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Product Bytes

Source: Asia Insurance Review | Jul 2016

ICRM-CAT launched for Jakarta flood risk and Singapore earthquake
ICRM has introduced a NatCat risk modelling system called the ICRM-CAT, which consists of two cat risk models specifically designed for the Jakarta flood risk (JKT FL) and Singapore Earthquake (SIN EQ). 
   Funded by the Monetary Authority of Singapore (MAS), these models quantify the relevant hazards, assess the exposures and vulnerabilities from inputs provided by end-users, and compute the relevant loss risk metrics. 
   Only open-source software components such as Geographical information System (GIS), relational database, and display/report generation components are used in this platform. 
   Users can use the models by providing necessary exposure inputs and can visualise model outputs via map overlays, tables, charts and reports. A user’s manual is also provided to enable ready use. The ICRM- CAT model and the deployment platform are currently available to the insurance industry in Singapore and insurance industry service providers such as modelling vendors, but only for non-commercial use. 
MSIG and DUAL launch cyber liability and Data Protection schemes for SMEs
MSIG Insurance (Hong Kong) Limited and DUAL Underwriting Agency (Hong Kong) Limited have jointly launched a new Cyber Liability and Data Protection insurance product, specifically tailored for small and medium-sized firms (SMEs) in Hong Kong. 
   The rising cybercrime in Hong Kong and across the region pose significant threats to owners and managers of companies of every size.  
   The new product covers the potential risks a company may face in the event of cyber-attacks, security and data breaches, and cyber extortion. In addition, the policy will offer added protection where lost profits result from business interruption following an attack. 
   While major corporations may have the resources to overcome their losses, SMEs often do not. This new product will fill this protection gap for SMEs. It offers rapid support for recovering from a cyber-attack. In the event of an incident, a 24-hour claim hotline will activate a response team to investigate the cause and the scope of any loss, and mitigate potential damage to the affected company’s brand.
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