Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Medico Insurance Co. unveiled AARP Short-Term Care Insurance, a product for individuals receiving care in-home, at assisted living or nursing home facilities or through adult daycare or hospice organizations.
The plan is available to members of nonprofit organization AARP Inc. in 17 states and also features a care coordination benefit and a household assistance benefit that will allow the customers to be reimbursed for a portion of the cost of care or household assistance services.
Medico Insurance is a subsidiary of American Enterprise Group Inc.
Legal & General Retail Retirement launched its Lifetime Care Plan in the immediate needs annuity market.
The plan pays a lifetime guaranteed payment toward an individual's care and enables care costs to be capped if the individual lives longer than expected.
Legal & General Retail Retirement is the division for the individual annuity, lifetime mortgage and care solutions businesses of Legal & General Group PLC.
Bajaj Allianz General Insurance Co. Ltd. unveiled Health Infinity, a health insurance policy with an unlimited sum insured, Outlook India reported.
The policy offers in-patient hospitalization and treatment without any sub-limit. The coverage limit can be customized by the insured individual according to the per-day room rent options ranging between 3,000 Indian rupees and 50,000 rupees, according to the report.
Coverage also includes 60 days of prehospitalization medical expenses, 90 days of post-hospitalization and up to 5,000 rupees of road ambulance expenses per hospitalization.
As of Feb. 11, US$1 was equivalent to 71.26 Indian rupees.
Voya Financial Inc. expanded its supplemental hospital indemnity and short-term disability income insurance products under its employee benefits business.
The expanded hospital indemnity insurance includes newborn child coverages and coverage for hospital or rehabilitative facility confinements due to mental health disorders and other options. The expanded short-term disability income insurance allows the insured individual to keep their coverage if they switch employers in the future.
The products are offered as voluntary or employee-selected coverage through the workplace and are administered like traditional group insurance
Voya Financial was also selected as the recordkeeper and service provider for Weis Markets Inc.'s Retirement Savings Plan, which represents roughly $200 million in assets under administration and approximately 5,600 participants.
Property and casualty
The governments of Japan and Singapore are working with the World Bank to launch an insurance scheme against natural disasters in Asian countries as the risk for catastrophic cyclones and flooding rise due to climate change, Nikkei Asian Review reported.
Singapore-based Southeast Asia Disaster Risk Insurance Facility will handle the administrative aspects for the insurance scheme, according to the report. The scheme will focus on lower-income countries with limited private-sector coverage and may eventually be extended to medium-income countries, including Vietnam, Indonesia and the Philippines, which have expressed interest in the scheme.
Myanmar and Laos are set to pay a combined $20 million to purchase coverage for damage to bridges, piers and other public infrastructure caused by natural disasters, according to the report. Cambodia was also reportedly considering to join the framework.
CFC Underwriting Ltd. launched an event insurance package that combines cancellation, general liability and commercial property coverage for event organizers.
The insurance policy includes coverage for a range of liability exposures, lost or damaged contents and additional expenses. The policy will also reimburse costs associated with event cancellation, abandonment, curtailment, postponement or relocation for reasons outside of the organizer's control, including the non-appearance of a participant.
PDP Group Inc. partnered with Hailsure Underwriting Managers LLC to unveil a parametric hail insurance program for the auto dealer marketplace.
The managing general agency will serve as the exclusive broker in the distribution of the insurance program.
PDP Group is the MGA of Amynta Agency Inc.
Accredited Insurance (Europe) Ltd. partnered with U.K.-based professional indemnity managing general agency Inperio (London) Ltd. to launch a first-of-its-kind professional indemnity policy for freelance U.K. solicitors regulated by the Solicitors Regulation Authority.
Accredited Insurance is a company of Randall & Quilter Investment Holdings Ltd.
Stewart Information Services Corp. unveiled a wire fraud protection insurance endorsement for select title professionals.
The endorsement offers coverage of up to $500,000 for all inbound and outbound wire transfers through a partnership with CertifID LLC.
State-owned Myanmar Insurance Corp. launched housing insurance packages for homes paid for in installments, Myanmar Times reported.
The policies cover damage to homes due to disasters, including fires, earthquakes or floods, and loss of belongings due to thefts or break-ins. In the event of the homeowners' death or disability, the policy would also cover the rest of the outstanding loan, according to the report.
Homeowners who purchase the government's affordable-housing units are eligible for the insurance policy.
Understory Inc. unveiled its Auto - Hail Safe supplemental hail insurance product for automotive dealers in Arizona, New Mexico, Ohio, Pennsylvania and Wyoming.
The product covers economic damage to vehicles, roofs, property loss, revenue loss, advertising and other expenses for auto dealerships.
Blue Cross (Asia-Pacific) Insurance Ltd. launched Travel Smart MultiTrip Insurance Package, an insurance plan that covers up to five trips with a coverage period of seven days per trip.
Individuals may customize their insurance plans according to their annual travel plans, but the registered trips must be completed within one year after enrollment.
Blue Cross also unveiled Flight Delay Cash Allowance Extension, which will provide a cash allowance to the insured individual in the case of six consecutive hours or more of flight delays, regardless of the cause.
National Reinsurance Corp. of the Philippines signed a memorandum of understanding with the Insurance Commission and the Philippine Insurers and Reinsurers' Association, which would see nonlife insurers in the Philippines ceding their catastrophe risks to a catastrophe insurance pool or facility that will share the pooled risks back to the insurers.
The move is intended to increase the country's financial resilience toward natural disasters and will also enable the insurers to more efficiently manage their catastrophe exposures and boost their capacity for catastrophe risks.
National Reinsurance is also a member of the technical working group spearheading the launch of the catastrophe insurance facility.
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