Berkshire Hathaway moves into Accident & Health in Asia
Berkshire Hathaway Specialty Insurance Company (BHSI) has launched its first Accident & Health solutions in Asia with the introduction of Group Personal Accident, Corporate Travel and Expatriate Medical Insurance in Singapore and Hong Kong.
The new Corporate Travel and Expatriate Medical Insurance products combine coverage with 24/7 access to BHSI’s Care and Concierge Services. These include emergency medical, evacuation and repatriation assistance; medical referrals; assistance retrieving lost luggage; and worldwide Concierge support for events like last-minute reservations to house sitting services.
Hong Kong: Chubb Life’s new life insurance plan to generate Guaranteed Cash Coupons up till age 120
Chubb Life has launched “Forever Diamond Plus” in Hong Kong, a life insurance plan that offers annual Guaranteed Cash Coupon and non-guaranteed dividends.
The company said in a statement that with a five-year premium payment term, the plan may help customers generate potential returns and achieve long-term financial goals.
The Guaranteed Cash Coupon is equal to 7.5% of the latest notional amount for the first five policy anniversaries and 5% of the latest notional amount from the sixth policy anniversary until age 120 of the insured.
Apart from maintaining the Guaranteed Cash Coupons and non-guaranteed dividends in the policy for interest accumulation, customers can also withdraw the Guaranteed Cash Coupons and the non-guaranteed dividends (if any) to fulfil various financial needs without surrendering the policy nor affecting the death benefit.
On top of the life protection up to age 120, the plan offers a Terminal Illness Benefit to give customers and their families’ peace of mind in the event of terminal illness.
AXA Financial Indonesia launches new digital platform to attract the young
Life insurer AXA Financial Indonesia, part of the AXA Indonesia Group, has launched “#rencanakanlebih”, a digital platform to provide financial planning solutions to a younger demographic group aged 25 to 45 in Indonesia. Accessible via www.axa.co.id/rencanakanlebih, the platform provides easy access to financial planning information such as creating children’s education, retirement, business capital and tourism or pilgrimage funds.
AXA Financial Indonesia has also launched three insurance products targeted at women: Maestrolink Plus-Lady Care, Maestrolink Plus-Professional Protection and Maestrolink Plus-Perisai Buah Hatiku. AXA Financial Indonesia’s chief agency officer Nina Ong said the company aims to encourage increased awareness of the Indonesian people, especially women, to protect themselves and their families and embark on smarter, wiser financial planning. She added that as housewives, women played a big role in supporting their families and the solutions are designed to protect them as the backbone of modern
Indonesia’s insurance industry continues to report low insurance penetration despite the country’s status as the largest economy in Southeast Asia. Data from the Financial Services Authority (OJK) shows that the insurance penetration ratio stood at only 2.63% as of September, below the ratios in Malaysia, Singapore and Thailand, which stand at over 5%.
Sompo Japan offers country’s first insurance against internet flamers
Sompo Japan has launched an “enjo” insurance policy that compensates individuals and companies for online loss of reputation and helps them to recover from episodes of “enjo”, the Japanese term for widespread flaming of a single target due to negative rumours or scandals rather than one-on-one interactions.
Japanese news portal RocketNews24 reported that the insurance, launched in March, would cover restaurants, fast-food and consumer products scorned by the public for any poorly thought-out marketing schemes or less-than-favourable product launches.
Sompo’s enjo insurance will cover online attacks regardless of whether they are groundless or based on fact. The policy will also pay for policyholders to mount a positive media campaign in their defence, research into why the negativity began, and offer public apologies, if need be.
Premiums will be available up to JPY600,000 (US$5,225) and cover up to JPY10,000,000 ($87,100).
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