JLT and Munich Re launch Philippines parametric productAugust 25 2017 by InsuranceAsia News Staff
JLT Philippines has signed a cooperation agreement with Munich Re to jointly develop and offer a parametric trigger typhoon solution for the Philippines.
The One Storm Philippines product covers loss prevention costs, overtime costs, revenue losses and minor losses below the property insurance deductible.
Target buyers include manufacturers, plant operators, big corporations, governmental authorities and municipalities.
Customers can check their triggered pay-out in real-time after a storm takes place at Munich Re’s website.
“This product cooperation between JLT with their excellent market network and Munich Re’s research and product development expertise, showcases our ambition to be at the forefront of product innovation, and thus, shaping future market models responding to the needs and working to the benefit of our clients,” said Stephan Laemmle, chief underwriting officer at Munich Re CIP Engineering.
- October 23
The underinsurance gap for Asian countries has widened by 9.4% to US$134bn from US$122.5bn.
- October 19
Another costly hurricane season is piling up losses for the reinsurance industry, without much upward pressure on rates.
- October 17
The country has suffered significant losses from natural disasters over the last eight years.
- October 12
The city is set to introduce laws to allow special purpose vehicles to issue insurance-linked securities.