Asia: Allianz premieres entertainment insurance division
Allianz Global Corporate & Specialty (AGCS) has launched its entertainment insurance division in Asia with an inauguration in Singapore. Entertainment insurance covers movie productions, television, concert tours and live events, cast injuries, the cancellation of events due to emerging risks such as pandemics and terrorism among others.
With nearly half of the world’s movie production taking place in Asia and large-scale live events and music tours on the rise, entertainment is an important growth sector in Asia as more organisers look for insurance solutions to protect their events and productions.
In Asia, Allianz’s first phase of expansion includes Singapore, Hong Kong and China. The entertainment product line is the latest addition to a growing AGCS Asia book that contributed 6% to overall global premium volume of EUR7.4bn ($9.1bn) in 2017. Head of entertainment Asia Pacific, Mr Damian Kerin will oversee this new division.
Asia: BHSI introduces new policies for corporates and non-profits
Berkshire Hathaway Specialty Insurance Company (BHSI) has introduced executive first private company portfolio and executive first non-profit organisation portfolio policies in Asia.
The private company portfolio extends coverage to both individuals and the entity and includes directors and officers liability, employment practices liability and employee dishonesty coverages.
The non-profit organisation portfolio offers similar coverages, with the addition of professional indemnity protection to address the specific needs of a non-profit organisation. Key features include pre-investigations cost coverage, court attendance coverage and advancement of defence costs. Professional indemnity protection includes coverage for corrective actions to help non-profit organisations mitigate potential losses and avoid claims.
China: New medical liability insurance launched for Shenzhen doctors
The southern Chinese city of Shenzhen has launched a new medical insurance service to protect doctors from malpractice payouts, which is applicable to medical accidents across the Chinese mainland, reported China Daily.
The insurance is optional for doctors. The insurance service is provided jointly by five insurers including Ping An Insurance and China Pacific Life Insurance, which will share the profits as well as the costs of the insurance. The total amount insured each year ranges from CNY300,000 ($47,700) to CNY4m. The premium for doctors varies based on department and position.
Japan: Three insurers to offer trade insurance for Vietnam
Three Japanese insurers will introduce new trade insurance to support Japanese companies’ advancement to Vietnam, reported the Yomiuri Shimbun. With the Trans-Pacific Partnership signed by 11 countries including Japan to come into effect, the move is aimed at strengthening support for Japanese entities operating in Vietnam, which is expected to become a new manufacturing base.
The policy from Tokio Marine & Nichido Fire Insurance, Sompo Japan Nipponkoa Insurance and Mitsui Sumitomo Insurance will cover unsettled payments for affiliated corporations established by Japanese companies in Vietnam when they export products to other countries including ASEAN members, Central and South American countries and elsewhere, excluding Japan. It will indemnify up to 90% of a loss. State-owned Nippon Export and Investment Insurance, cooperating with the three companies, will underwrite reinsurance.
Singapore: Etiqa introduces free in-flight insurance
Etiqa has introduced free in-flight insurance service for Singapore outbound travellers with a flight delay add-on – for S$4 ($3), travellers can receive benefits upon a flight delay of three consecutive hours, which is lower than industry standards of six to 12 hours.
The product includes up to S$50,000 in personal accident (inflight accidental death) coverage, with the flight delay top-up allowing travellers to claim up to S$300. This complements Etiqa’s existing ePROTECT travel policy coverage, which currently also includes coverage for both in-flight and flight delays. ePROTECT customers will receive coverage across all airlines and flights.
Singapore: FWD launches home insurance
FWD has launched a home insurance policy that can be bought online, with prices starting from S$31 a year. FWD Home insurance includes three features, which it said are typically not found in other standard policies: zero excess, incidental expenses and workmanship coverage.
This means that no excess is required for a claim due to incidents like burst pipes or fire. The insurer guarantees any repairs or renovations done (resulting from an insured event) by their recommended contractors for up to six months from the date of completion of the repairs or renovations. A