Insurance cost up to 60% after social outbreak – ca. $2.5bn insured losses

The price of insurance over physical damage to property in Chile increased 20%, while policies covering vandalism damage jumped 40% since the October social outbreak, according to Lionel Soffia, president of Gallagher for Latin America. The days of violence would have caused insured losses of between $ 2 billion and $ 2.5 billion, according to estimates by Aon, the country's largest insurance and reinsurance broker, measured by the volume of intermediated premium.

Octopi by Navis to modernise Ultraport Punta Arenas terminal operations

Octopi, part of Navis, and Cargotec Corporation, the provider of operational technologies and services to global shipping industry, have signed a partnership agreement with Chile-based terminal operator Ultraport to implement Octopi TOS at its cargo terminal in Punta Arenas. Ultraport, ranked the top terminal operator in Chile, operates nine terminals throughout the country with annual throughput of over 400,000 tons and 30,000 TEU, specialising in a variety of different cargoes, commodities and resources.

Copper price falls in London and Shanghai for fears of coronavirus

Copper prices were down Wednesday due to fears of the rapid expansion of the coronavirus. At 0712 GMT, three-month copper on the London Metal Exchange (LME) yielded 0.4% to $ 5,662.50 per ton. The most quoted contract on the Shanghai Futures Exchange (ShFE) lost 0.5% to 45,480 yuan ($ 6,485.28) a ton. Copper prices, used as an indicator of economic health, have been affected as China is the world's largest user of that metal and the main importer of Chilean copper.

Netflix, Spotify, Amazon, Airbnb to pay 19% tax in Chile

Digital companies not based in Chile, such as Netflix, Spotify, Amazon or Airbnb, must pay a 19% VAT as of June 1, 2020 after the tax reform enacted on Tuesday by President Sebastián Piñera. Transportation companies such as Uber or Cabify will be exempt from paying this tax, as they will be regulated under a law that is discussed in Congress that will force them to settle in the country and pay local taxes.

LONGi to supply 122MW bifacial modules to Atlas Renewable Energy

China's leading solar technology company LONGi has signed a contract with Atlas Renewable Energy to supply 122MW of Hi-MO4 bifacial modules for one of its projects in Chile. LONGi introduced in May 2019 this next generation bifacial module, based on the new M6 silicon wafers. Atlas's projects include Javiera, Chañaral (69.5 MW), Quilapilun, La Colina (110 MW), and Sol del Desierto, Antofagasta (230 MW)