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Product Bytes

Source: Asia Insurance Review | Sep 2017

Asia

APAC: XL Catlin introduces Cyber and Data Protection Insurance
XLCatlin has introduced a Cyber and Data Protection Insurance policy in Asia Pacific. The new product is designed to protect businesses from the increasing exposures they face from a malicious network compromise and data breach, in the face of growing cyber risks and regulatory requirements in this domain.
 
   The policy covers business interruption arising from a network compromise, associated extortion demands and first party incident response costs, such as notification of the compromise of the network, forensic investigations and public relations support. In addition, the policy covers third-party liability costs that organisations face as a result of a data breach, including any regulatory investigation or contractual liability associated with the Payment Card Industry Data Security Standard – the global credit card industry standard. 
 
   The policy also offers broad coverage for liability associated with media exposures, such as copyright infringement, trademark infringement, invasion of privacy and false advertising, in both offline and online content as well as social media. 

 
Hong Kong: A new FTLife product with medical protection and wealth accumulation 
FTLife has launched MediSave Medical Account in Hong Kong whose overriding feature is simultaneous comprehensive medical protection and wealth accumulation. 
 
   The product covers hospitalisation and surgical treatment up to age of 128 years, after premiums have been paid for a limited period, and offers an inflation protector option, plus family and health bonuses, to help hedge against the ever-soaring cost of medical expenses. It also reimburses the cost of treatments after a hospital stay. 
 
   On its wealth accumulation feature, the plan’s guaranteed cash value grows over the years until reaching 100% of the sum insured. A terminal dividend will be paid in the event of the insured’s death, or when total medical benefits paid reach 100% of the sum insured plus extra medical benefits (if any), or on surrender of the policy, or at maturity. 

 
Indonesia: Cigna launches international premium healthcare plan
PT Asuransi Cigna (Cigna Indonesia) has launched Cigna Global Health Indonesia, a comprehensive international healthcare plan which provides customers the option of choosing from both domestic and global medical facilities and healthcare benefits. 
 
   The insurer has observed that with continuous growth of the affluent and high net worth market, there has been a rise in demand for the best quality of care, both inside and outside Indonesia. Over one million Indonesians travel overseas for treatment per year with Malaysia and Singapore as the top destinations. 
 
   Cigna Global Health Indonesia comprises three levels and offers elective overseas treatment, covering inpatient and day patient procedures – including cancer care – along with accommodation costs and further modular covers to tailor to a customer’s needs with total benefits up to US$5 million per year. 
 
   Customers will have access to the insurer’s global medical network, a 24/7 travel and medical concierge offering clinical case management, and also benefit from a cashless network at over 2,000 medical facilities worldwide. 

 
Singapore: NTUC Income partners e-retailer to insure against defective electronic goods 
Singapore-based insurance cooperative NTUC Income has partnered Giosis Pte Ltd (Qoo10 Singapore), a major e-commerce platform in the country, to launch Purchase Guard, a first-of-its-kind policy that provides the platform’s users with a three- or six-month insurance cover against defective or malfunctioned electronic goods. It is affordably priced as a percentage of the product’s retail price, depending on the period of insurance. 
 
   Purchase Guard is valid for electronic goods worth a minimum of S$100, for over 250,000 items under two Qoo10 product categories – Home Electronics and TV/Camera/Audio. 
 
   While online retailers often do not provide a manufacturer’s warranty, or at most, a local as opposed to an international warranty, the policy could provide recourse under such circumstances. Electronic products are typically of a higher value and as such, customers are more likely to insure such purchases, said Income. A 
 
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