Swiss Re and Ping An combine to launch typhoon solution

July 10 2017 by InsuranceAsia News Staff

Swiss Re has partnered with Ping An Property & Casualty to launch China’s first mobile-enabled typhoon property parametric insurance solution.

The solution uses Swiss Re’s catastrophe models and data on natural disasters to generate quotes for Ping An’s individual and enterprise customers in areas that are prone to typhoons.

It gives customers the ability to purchase insurance, make inquiries and complete the claims settlement process from a mobile device.

The product covers eight coastal provincial regions in South-East China: Guangdong, Zhejiang, Shanghai, Fujian, Jiangsu, Guangxi, Shandong and Hainan.

The trigger for the payout is based on real-time tracking of a typhoon’s path and wind speed as announced by the national meteorological centre of China.

When a typhoon occurs, a user can access an inquiry page, check if the claim terms have been triggered and submit a remote self-service claim. The system will then automatically calculate the claim amount and settles the claim within three days.

This product offers a maximum payout of Rmb20,000 per address for individuals and Rmb500,000 per address for enterprises.

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