Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
FaithLife Financial launched a suite of life insurance products covering individuals in Canada at all stages of life.
The suite includes FaithLife Term Insurance with three coverage options; FaithLife Whole Life and 20-Pay Whole Life with an additional deposit option; and FaithLife Term to 100 with final expenses coverage.
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Penn Mutual Life Insurance Co. expanded its Smart Foundation Variable Annuity products with the addition of the guaranteed minimum accumulation benefit rider II, an optional benefit that guarantees the minimum value of annuity contracts to protect against potential market loss.
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ERGO Group AG entered a strategic partnership with Santander Consumer Bank AS, under which Santander will supplement its Germany-wide insurance offering with ERGO's pension products.
Additionally, ERGO will offer Santander's credit products to its customers under the partnership starting in the first half of 2022.
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The Financial Supervisory Commission of Taiwan approved a health insurance plan that will cover hospitalization costs for migrant workers who are infected with COVID-19 within 30 days of their arrival in Taiwan, Focus Taiwan reported.
Fubon Insurance Co. Ltd. developed the COVID-19 insurance plan in response to Taiwan's decision to reopen its borders to migrant workers from Indonesia.
Property and casualty
Beazley PLC launched a product recall specialty insurance that covers the recall of consumable products, consumer goods and component parts in Canada.
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Under an agreement, Canopius Underwriting Agency Inc.'s ocean marine and management and professional lines teams will underwrite U.S. admitted business using Samsung Fire & Marine Insurance Co. Ltd.'s paper.
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Wright National Flood Insurance Services LLC unveiled Wright Residential Private Flood Insurance, an admitted stand-alone flood product for residential property owners in Pennsylvania.
Incline Casualty Co. will underwrite the flood insurance product, which will become available starting Nov. 16. Wright National and Incline P&C Group also have a private flood insurance partnership in Texas, with plans to expand to additional states in 2022.
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Mercury General Corp. launched five new coverages for homeowners in Arizona.
The company is offering one coverage for replacement costs when environmentally friendly alternatives or construction methods are used, as well as two additional coverages related to roofing and siding repairs, among other things.
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Shriram General Insurance Co. Ltd. received regulatory sandbox approval to launch its stand-alone fire loss of profit insurance cover, The Times of India reported.
The policy will provide coverage against loss of income and increased working costs due to business turnover or output reduction resulting from 12 covered perils, including fire and hurricane.
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BJAK My Sdn. Bhd. partnered with Atome to launch its buy-now, pay-later payment option that enables car and motorcycle owners to split insurance payments into three equal payments, starting Nov. 1, The Star reported.
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