Indonesia: IFC and PT Reasuransi MAIPARK to insure farmers against climate risks
IFC, a member of the World Bank Group, and PT Reasuransi MAIPARK, a special-risk reinsurance company, announced they will jointly develop index-based insurance products to help Indonesian farmer groups, agribusinesses and bank agriculture-loan portfolios hedge risks against adverse weather.
Indonesia is highly vulnerable to climate-related hazards. In the most recent El Niño (2015 to 2016), rice crop-cycles were delayed, impacting yields and food prices, and some of the worst hit agribusinesses reported up to 30% drops in projected yields. As a result, around three million people struggled to meet their basic needs.
IFC will support MAIPARK to work with local insurance companies to develop, sell, and possibly bundle new products with agri-loans or inputs to mitigate weather-related risks, it said.
In 1997, droughts related to El Niño adversely affected more than 500,000 hectares of rice-growing land, as well as yields of coffee, cocoa, rubber, and palm oil. Losses were estimated at US$2.75 billion.
Singapore insurers launch no-advice online life policies
Following the new guidelines by the Monetary Authority of Singapore to allow the online distribution of life policies with no advice and without commissions, FWD Singapore and Etiqa Insurance have launched a term life insurance product and an insurance savings plan respectively online.
FWD Singapore’s Term Life Insurance product offers a maximum coverage of S$3 million (US$2.13 million) for life insurance directly online. The product also offers up to S$1.5 million coverage without the need for a medical check-up.
Etiqa’s eEASY save168 is a six-year insurance savings plan that provides an attractive guaranteed return of 2.02% per annum upon policy maturity. The plan features a short premium payment term of two years with pre-fixed premium sizes of S$10,000 for the first year, and S$5,000 for the second year. At the end of six years, the policyholder will receive a guaranteed lump sum amount of S$16,800. The plan also provides financial protection against death throughout the policy term. Customers can enjoy ease of purchasing the plan online at their own convenience in five simple steps, Etiqa said.
Singapore: Tokio Marine Life introduces affordable protection option for children
To help parents manage the ever-increasing costs of childcare in Singapore today, Tokio Marine Life Insurance Singapore (TLMS) has introduced KidAssure GIO Rider, an affordable child rider to protect young children until their teenage years. The rider provides an 80% refund on total annual premiums upon the child’s 19th birthday, with no medical underwriting required.
Designed for children between the ages of one and 10, the rider provides a payout upon any of the 16 common child-related medical conditions, including severe asthma and leukaemia, as well as hospitalisation benefits for any of eight hospitalisation conditions, such as hand, foot & mouth disease and dengue fever. Coverage is available up to age 19.
Singapore: Manulife LifeReady introduces whole life plan with health advantage benefit
Manulife Singapore has introduced LifeReady to the market, which it claims is a first-of-its-kind whole life protection plan with a Health Advantage benefit. This unique feature gives eligible customers hassle-free upfront premium discounts for the first two policy years.
If these customers do not qualify for the lifetime premium discounts during their initial policy applications, they are given up to two years to qualify by meeting a set of health targets – these include Build Mass Index (BMI), blood pressure, and cholesterol level. Once the health targets are met, these customers are further rewarded with premium discounts on the remainder of their premium-paying years.
LifeReady is also designed to be flexible based on the customer’s changing needs throughout life. Certain key milestones give customers the freedom to upgrade their coverage by purchasing an additional plan without requiring a medical check-up. These key milestones include graduation, buying a first home, getting married, and having children. A
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