagen, has filed a lawsuit to recover 28.4 billion roubles ($348 million) from the German automaker, court records show. The lawsuit, details of which …

Russian Court Freezes Volkswagen Assets in Russia

A Russian court on Monday froze all Volkswagen assets in Russia, in the latest obstacle to the German carmaker’s year-long efforts to wind down its Russian operations. Volkswagen, along with other foreign carmakers, suspended operations in Russia last year after …

Citgo’s Lawsuit Against Lloyd’s Insurer Over Seized Venezuelan Oil Gets Go-Ahead

Citgo Petroleum Corp. may move forward with an attempt to collect more than $40 million it claimed from insurers after Venezuelan authorities in 2020 seized almost a million barrels of its oil. US District Judge Gregory Wood on Wednesday denied …

Aircraft Lessor AerCap Says Russian Airlines Proposing Settlements for Stranded Jets

Aircraft lessor AerCap said on Thursday it had been approached by Russian airlines and their insurance companies about possible settlements for planes stranded after the Ukraine invasion but that it was unclear if any deal could be reached. Western sanctions …

U.S. Firms in Taiwan Making Business Continuity Plans Amid Tensions With China

Almost half of companies surveyed by the American Chamber of Commerce (AmCham) in Taiwan are revising or plan to revise their business continuity plans amid tensions with China, while a growing number reported being impacted by those strains. China, which …