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Source: Asia Insurance Review | Aug 2018

Global China Singapore Thailand

Global: Chubb enhances cyber-incident response capabilities
Chubb has enhanced its cyber-incident response management capabilities and launched two new ways of accessing the service: a mobile application and a dedicated website.
The insurer has expanded its network of incident-response management firms to include services in more than 50 countries across Europe, North and South America, Asia Pacific and Africa. Managers are assigned based on the location of the incident, meaning Chubb cyber policyholders have access to local expertise around the world, 24 hours a day, with faster response times.
To access this cyber solution, Chubb has also launched a mobile application and a dedicated website to help policyholders report an incident. The Chubb Cyber AlertSM multilingual mobile application also provides policyholders with access to a live cyber response specialist.
China: Insurance-as-a-service health solution for seniors
HiNounou Intelligent Robot (Shanghai) Company has launched a wellness platform that hosts ‘insurance-as-a-service’ for seniors in China regardless of medical history, in collaboration with Ping An and AXA Partners China.
The platform provides seniors with access to no-underwriting accident and death insurance as a service up to the age of 100 from Ping An. A 24/7 teleconsultation hotline to medical professionals is delivered in partnership with AXA Partners China. This healthcare solution partnership will also be introduced in Hong Kong and Singapore markets.
Singapore: Region-first product protects freelancers against income loss
A new insurance policy launched in Singapore helps freelancers, contract workers and casual workers guard against income loss should they be unemployed due to extended periods of hospitalisation or medical leave. The policy is touted to be the first-of-its kind in Asia.
The freelancer income protection (Flip) policy by start-up Gigacover offers three tiers of daily cash benefits – basic for S$50 ($36.80) cash a day, enhanced (S$100) and premium (S$200) for up to 12 weeks. Customers choose the tier based on what they have earned in the last 90 days, with premiums starting from about S$2.26, S$4.23 and $7.93 a week for the three respective tiers. 
Payouts are triggered when customers are either on medical leave for longer than five days, or hospitalised for longer than three days. After these excess periods, they will be compensated the daily amounts for up to 21 days of medical leave, or 84 days of hospitalisation.
Singapore: MSIG introduces travel insurance covering individuals with pre-existing conditions
MSIG Insurance has launched TravelEasy Pre-Ex, a travel insurance policy to cover individuals of all ages with pre-existing medical conditions which are typically excluded from most travel insurance policies. These include stable and controlled conditions like diabetes, asthma or heart disease which meet the qualifying conditions including not having been hospitalised more than once in the past 12 months. Should the traveller become critically ill due to a pre-existing medical condition during a trip, the Pre-Ex critical care section of the policy will cover them for overseas inpatient medical expenses and emergency medical evacuation costs.
TravelEasy Pre-Ex comes in three plan types to cater for different protection needs. The highest plan, Pre-Ex premier, will cover up to S$150,000 for overseas inpatient medical expenses and up to S$200,000 for emergency medical evacuation for adults below 70 years old.
Thailand: Aon launches updated Thai flood model
Aon has launched its Thailand flood catastrophe model to improve understanding of this peril and help insurers build resilience for businesses and communities. 
Following the flood of 2011 that caused more than $15bn of insured losses, Thailand’s risk continues to rise with the rapid growth of people and property exposed to frequent floods. 
Building upon the insights from the first flood model for Thailand launched in June 2012, the updated tool from impact forecasting – Aon’s catastrophe model development team – leverages scientific advances in hydrological, hydraulic and statistical modelling and takes into consideration updated flood defence information and the Thai government’s significant flood protection measures post 2011.
In addition, the model differentiates itself in the market with: 
  • A multi-source database of industrial estates – heavily impacted during the 2011 floods which led to global supply chain disruptions – to allow more accurate modelling of these risks;
  • High resolution elevation data: 10m for greater Bangkok area and 30m for rest of Thailand;
  • Data from over 200 gauging stations covering all aspects of local hydrological regimes including flood seasonality; 
  • Over 700 improved vulnerability classes with many additional modifiers for construction types, number of stories, presence of basements etc; and
  • Multi-sourced latest information about flood protection measures to more accurately capture the flood risk. A 
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