AIG’s Singapore division debuted a motor accident reporting platform in Singapore designed to help speed up the claims process online and reduce fraud. Starr Cos. will team with a Chinese insurer to offer insurance for Chinese company employees working overseas in Belt & Road Initiative countries. The Hanover Insurance Group Inc.’s Chaucer unit sponsored the formation of a reinsurance sidecar for coverage to begin in 2018.
AIG launched a motor accident reporting platform in Singapore designed to let policyholders make accident reports and start the claims process online.
The product comes out via AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore), with a goal of streamlining the customer experience. AIG bills it as the first of its kind to be compatible with the industry accident reporting system provided through Singapore’s General Insurance Association of Singapore.
Users can access the platform via the AIG Singapore website or mobile app, where they can select from pre-loaded accident scenarios and use location pins to determine the exact scene. The goal, here, according to AIG: to document the accident with greater accuracy. The new platform is also designed to reduce motor insurance fraud in Singapore.
Starr Cos. will team with China’s PICC Health Insurance Co. Ltd. to offer insurance for Chinese company employees working overseas in Belt & Road Initiative (BRI) countries. (Editor’s note: Launched by China in 2013, the Belt & Road Initiative, also known as “one belt, one road,” is an ongoing project to invest billions of dollars of infrastructure in countries that link the Silk Road with Europe.)
The companies are offering a specialty accident and health policy jointly developed by PICC Health, Starr Property & Casualty Insurance (China) Co. Ltd., and Starr Companies’ Assist Card International subsidiary. PICC Health is a subsidiary of the People’s Insurance Co. (Group) of China Ltd.
Beyond medical and accidental death & dismemberment benefits, the product provides customers with benefits and services including medical evacuation and repatriation, compassionate visit, food poisoning, kidnap and ransom protection, as well as unique solutions such as risk management advice and cashless medical payment services through the Assist Card International network. A dedicated call center has been established to provide global services to Chinese customers including those working in BRI countries.
The Hanover Insurance Group Inc. said that Chaucer, the company’s international specialty insurance group, sponsored the formation of a reinsurance sidecar to provide collateralized capacity for Chaucer Syndicate 1084’s global property reinsurance portfolio in 2018.
Bermuda-based Thopas Re Ltd., a newly formed segregated account company, will lead the transaction, which includes $95 million of third-party investor capital. Thopas Re has entered into an exclusive quota share agreement with Chaucer to reinsure a share of Chaucer’s U.S. and international property catastrophe portfolio, beginning Jan. 1, 2018.
TigerRisk Capital Markets & Advisory acted as sole structuring and placement agent on the transaction. Mayer Brown LLP and Appleby (Bermuda) Ltd. provided legal counsel.
Sources: AIG Singapore, Starr Companies, The Hanover Insurance Group