Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Colonial Life & Accident Insurance Co. unveiled a whole life insurance coverage with accelerated death benefits, including a chronic care rider and a critical illness rider.
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Star Health and Allied Insurance Co. Ltd. entered into a partnership with ICICI Securities Ltd. that will allow the ICICI Bank Ltd. subsidiary to distribute Star Health's insurance products in India.
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Bharti AXA Life Insurance Co. Ltd. partnered with Bharti Airtel Ltd. to launch a term life insurance coverage bundled with a prepaid mobile services bundle in India.
The recharge is valid for 84 days, and the life insurance cover continues automatically for three months with every recharge.
The offering, available to customers aged 18 to 54 years, is currently offered to customers across Tamil Nadu and Pondicherry.
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PolicyPal Pte. Ltd. unveiled an on-demand personal accident insurance that provides coverage for accidental death and permanent disability for a S$50,000 sum assured payout.
The program offers free coverage on hazy days in light of persistent smoke haze in Singapore.
As of Sept. 23, US$1 was equivalent to S$1.38.
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Humana Inc. entered into an agreement with Tower Health to add Reading Hospital to Humana's Medicare network.
Humana's Medicare Advantage health maintenance organization, preferred provider organization and private-fee-for-service health plan members will get in-network access to Reading Hospital's outpatient facilities, including ambulatory surgery and urgent care centers, effective Oct. 1.
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Pacific Life Insurance Co.'s Pacific Index Foundation deferred fixed indexed annuity was made available to TD Ameritrade Holding Corp. clients.
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SBI Life Insurance Co. Ltd. signed a corporate agency agreement with Repco Home Finance Ltd. to allow the housing finance company to offer the insurer's life insurance products to its customers in more than 148 branches and 27 satellite centers in India.
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Aegon Life Insurance Co. Ltd. entered into a corporate agency tie-up with Paytm Payments Bank Ltd to allow the digital payments company to distribute Aegon Life products to its customers, News Barons reported.
Property and casualty
Lloyd's of London unveiled a parametric profit protection policy for the hotel and hospitality industry.
When an insured event occurs, the policy triggers a payout that can be used to reduce cash flow volatility, negotiate contractual agreements and unlock contingent liability exposure.
The product was developed by Lloyd's product innovation facility and is led by Tokio Marine Kiln Group Ltd., with additional support from product innovation facility members Chaucer PLC, Munich Re Syndicate, Beazley PLC, Faraday Holdings Ltd. and Axis.
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Crum & Forster Pet Insurance Group made available its stand-alone veterinary care insurance for companion horses in California, Colorado, Connecticut, Kentucky, Oklahoma and Texas.
The plan includes, among others, coverage for accidents, injuries and illnesses, with a simple reimbursement feature based on a percentage of the veterinarian’s invoice.
Crum & Forster Pet Insurance Group's pet health insurance plans are underwritten by United States Fire Insurance Co. Inc. and produced by C&F Insurance Agency Inc.
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Hanover Insurance Group Inc. expanded its business in Vermont to include personal lines insurance, including home and auto insurance solutions for high value accounts.
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Inshur Inc. unveiled a flexible insurance plan for the private hire insurance market, which can provide between 7 and 90 days of coverage for drivers in the U.K.
Drivers can also opt for fixed terms of 7, 14, 30, or 90 days or opt or an annual policy.
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Travelers Cos. Inc. launched Travelers Catastrophe Map Viewer, a tool that provides agents and brokers with searchable, high-resolution before and after images aerial images following catastrophic events.
The tool will help agents and brokers notify customers about the condition of their properties and, if necessary, begin the claims process.
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AmTrust E&S Insurance Services unveiled an excess casualty underwriting division based in Los Angeles.
The business unit will write supported and unsupported excess liability with limits of up to US$25 million. Coverage will be available for small and medium-sized companies in the U.S. in various industries including manufacturing, contracting, habitational and hospitality.
AmTrust E&S Insurance is a wholly owned subsidiary of AmTrust Financial Services Inc.
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Monarch E&S Insurance Services expanded into Florida, the Insurance Journal reported.
Monarch E&S Insurance Services, a division of SPG Insurance Solutions, underwrites specialty commercial, personal and professional lines risks.
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Axa XL partnered with Accenture PLC to offer additional bespoke risk mitigation services to its clients globally in the manufacturing, retail, healthcare and financial services industries, among others.
For Axa's clients outside the U.S., Accenture will provide post-breach security services, including incident management and IT forensics. The program will be expanded to cover the property and casualty spectrum by early 2020.
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Gordon Newman and Neil Pearce will launch a startup broking venture under the brand Newman Pearce, The Insurance Insider reported, citing sources.
The startup will officially launch in October and will focus on U.K. and international wholesale business, according to the report. It will be incubated in an umbrella-style arrangement by London-based insurance broker Crispin Speers & Partners Ltd.
Newman is the founder of Newman Martin and Buchan LLP.
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Coalition Inc. expanded its cyber and technology errors and omissions coverage to include middle-market companies in the U.S. with up to $1 billion in annual revenue.
Middle market companies will have access to up to $15 million of insurance coverage backed by Swiss Re Corporate Solutions Ltd. and Lloyd's. The program includes 24/7 security monitoring, anti-ransomware coverage and employee security training.
