AIR Worldwide introduces earthquake model for India; expands model coverage for Southeast Asia
Catastrophe risk modelling firm AIR Worldwide (AIR) has released an earthquake model for India and significantly expanded and enhanced its earthquake and typhoon models for Southeast Asia.
The AIR earthquake model for India’s seismicity analysis covers areas with seismic activity that may affect India, including the countries of Pakistan, Nepal, Bhutan, and Bangladesh. However, the model only assesses damage and loss for locations within the boundaries of India.
It will estimate losses to residential, commercial, and small industrial buildings and automobiles. The vulnerability component of the model has been customised to India’s unique construction practices and code requirements, which have been peer-reviewed by local experts at leading Indian institutions. In addition, AIR has also updated the Industry Exposure Database (IED) for India, which includes the state of Telangana formed just in 2014 and densely populated areas of India.
Since the 2011 Christchurch earthquake, liquefaction has been a significant component of earthquake risk assessment. AIR has developed a liquefaction module covering the major exposure concentrations of New Delhi, Mumbai, and Kolkata.
Expansion of coverage for EQ/typhoon models in Southeast Asia
As for Southeast Asia, the enhanced earthquake model features the ability to account for the tsunami and liquefaction subperils in Indonesia, the Philippines, and Taiwan.
The updated typhoon model features a new precipitation-induced flooding module for Hong Kong, the Philippines, and Taiwan. The model domain has also been expanded to include the following countries and territories: Guam, Macau, Saipan, and Vietnam for typhoon risk; and Hong Kong, Macau, Vietnam, Singapore, Thailand, Brunei, and Malaysia for earthquake risk.
Parametric insurance solution for earthquake-prone provinces in some parts of Indonesia
PT Asuransi Wahana Tata (Aswata), Mercy Corps and Swiss Re have introduced the first parametric earthquake insurance product for microfinance institutions (MFIs) in Padang, West Sumatra and Aceh regions. The product will provide cover on their loan portfolio losses after an earthquake. This means the MFIs can continue to lend to the poor even in times of emergency after a natural disaster.
Unlike traditional insurance, in which the policy holder is paid only after he makes a claim for the actual damage, parametric insurance pays out in response to defined triggers, in this case, the strength of the earthquake. This means faster payout for the policyholder, reducing the length of the process from months or years, to just days or weeks. MFIs in Aceh and West Sumatra can then continue to lend to the people in these regions, even when their clients have difficulty in repaying their micro-loans because their homes and businesses have been affected.
Tokio Marine Life Insurance Singapore and Henner introduce new Care & Health plan
Tokio Marine Life Insurance Singapore (TMLS) and Henner Group have jointly launched a new international medical coverage solution for globally mobile employees in Singapore.
The new Care & Health plan focuses on addressing the uncertainty faced in seeking medical insurance assistance in new and foreign markets. This plan will provide employees with comprehensive medical insurance coverage when they relocate to Singapore, when they are re-assigned to other markets and while they are travelling overseas. It also allows employees covered under the plan to switch to an individual solution without an underwriting requirement, when they leave an employer or group plan after two years.
Policyholders get cashless access to Henner’s international healthcare network for both outpatient and inpatient hospitalisation and a claims processing average turnaround time of three working days or less.
Zurich launches post cyberattack response solution for Asia
Zurich Insurance recently launched DigitalResolve, a coordinated incident response service to help businesses in Asia Pacific (APAC) mitigate and recover from cyberattacks. Offered through partner Crawford & Company, DigitalResolve helps organisations to co-ordinate and manages resources so that they can recover from damaging cyberattacks with minimum disruption.
Specifically developed to immediately mitigate the risk of operational shutdown, supply chain disruption, customer and revenue losses, declines in productivity, regulatory fines, litigation claims, cyber-extortion payments and reputational damage, the new service supports the attacked organisations by assigning them a dedicated 24/7 incident manager with immediate response capabilities.
DigitalResolve will initially be available to all Zurich Security and Privacy customers in Singapore, followed by Hong Kong, Japan and China by the end of 2016, before being rolled out to other markets across the APAC region. It is already offered and fully operational in the UK.