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Beazley, Munich Re unit introduce cyber insurance products

Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

Principal Financial Group Inc. launched Principal IMPACT, a 401(k) retirement plan package looking to deliver support to advisers and their clients new to Principal from $1 million to $10 million in plan assets.


Nationwide Mutual Group introduced Nationwide CareMatters II, which is long-term care coverage linked to a universal life insurance policy.

The company said CareMatters II offers more features with competitive pricing and, like the original CareMatters, offers cash indemnity LTC benefits that help clients pay for their care.


India-based HDFC ERGO General Insurance Co. Ltd. is now offering coverage for mosquito-borne diseases such as dengue fever, malaria, chikungunya, Japanese encephalitis, kala-azar, lymphatic filariasis and zika virus, Express Healthcare reported. The policy is available to people aged 91 days to 65 years.


Manulife Hong Kong unveiled ManuWise Deferred Annuity, a tax-deductible qualifying deferred annuity policy certified by the Insurance Authority. The total projected internal rate of return could range from 2.47% to 4.10%.


Sutter Health and Alignment Healthcare signed an agreement that allows the two organizations to work together to offer more healthcare and insurance coverage options for Medicare-eligible residents in Northern California in 2020, pending regulatory approval.

Alignment has filed an application with the Centers for Medicare & Medicaid Services to expand its Northern California service area. If the application is approved, Alignment and Sutter would begin offering new Medicare Advantage plans in the approved counties in October and members could seek in-network care with Sutter-affiliated and aligned physicians and facilities on Jan. 1, 2020.


AIG Life & Retirement announced a number of enhancements to the Power Series of Index Annuities that would increase the level of flexibility and choice in these products.

With the new Lifetime Income Plus Flex and Lifetime Income Plus Multiplier Flex features, prospective customers can now change coverage options between single and joint life to meet varying income needs and life events; take withdrawals without losing their annual step-ups and doubling guarantee; and access money and not lock in their withdrawal percentage for life until they are ready to start retirement income.

Also, the annuities product line now provides policyholders access to the Russell 2000, a U.S. small-cap stock index, and the MSCI EAFE, an international stock index.


Premera Blue Cross and Providence St. Joseph Health sealed a new contract that ensures Premera members will retain in-network access to Providence St. Joseph Health through 2024.

Beginning Jan. 1, 2020, and pending regulatory approval, Premera will offer its small and large group members access to a total joint replacement program that includes pre- and post-surgery procedures, member education, care coordination and travel support. The total joint replacement program will be available at seven Providence St. Joseph Health facilities.

Property and casualty

Beazley PLC launched a marine cyber insurance product called Beazley Cyber Defence for Marine, which provides insurance for physical damage and loss of hire.


Hartford Steam Boiler Inspection and Insurance Co. introduced a product called HSB Farm Cyber Insurance, which protects farmers against cyberattacks involving computers and electronic devices located about the farm premises, including the farm owner's residence.

Coverage for commercial farm exposures can include losses due to a data breach, computer attack, cyber extortion or misdirected payment fraud. Data collected across the farm, from farm machinery to drones, is protected, with coverage for the costs of restoring data and systems in the event of a cyber event, as well as the loss of income.

The product also offers coverage for the farm family, including identity theft, online fraud, cyber bullying and damage from cyber attacks on the family's computer systems and connected home devices.


Highland Insurance Solutions launched a contractors equipment product that offers broad protection and the convenience of scheduled or blanket reporting coverage.

The product's features include up to $10 million loss limits, $5,000 minimum premium, no co-insurance penalties, automatic replacement cost coverage on equipment five years or newer and blanket loss payee language built into form for fast certificate issuance.


Workers' compensation insurance carrier A.I.M. Mutual expanded into Maine. It already serves Massachusetts, New Hampshire, Vermont and Connecticut.


Ensurance Ltd.'s wholly owned subsidiary, Ensurance UK,launched terrorism and sabotage insurance in the U.K.

The product provides a business with protection from damage caused to its buildings, profits, employees and customers resulting from an act of terrorism or sabotage. It has a range of policy extensions, including non-damage business interruption, denial of access, loss of attraction and active shooter.

The product will soon be launched in the U.S., followed by Australia.


Sompo Global Risk Solutions formed a team offering insurance services to clients in the life sciences industry.

Sompo GRS Life Sciences' offerings include product liability, clinical trial liability, property, auto, workers' compensation, environmental and products related errors & omissions coverage for contract research organizations, clinical trials and medical device, pharmaceutical and biotechnology companies.