Philippines: JLT & Munich Re partnering in parametric typhoon cover
JLT Philippines and Munich Re are working together to jointly develop and offer a parametric insurance solution to cover typhoon/tropical cyclone risks for the Philippines, which faces up to 20 tropical storms a year, some of them being typhoons which cause devastating losses.
“One Storm Philippines” is a parametric trigger typhoon cover which pays out fast and uncomplicated in response to pre-defined triggers. It allows risk holders to outsource previously uninsurable risks arising from typhoons like loss prevention costs, overtime costs, revenue losses, and minor losses below the property insurance deductible; enables easy monitoring and measurement of triggers that will provide financial support for loss prevention measures while facilitating an uncomplicated and quick payout process; is customisable for a wide range of organisations and enables risk holders to check their triggered pay-out in real-time after a storm takes place at Munich Re’s website.
Singapore: Ironshore introduces legal expense cover
Ironshore Insurance Ltd, Singapore Branch, has introduced a specialty professional lines product that provides coverage for parties subject to expense losses following commercial litigation action. The After-the-Event Legal Expenses product provides insurance against adverse costs awards in commercial litigation.
The coverage, which is standardised within the UK legal community, has been adapted specifically for the Singapore insurance markets in response to client demand. It is particularly beneficial to insolvency practitioners or other litigants to mitigate against the potential risk of significant financial losses from adverse costs awards, said Mr David White, Director of Professional Lines.
Singapore: Prudential launches DNA-based fitness and nutrition programme
Prudential has partnered Prenetics, a genetic-testing company, to launch the first DNA-based fitness and diet programme in Singapore for the insurer’s employees and customers .
The programme, myDNA, aims to promote better lifestyle habits through greater health awareness and involves the use of a simple saliva test to provide personalised insights on how an individual’s genes may affect his or her nutrition needs (vitamins and minerals), dietary sensitivities and fitness.
It also offers a comprehensive suite of resources to help individuals achieve their fitness goals. This includes a mobile application that helps users set fitness goals, track progress, log food photos and get a calorie count; a chat-on-demand with nutrition experts for diet advice; a one-time phone consultation with a professional dietician; and a series of wellness events.
Global: AXA goes blockchain with fizzy
AXA is the first major insurance group to offer insurance using blockchain technology. The product, fizzy, is a 100% automated, 100% secure platform for parametric insurance against delayed flights.
fizzy offers direct, automatic compensation to policyholders whose flights are delayed. If your plane is more than two hours late, fizzy will reimburse you immediately.
This is how it works. When a customer buys flight delay insurance on the fizzy platform, AXA records the purchase in a tamperproof network, the Ethereum blockchain, making the insurance contract equally tamperproof. This smart contract is connected to global air traffic databases, so as soon as a delay of more than two hours is observed, compensation is triggered automatically. In this way, AXA has delegated the compensation decision to an independent network.
The coverage is completely transparent and customers know in advance how much they will be reimbursed if their flight is delayed.