Insurers ordered to provide records for Superstorm Sandy claims
It’s been two years since Superstorm Sandy hit America’s east coast but some claims are still the subject of a legal battle. Lawyers representing some 1,500 homeowners are claiming that the insurers refused to pay out and used falsified reports from builders as evidence against settlement. Similar claims were made after Hurricane Katrina but in these cases insurers were not risking their own money as they were acting as agents for FEMA so a motive isn’t easy to see. A federal district judge has now ordered that insurers make additional records available.
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South Korea steps up security as cyber attacks continue
The South Korean nuclear power operator says its installations are secure and safe despite continuing cyber-attacks on its non-critical networks. Korea Hydro & Nuclear Power has been under almost constant attack since early last week with emergency teams placed on standby since Christmas Eve. Hackers demanded that the government-owned company shut down three nuclear power stations by Thursday last week and threatened “destruction” for failure to comply. The style of threat was similar to those that led to the temporary suspension of the release of Sony Picture’s ‘The Interview’.
Investment firm calls on banks to assess climate change risk
An investment firm in Australia has called on banks to assess their exposure to climate change. Australian Super is one of the country’s biggest investors and wants banks to reassure them, and other investors, that banks are using appropriate assessment and management of the risk. The firm says that while companies that actually own fossil fuel assets are directly exposed, banks that finance them are also at risk. In a recent report into the financial system in Australia there was no mention of the risk from climate change although recent statements from the Bank of England and former US Treasury chief Hank Paulson have warned of the risk from a “carbon bubble”. Major banks are being more open about their lending to carbon-creating companies but investors say there is more to be done to mitigate exposure to the risk.
