Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Centene Corp. announced its 2020 health insurance marketplace expansion, saying that its footprint will extend in 10 markets: Arizona, Georgia, Florida, Kansas, North Carolina, Ohio, South Carolina, Tennessee, Texas and Washington. The company started securing regulatory approvals in its targeted states for 2020.
Ping An Healthcare and Technology Company Ltd. launched Private Doctor, a healthcare system that aims to deliver internet-based healthcare solutions to the middle class.
The company entered into partnerships with 29 companies, including China Mobile Ltd., BAIC Group, China CITIC Bank Corp. Ltd., Wyeth Nutrition, China Everbright Bank Co. Ltd., Minsheng Life Insurance Co. Ltd., Pearl River Life Insurance Co. Ltd. and PKU Founder Life, with contractual amount of more than 300 million yuan.
Humana Inc. secured an agreement that provides its members in-network access to Platte Valley Medical Center and Platte Valley Medical Group, effective June 1.
The network agreement covers Humana's Medicare Advantage and employer group plan members.
Abarca Health LLC and Molina Healthcare of Puerto Rico Inc. entered into a two-year agreement to provide medication therapy management services, powered by Abarca's Darwin RxTarget module, to Molina Healthcare members.
Eligible Molina Healthcare members for the program are those who are expected to spend at least $2,000 in chronic medications in a year, are simultaneously taking more than three chronic medications, or are suffering from at least two chronic medical conditions or one high-cost condition including rheumatoid arthritis, multiple sclerosis and end-stage renal disease.
Molina Healthcare of Puerto Rico is a subsidiary of Molina Healthcare Inc.
HNB Assurance PLC unveiled PrivilegedLife, an insurance plan that addresses customers' health, savings and retirement needs, the Sunday Observer reported.
The product's features include a partial fund withdrawal option, topup premium option, protection benefits, annual dividends and loyalty dividends. Once the policy reaches maturity, policyholders will be able to receive the maturity fund as a lump sum or convert it to a health fund or a life-long pension.
Property and casualty
AIG Korea Inc. will expand its warranty and indemnity insurance business to capitalize on the M&A market in South Korea, The Korea Times reported.
AIG Korea intends to target private equity funds, institutional and professional investors that lead the M&A market, according to the report. The company has a maximum capacity of 100 billion won per transaction. Insurance premiums and compensation limits will be based on the size of the M&A transaction, according to the report.
Empire Underwriters unveiled a workers' compensation program for truckers, tow truck operators and delivery companies.
The offering will accommodate risks including workers' compensation for long haul truckers, local delivery, Amazon parcel delivery companies and cement truckers.
Empire Underwriters is a national insurance wholesaler, excess and surplus lines facility and program manager.
Protecht Inc. partnered with Philadelphia-based hosting and entertainment firm Spectra to offer ticket insurance to event attendees.
The product will be available at Spectra's 32 venues where Paciolan is the ticketing provider in 21 U.S. states and two Canadian provinces.
Root Insurance Co. started offering auto insurance insurance in California.
Ecclesiastical Insurance Group PLC launched its cyber scenario planner, which will help organizations identify their cyber threats, discuss their cyber risks and assess the risks against factors like potential costs, frequency and severity.
Sompo International Holdings Ltd.'s Sompo Global Risk Solutions expanded its business to include smaller commercial clients in the U.S. and Mexico, including its vertical and Asian interest accounts.
The Standard Club Ltd. expanded into Greater China after its Singapore-based subsidiary, Standard Asia, secured authorization to conduct insurance business in Hong Kong, Asia Insurance Review reported.
The branch in Hong Kong will be led by CEO Michael Turnbull, according to the report.
The Standard Club is managed by Charles Taylor PLC.
Berkshire Hathaway Specialty Insurance Co. added a provision that reinstates exhausted policy limits to its Asia Executive First Directors & Officers Liability Insurance.
Chubb Ltd. expanded the coverage of its Overland Water Coverage product, adding protection from losses that result from freshwater occurrences such as overflow of natural or artificial inland waters, mudflow and collapse of land along a body of water.
On top of covering the replacement costs of the home, the product will also pay to restore finishes and builtin features.
Chubb Insurance Malaysia Bhd. unveiled Easy Pay Plan, its 6-month interest-free installment insurance premium payment plan for Citibank cardholders.
The payment plan can be used for motor, home, personal accident and medical insurance products. Policies with a minimum insurance premium of 500 ringgit qualify for the payment plan.
Paychex Inc., through Paychex Insurance Agency Inc. and Axis Insurance Co., is offering cyber liability protection for business owners.
The program covers privacy regulation liability, forensic investigation, litigation, ransomware and social engineering attacks and business interruption.
Axis Insurance is a subsidiary of Axis Capital Holdings Ltd.
FWD Singapore Pte. Ltd partnered with Singapore-based AVA Insurance Brokers to provide fire insurance coverage to Housing & Development Board homes sold until Aug. 15, 2024, Insurance Business Asia reported.
Delta Insurance unveiled its personal cyber insurance product, which will provide individuals and households coverage for cyber attacks.
The product will initially be available for organizations to offer their employees and customers together with Delta Insurance's cyber risk management product DynaRisk.
Sompo Holdings (Asia) Pte. Ltd. partnered with Slice Labs Inc. to launch on-demand digital insurance products to the Asia-Pacific region, Insurance Business Asia reported.
Sompo will also license Slice Labs' Slice Insurance Cloud Services platform to deploy and test digital insurance products.
InsureMyEquipment.com, through a partnership with Verifly, launched an on-demand general liability coverage for its clients in the film, music, photography and production industries.
The product allows clients to purchase coverage for a desired period of time, submit insurance certificates and add coverage for additional crew members, employees or volunteers.
InsureMyEquipment.com is a division of California-based Heffernan Insurance Brokers Inc.
Axa Affin General Insurance Bhd. partnered with Malaysia-based online rental solution platform BlueDuck to offer its SmartHome Optimum product to BlueDuck's members, Insurance Business Asia reported.
The SmartHome Optimum product includes sum insured of 10,000 ringgit for home contents and 130,000 ringgit for fire insurance coverage.