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Chubb offers personal cyber plan; XL Catlin launches crisis management policy

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

Life and health

John Hancock unveiled an Accumulation Indexed Universal Life product, which provides policyholders lifetime protection and an opportunity to accumulate tax-deferred cash value to supplement retirement income, pay college tuition or fund other expenses. The cash value accumulation is done by linking to the performance of a range of indexed account options as well as a fixed account, with downside protection. The plan has optional features including the critical illness benefit, long-term care rider and John Hancock Vitality program. John Hancock is a division of Canada-headquartered Manulife Financial Corp.

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OneAmerica Financial Partners Inc. introduced Whole Life Select, a life insurance policy that also provides opportunity to build cash value. The policy offers a loan interest rate limitation rider, a provision to help prevent unintentional lapse of the policy due to loans and loan interest on the policy. Through the rider, policyholders can keep the policy in force if the total loan amount reaches 95% of the policy's value. If the policyholder chooses to activate the rider, the policy will remain in force, ensuring that a death benefit is paid to heirs and preventing a cancellation that could result in tax consequences. The product also offers the OneAmerica indexed dividend crediting option rider, which allows policyholders to participate in market upswings without compromising whole life guarantees. The coverage has five premium-payment options, including single pay, 10-pay, 20-pay, pay to age 65 and pay to age 70. Whole Life Select is available in all U.S. states except California, Delaware, North Dakota, South Dakota and Washington, D.C.

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Kentucky-based Humana Inc. released its Complete Dental plan designed to provide coverage for preventive, basic and major dental services for individuals of any age, especially for those recently retired or transitioning from previous coverage, in 21 U.S. states. Services covered include cleanings, exams and, after standard wait periods, fillings, extractions, root canals, crowns and dentures. Waiting periods may be waived if members have had 12 months of continuous prior dental coverage. As a preferred provider organization plan, members can have coverage with in-network and out-of-network dentists and can buy the plan year-round.

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Global non-life insurer Madanes Group, U.K.-based insurance broker Jardine Lloyd Thompson Group PLC and Philippine health insurance provider PhilHealthCare Inc. teamed up to establish Bayani Family Care, an insurance product for overseas Filipino workers and their families, according to PhilStar Global. The policy will give them coverage on scheduled and emergency room care and confinement, scheduled hospitalization benefits for viral and bacterial illnesses and injury treatments in more than 500 PhilCare-accredited hospitals in the Philippines for up to 60,000 Philippine pesos annually. The plan, which also includes optional unlimited medical consultations with pediatricians, cardiologists, endocrinologists, among others, is valid for one year and costs 4,350 pesos per person.

As of June 1, US$1 was equivalent to 52.52 Philippine pesos.

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Bright Health Inc. announced the roll out of Bright Health Secure, a supplemental insurance package for Colorado policyholders facing unexpected out-of-pocket costs due to an accident or illness. Policyholders can choose a standard or a health savings account-qualified package. Both plans cover emergency room care, daily benefit for unexpected hospital stays, diagnostic imaging tests and outpatient surgery. The plan, available for purchase for those holding a Bright Health major medical plan, takes effect July 1.

Property and casualty

French carpooling services provider BlaBlaCar and French insurer Axa launched a car insurance product that will offer protection for drivers that use the BlaBlaCar services, Reuters reported. The product, set to launch initially in France, will have no excess charged for damage that may occur while carpooling.

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OneBeacon Technology Insurance introduced Medical Technology Solutions, a modular medical technology product and professional liability policy aimed to address life science companies' exposure to products and completed operations, cybersecurity and communication liability risks, Insurance Journal reported. The product includes access to data breach services, including an incident reporting hotline, as well as access to technology risk control specialists, as an extension of the company's offerings. Medical Technology Solutions is a claims-made product written on an admitted basis and is available in several U.S. states, with international coverages also available. OneBeacon Technology Insurance is a member of Bermuda-based OneBeacon Insurance Group Ltd.

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Swiss insurance company Chubb Ltd. offered the Masterpiece Cyber Protection, which provides policyholders protection against cyber risks, including threats to release personal information, holding files for ransom, destruction of personal network and loss of account funds from a cyber attack. It also provides assistance in dealing with online harassment, theft, loss or unauthorized access to personal data as well as identity theft. The coverage, which additionally gives discounted access to third-party resources, is available to policyholders with a Masterpiece homeowners policy and is offered in Arizona, Colorado, Hawaii, Kansas, Michigan, Louisiana, Maryland, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia and Washington, D.C. It will be offered to additional states and in Canada throughout 2018 and into 2019.

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Export-Import Bank of Thailand, or EXIM Thailand, rolled out the CLM Trade Insurance for small and medium-sized exporters in Thailand. This provides coverage for export worth up to 1.0 million Thai baht per transaction under a payment term not exceeding 90 days at EXIM Thailand's head office on May 30. The insurance aims to limit risk of non-payment by buyers in Cambodia, Laos and Myanmar. A feature of the product includes the ability of the SME exporters to choose their protection type at a pre-determined expense with insurance premium starting from 3,300 baht per insurance policy and maximum coverage of 90% of loss amount.

As of June 1, US$1 was equivalent to 32.04 Thai baht.

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Pembroke Syndicate 4000 announced the development of an endorsement to enhance the Investment Management Insurance policy offered by its London-based financial institutions unit. The endorsement will accompany the policy wording to clarify and expand the scope of protection against cyber risk. It affirms protections for allegations of civil liability with regard to publicity, security and privacy issues and offers coverage for reimbursement of expenses following a security breach. The endorsement is available for an additional premium an is offered worldwide, except in the U.S. The policy is designed to protect fund manager entities, investment funds and directors against the risk of civil liability to third parties and risk of loss due to dishonest act committed against fund manager entities by an employee or third party. Ironshore Inc. provides broker-sourced specialty property and casualty insurance coverages, some of which are underwritten at Lloyd's through Ironshore's Pembroke Syndicate 4000.

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XL Catlin's insurance operations, in partnership with S-RM, the company's global crisis response partner, and Instinctif Partners Ltd, a global crisis communications specialist company, created the Corporate Crisis Prevention and Response, a global risk management and insurance solution for companies facing crisis situations, The Royal Gazette reported. The policy covers 45 named crisis events under six categories, namely catastrophes, cyber threats, criminal, people and political risks, as well as political violence. It provides pre-crisis planning and training, response in crisis situations and communications support.

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