Swiss Re partners with China’s Ping An for typhoon parametric insurance

Swiss Re said on July 7 that it has partnered with Ping An Property & Casualty Insurance Company of China to launch China's first mobile-enabled typhoon property parametric insurance solution.

The solution is designed to provide an affordable, easy-to-use insurance product to both individuals and enterprises located in areas that are prone to typhoons, and covers the economic losses caused by the typhoon, according to the press release.

The product gives customers the ability to purchase insurance, make inquiries and complete the claims settlement process from a mobile device. The insurance covers eight coastal provincial regions in Southeast China, including Guangdong, Zhejiang, Shanghai, Fujian, Jiangsu, Guangxi, Shandong and Hainan.

The mobile-enabled insurance solution provides real-time tracking of a typhoon’s path and wind speed as announced by the national meteorological centre of China. The trigger for the pay-out amount is also based on this information. When a typhoon occurs, a user can access an inquiry page, check if the claim terms have been triggered and submit a remote self-service claim. The system will then automatically calculate the claim amount and settles the claim within three days. The product offers a maximum payout of RMB 20,000 per address for individuals and RMB 500,000 per address for enterprises. It is designed to enhance typhoon response and post-disaster recovery for the high-risk regions.

"Typhoons are the most often and costliest natural catastrophes which occur in China,” says John Chen, President of Swiss Re China.

“They can cause severe life and property loss in economically developed and densely populated regions. We want to leverage on our experience in using cutting-edge technology to develop tailor-made solutions, together with our clients to protect the people who are potentially affected by these natural catastrophes.”

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