APAC: XL Catlin launches real estate environmental protection solution
XL Catlin has introduced its Real Estate Environmental Protection (REEP) solution in Asia Pacific, which is designed to help property portfolio owners, Real Estate Investment Trusts (REITs) and property investors deal with environmental liabilities that may arise as a result of owning or managing property.
REEP offers investors coverage for historic and new pollution conditions, both sudden and accidental as well as gradual pollution. The policy would cover statutory clean-up orders, restoration, legal defence costs, third-party property damage, bodily injury and business interruption.
Besides providing standard environmental coverage, REEP policies can also be tailored to specific requirements. This may include broad definition of named insured, first-party business interruption & extra expenses, fines and penalties (where legally permissible to do so), disaster expense costs, changes in legislation, as well as mould and microbial matter such as legionella.
Asia: New critical illness products in Hong Kong and Singapore
A slew of new critical illness (CI) products has been launched in Hong Kong and Singapore.
MetLife Hong Kong has launched MetLife Healthcare Companion Critical Illness Annuity, an optional rider which protects customers from the persisting consequences of designated critical illnesses. This optional rider provides a steady stream of guaranteed annuity payouts up to age 100, beginning upon diagnosis of any of the covered critical illnesses such as stroke, kidney failure, advanced dementia, etc. This is the first impaired annuity product in the Hong Kong market that continuously provides annuity payouts even if the insured person recovers subsequently.
Manulife’s ManuBright Care for the Hong Kong market offers coverage for 60 major and 44 early-stage CIs up to the age of 100. The Plan also offers a “continuous care benefits” feature, giving extended protection to customers with additional coverage for cancer, heart attack and stroke after the first claim for any major CI.
Upon the first diagnosis of any major CI covered by the Plan, customers will receive 100% of the notional amount. The “continuous care benefits” will provide the same amount up to twice for a newly diagnosed, recurrent, metastatic or persistent cancer, and up to twice for a heart attack or stroke, making for a total of 400% additional protection, up to the age of 85, said to be a first-in-market feature.
Chubb Life in Hong Kong has launched Critical Illness Combo 370, which has CI coverage, life protection and savings features. With different limited premium payment term options, the plan offers benefits for 69 early stage, juvenile and special illnesses up to 50% of the sum assured, and benefits for 65 major illnesses, equivalent to 100% of the sum assured.
If the insured is subsequently diagnosed with cancer, heart attack or stroke after the major illness benefit has been made, a maximum of two additional claim payments can be made. In the first 10 policy years, an extra coverage benefit upon valid claim for major Illness benefit or death benefit, is available. The plan also helps customers accumulate wealth with a long-term savings element made up of guaranteed cash value and non-guaranteed terminal dividend.
Prudential Singapore has launched PRUman, a male-focused CI plan, the only one designed for men in the market.
Its claims data reflecting a continuous rise in diagnoses for male-specific illnesses, such as prostate cancer, highlighted a need for a focused standalone policy like PRUman. Prudential said.
Singapore: MSIG and Etiqa Insurance launch usage-based motor insurance
Both MSIG Insurance and Etiqa Insurance have introduced pay-as-you-drive motor insurance policies in Singapore. Following a successful pilot study, MSIG Insurance has launched UMax while Etiqa has introduced ePROTECT sMiles.
For drivers who sign up for UMax, they will have a telematics device installed in their cars for free to record driving data. Each journey is assessed and given a score based on the distance, speed and driving style such as cornering, acceleration and braking.
The driver can access his driving data through a MSIG Connected Car app and check his vehicle’s location in Singapore or West Malaysia (optional). In the first year, drivers will pay a premium that is based on the existing pricing method using a combination of factors such as the vehicle make and model, driver’s profile and claims history. Driving data will be assessed 60 days from the policy commencement date.
Premium savings upfront
As for Etiqa Insurance, the insurance arm of Maybank Group, its ePROTECT sMiles provides 50% premium savings upfront which can potentially save customers close to S$500 (US$360) annually, it said.
Unlike other usage-based insurance policies in Singapore, ePROTECT sMiles tracks and reviews the driver’s eligibility for premium savings beforehand, providing savings from the start with a transparent plan and payment model which starts with a low base rate. Drivers receive 6,000km mileage a year in return for 50% savings on their car insurance premium.
Using Etiqa’s telematics system to enable smart tracking, the driver’s journeys are recorded via the Smiles by Etiqa Insurance app and a small Bluetooth beacon device provided. For every journey, the app will also measure the smoothness, anticipation, cornering and speed, subsequently generating a trip score from 1 to 5 with a map showing the areas of good driving performance and those for improvement. A
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