Swiss Re and Ping An Property & Casualty Insurance Company in China debuted a new product for the China market. Chubb said it has once again updated coverage options for technology companies domiciled in the UK and Ireland.
Swiss Re and Ping An Property & Casualty Insurance Co. of China Ltd. launched what they say is China’s first mobile-enabled typhoon property parametric insurance tool.
It is designed to provide an affordable, easy-to-use insurance product for both individuals and enterprises located in areas that are prone to typhoons, and covers the economic losses caused by typhoons, Swiss Re said in a statement.
In addition to the technological support and reinsurance service from Swiss Re, the technology uses the company’s catastrophe models and data on natural disasters to generate quotes for Ping An’s customers.
Customers can use the technology to purchase insurance, make inquiries and complete the claims settlement process from a mobile device. It also provides real-time tracking of a typhoon’s path and wind speed, provided by China’s national
Chubb said it has again updated coverage options for technology companies domiciled in the UK and Ireland.
The updates come through Chubb’s MasterPackage product line, which it describes as a comprehensive first and third party policy specifically for technology developers, producers and distributors that operate either in the middle market domestically or internationally.
New additions include improved cyber cover and services, built upon enhancements already added in 2016.
MasterPackage coverage for technology companies includes professional indemnity, cyber, employer’s liability, public/products liability, environmental liability, marine cargo, employee theft, terrorism, business interruption and property damage.
Sources: Swiss Re/Ping An, Chubb