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Chubb unveils flight delay insurance; Embroker rolls out digital D&O policy

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

Life and health

Settlers Life Insurance Co. made available its final expense whole life insurance products in Hawaii, Oregon and Washington.

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Anthem Blue Cross and Blue Shield in Indiana added DeKalb Health to its preferred list of care providers for its Medicare Advantage plans. DeKalb's care providers will be considered in-network for the health plans beginning August. Anthem Blue Cross and Blue Shield is the trade name of Anthem Insurance Cos. Inc.

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University of Louisville Physicians and Humana Inc. agreed to expand in-network access for Humana Medicare health maintenance organization members seeking treatment from the physician practice group's staff professionals, primary care and specialty physicians, as well as specialty clinics in Kentucky.

Property and casualty

India's Bajaj Allianz General Insurance Co. Ltd. and Vijaya Bank inked a bancassurance deal that will enable the insurer to distribute both its personal lines and commercial lines insurance products to the bank's customers.

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Bermuda-based Ironshore Inc.'s construction industry group, in conjunction with Ironshore specialty casualty, enhanced the professional liability coverage for designers and contractors. The revised designers and contractors professional and pollution liability form provides claims-made third-party protection against damages related to the contractors' negligence in the performance of professional services. Rectification costs for design defects and protective indemnity for sub-consultant design professionals' negligence are also available in the coverage. The program offers contractors pollution liability on an occurrence basis.

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Farmers Insurance Group of Cos., which offers automobile, homeowners, umbrella and specialty insurance, entered Florida, the Jacksonville Business Journal reported.

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Axa Insurance teamed up with Singapore-based airline Scoot Pte Ltd. to provide travel insurance to passengers. The policy, called Scootsurance, provides coverage against trip interruptions and cancellations, travel delays and missed connections, accidental death and permanent disablement, baggage losses and terrorism. It also offers additional inflight personal protection of up to S$25,000 and reimbursement coverage for passengers who booked flights using KrisFlyer miles, a frequent flyer program of Scoot's parent, Singapore Airlines Ltd. Features of the product include emergency medical repatriation, hospital visitation benefit and fast-track claims services. The policy has been available since July 26 to passengers who depart from Singapore and will be rolled out to other countries.

As of Aug. 6, US$1 was equivalent to S$1.37.

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Chubb Ltd., in partnership with Swiss Re AG and FlightStats Inc., launched a flight delay insurance in Australia. The product is available through Chubb Connect app, which is powered by United Networks Ltd. Policy options, which range from 30, 45 and 60 minutes, will trigger a fixed payout of A$100, processed within an hour to within 72 hours of arriving at destination airport. Flight cancellations or diversions will also automatically trigger a similar payout. Swiss Re validates the incidents using data from FlightStats. United Networks will pay the amount directly into the passengers' PayPal account.

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The British Insurance Brokers' Association unveiled a drone insurance scheme with Tokio Marine Kiln Group Ltd., backed by Lloyd's of London. The scheme offers coverage for companies operating drones for commercial or business purposes. It includes protection against physical loss of or damage to drones up to a limit of £100,000 per drone, third-party bodily injury and property damage liability, including losses arising from malicious acts, up to a limit of £50 million per occurrence, as well as enhanced coverage for invasion of privacy, noise liability, operators indemnity, operators liability and loss of digital assets. It is available in a digital platform.

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Insurtech company Embroker Inc. rolled out a digital directors and officers insurance policy for venture capital-backed tech startups. The policy is part of the company's digital startup program, which includes employment practices liability and fiduciary liability insurance, through a partnership with Munich Re's Digital Partners. The coverage, reinsured by Munich Re, is available to U.S.-based growth stage and pre-IPO companies that have raised up to US$250 million in funding.

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