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Jul 2020

Product Bites

Source: Asia Insurance Review | Dec 2018

Asia: Chubb introduces enhanced cargo insurance 
Chubb has launched an enhanced cargo insurance product targeting importers and exporters in China, Hong Kong and Taiwan. The product, Chubb Cargo Plus, offers broad coverage for both international and domestic cargo movements. Customers will enjoy additional benefits for local cargo transportation and wider cover for international cargo movements compared with a conventional cargo insurance policy. 
The benefits of Chubb’s enhanced cargo insurance include:
  •  Debris removal options up to $1m
  • Exhibition and display cover of up to $250,000
  • Air freight replacement for imports up to $100,000
  • Tools of trade cover of up to $25,000
  • Resecuring costs and expenses cover of up to $5,000
  • Access to CargoAdvantage, Chubb’s web-based system which provides a cargo insurance certificate for an international shipment within minutes.

China: Standard Club Asia and Ping An team up to provide P&I cover
The Standard Club Asia has entered into an agreement with Ping An P&C to jointly offer P&I cover to China’s rapidly-growing ship owning sector, with a focus on owners undertaking ocean-going voyages. 
For Ping An P&C, the agreement will allow the company to expand its existing P&I business to cover the growing number of Chinese ship owners with ocean-going shipping operations. For Standard Asia and its management team from Charles Taylor, the agreement represents a significant milestone in its growth ambitions in China, the world’s second-largest ship owning country.

India: Symbo India Insurance Broking launches marathon insurance
Symbo India Insurance Broking, a digital insurance brokerage firm, in partnership with Reliance General Insurance and event ticketing company Goeventz has launched Marathon Insurance – a unique cover for marathon runners. 
The product covers accident and medical emergency during the event, and also offers runners cover in case of event cancellation by an organiser or if the participant cannot run due to health issues, accident or bereavement, along with a flight cancellation or loss of checked in baggage during transit. The expected claims settlement period is 10 days. For a seamless digital experience, Symbo’s end-to-end integration with Goeventz allows purchase of the policy at the time of registration.

Malaysia: MSIG announces new home protection policy
MSIG Malaysia has launched Home SafeGuard, a new home protection policy that encourages the use of the General Insurance Association of Malaysia’s (PIAM) online Building Cost Calculator (BCC) tool, which allows homeowners to obtain an estimated rebuilding cost for their property based on the current market rates for labour and materials. PIAM has engaged a professional quantity surveying company to provide credible building cost index data into the BCC on an annual basis. 
By using the PIAM’s BCC tool to value properties, MSIG hopes to simplify renewals for homeowners. To encourage them to use the tool, the insurer is providing Home SafeGuard customers a significant discount on their premiums, as well as other new benefits like constructive total loss, enhanced coverage for bursting or overflowing of water tanks, apparatus or pipes, automatic increase in sum insured of contents and access to the MSIG Home Assist app, which provides value-added services including referrals to qualified contractors as well as easy claims submission and tracking.

Singapore: Income launches market-first ‘rainsurance’ on ride-hailing platforms
With Singapore seeing an average of 167 days of rainfall in a year, local insurer Income has launched Droplet to protect consumers against surge pricing on ride-hailing platforms due to rain. Insureds can expect a payout of up to 60% of their trip fare and/or cancellation fee when they hail a ride in Singapore on a ride-hailing platform if it was raining at the point of pick-up. For a premium of no more than S$9.60 ($7.00) a day, consumers can submit as many ride receipts for claim, up to a maximum of S$50 on the same day. 
Consumers must purchase this “rainsurance” at least a day ahead of their rides. Real-time weather forecast is made available at the point of purchase on with premium pricing dynamically pegged to rain forecast. This means consumers who purchase Droplet closer to the days that forecast rain are likely to pay a higher premium compared to those who purchase the cover in advance. 

Singapore: Aviva joins war on diabetes with comprehensive protection plan
In the lead up to World Diabetes Day, Aviva launched MyCoreCI Plan, a comprehensive protection plan tailored for Type 2 diabetics, to protect them financially against critical illnesses and diabetic complications. It is also designed for pre-diabetics and those with high body mass index, high blood pressure and/or high cholesterol - these are at higher risk for critical illnesses. A 
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