Singapore: Tokio Marine Life Insurance launches early-stage disability income plan
Tokio Marine Life Insurance Singapore Ltd (TMLS) has launched TM Protect 1, a disability income plan in Singapore which offers essential support during the critical early stages of disability by covering costs related to aspects such as rehabilitation, transport and mobility aids.
Providing a monthly benefit payment upon the loss of a single Activity of Daily Living (ADL), TM Protect 1 aims to fill a vital protection gap for Singaporeans looking to insure themselves against the heightened risk of disability that comes with longer life expectancy.
According to TMLS, TM Protect 1 minimises the gap in the market by introducing a coverage option that was previously unavailable, as other existing disability income plans offer payouts only upon the loss of at least two ADLs. The product reflects the insurer’s belief that the loss of just a single ADL would result in a significant impact on an individual’s income.
Singapore: XL Catlin launches Active Assailant, Loss of Attraction and Threat (ALT) solution
XL Catlin has launched its Active Assailant, Loss of Attraction and Threat (ALT) insurance solution which responds to the impact of terrorism or an active assailant attack or the threat of an attack on the operations of businesses and public service providers.
There are three components which make up the ALT solution:
- Active Assailant – for when a physical attack results in injury to people at the affected location, business interruption and property damage. Coverage includes medical and counselling expenses, damage to property, business interruption costs, expenses for closure of premises, denial of access and relocation costs as well as public relations fees.
- Loss of Attraction – for when an attack occurs within 1 km of the insured premises or at a pre-specified attraction, causing loss of profit without any property damage to the insured premises.
- Threat – for when a threat of a malicious act to cause damage to people or property at an insured location has a knock-on effect on the operations of the insured, providing business interruption and security costs.
The solution is underwritten out of Singapore, the UK and the US with a capacity of US$35 million for Active Assailant and US$25 million for Loss of Attraction and Threat and includes access to specialist risk and business intelligence consultancy S-RM.
Vietnam: JBA launches multi-probabilistic flood model
JBA Risk Management has released what it says is the first ever high resolution, multi-peril flood model for Vietnam to help the insurance industry get a better grasp of flood risk in the country. The model has been developed to cater for the aggregated exposure portfolios while maintaining the need for high resolution flood analysis.
It will allow insurers to understand which locations are most exposed to severe and frequent flooding, and flood correlations between areas of major exposure, such as industrial parks and large cities.
Insurance is one of the fastest growing sectors of the Vietnamese economy. Industrial zones have been a large part of that growth, with increasing industrial developments encroaching on historic flood plains, thus increasing potential for extreme flood loss in Vietnam.
More than 2,000 km of detailed flood defences are included in the model from detailed mapping of aerial imagery and vulnerability functions for properties have been specified for each occupancy / structure type for residential, commercial and industrial lines of business, as well as the inclusion of motor (motorbikes and roads) and agriculture (crops and farm buildings).
Global: Aon launches Loss Estimating Risk Tool for Oil, Gas and Petrochemical sectors
Aon Global Risk Consulting has launched a new modelling tool for oil, gas and petrochemical clients—the Aon Loss Estimating Risk Tool (ALERT)—in collaboration with TNO, a research agency.
The new tool is able to model the potential financial impact from a wide range of fire and explosion scenarios in the hydrocarbon processing industry. Developed in conjunction with several leading insurers, ALERT is calibrated to model a full range of known historical losses from across the industry and includes discharge and dispersion models, which are used to evaluate cloud dimensions for vapour cloud explosion events.
ALERT will be used as a key tool for all of Aon’s Energy Risk Engineering professionals and will be managed globally from London with key support from Aon centres of excellence in Houston, Calgary, Dubai and Singapore.
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