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Source: Asia Insurance Review | Jan 2018

Asia Malaysia Singapore

APAC: BHSI launches new PI Insurance for FIs and new Contractors Plant & Equipment (CP&E) policy  

Berkshire Hathaway Specialty Insurance Company (BHSI) has introduced Professional First Financial Institution Professional Indemnity (FIPI) Insurance in Asia.
   The new policy is designed to cover a range of claims, from allegations of failure to disclose information, to misleading financial advice and breach of contracts. It combines coverage for civil liability, pre-investigations, mitigation expenses, bail bond costs, court attendance, loss of documents, and more.
   It is designed for medium to large financial institutions, including securities dealers, regional banks, insurance companies, reinsurance companies, diversified institutions, and financial technology (FinTech) and corporate advisory firms.
New CP&E policy in Australia
BHSI has also launched a new Contractors Plant & Equipment (CP&E) Policy for customers in Australia; complementing its existing capabilities in Property, Construction, Mining and Casualty.
   The new single package policy addresses numerous exposures, including;
  • Material damage (with a range of automatic benefits)
  • Hired in plant
  • Financial protection for plant and interruption
  • Road risk
  • General liability
  • Replacement value for plant (up to 36 months old) after total loss
   The strong property and liability cover offers far-reaching coverage for a wide range of sectors, including earthmoving and excavation contractors, road works, builders/construction, plant hire companies, farming and agriculture. 

Malaysia: Hong Leong Assurance’s policy serves the need of the 45-70 set
Hong Leong Assurance (HLA) has announced the launch of HLA Golden Prime, a policy that offers Malaysians between ages of 45 to 70 protection with hassle free enrolment. 
   The plan pays up to 4 times sum assured upon accidental death and policyholders are protected at no loss, as they are guaranteed to receive 108% of the total premium paid upon policy maturity at age 80. The Golden Prime is a non-participating endowment plan and is available for a limited period only until 28 February 2018. 

Singapore: Income aims to plug protection gap of “sandwiched” generation
Singapore’s largest insurer and only insurance cooperative NTUC Income (Income) has developed “Family Protect” to enhance the financial security of the “sandwiched” generation, a term commonly used to describe those who are faced with the difficulty of supporting two other generations of family members, usually that of parents or parents-in-law and children.
   The policy offers two options of coverage – S$50,000 (US$37,012) and S$100,000 sum assured – across a term of 10 years in the event of death, total permanent disability (TPD), terminal illness (TI) and upon diagnosis of diseases. Monthly premiums are affordable at S$23 and S$45 for the first and second option respectively. 
   More significantly, “Family Protect” offers a Dependant Booster Benefit that pays an additional 25% of sum assured for each surviving dependant of the insured (up to 100% of sum assured, or four dependants) in the event of death, TI or TPD. The policy also features a Retrenchment Benefit. Additionally, if there is no claim, the insured receives a return of 20% of all net premiums at the end of the 10-year policy term.

Singapore:  AXA announces two new life insurance products 
AXA Insurance has announced two new life products. AXA Retire Happy Plus offers insurance savings plans tailored to meet each customer’s retirement goals while AXA Life MultiProtect offers whole life protection with a guaranteed multiplier benefit into the policyholder’s golden years for greater peace of mind.
   With the option for lifetime increasing pay-out at 3.5% per annum, Retire Happy Plus helps to neutralise the impact of general inflation and provides a stream of guaranteed income for customers who are concerned with outliving their savings. 
   AXA Life MultiProtect caters for customers who wish to obtain higher levels of protection into their golden years, with customisable critical illness coverage to suit varying levels of protection needs. It provides a Multiplier Benefit and additionally, the Accidental Death Benefit provides twice the eligible pay-out. 
   The policy is payable upon diagnosis of inability to perform just two of six listed Activities of Daily Living. This definition is also applicable for life assured between ages 16 to 70, which is also the longest coverage period in the market for 2 ADLs eligibility for disability claims. Early Critical Illness Benefit is a rider that covers 132 medical conditions. A 
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