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JLT and Munich Re launch innovative parametric insurance product “One Storm” in the Philippines

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A unique partnership between one of the top Insurance Brokers and global reinsurer Munich Reto provide customers with uncomplicated storm coverage

JLT Philippines, one of the leading insurance and reinsurance broking, risk consultancy and employee benefits services brokers in the country has signed a cooperation agreement with global reinsurer Munich Re to jointly develop and offer a unique insurance solution to cover typhoon/tropical cyclone risks for the Philippines.

One StormWith up to twenty tropical storms a year of which several are named typhoons causing devastating losses, there is a serious need for the Philippine businesses to protect themselves against typhoon losses.

This new non-traditional solution, called “One Storm Philippines”, is a parametric trigger typhoon cover. Unlike a traditional insurance product which covers a policyholder’s actual losses, parametric insurance pays out fast and uncomplicated in response to pre-defined triggers.

The One Storm Philippines’ product:

  • allows risk holders to outsource previously uninsurable risks arising from typhoons like loss prevention costs, overtime costs, revenue losses, and minor losses below the property insurance deductible.
  • iseasy to monitor and measurestriggers that will provide financial support for lossprevention measures while facilitatingan uncomplicated and quick payout process.
  • is an easily customisable solution that allows manufacturers, plant operators, big corporations, governmental authorities and municipalities to limit their risks.
  • enables risk holders to checktheir triggered pay-out in real-time after a storm takes place at munichre.com.

As a member of JLT Asia, a subsidiary of the JLT Group, JLT’s history in the Philippines dates back to more than 30 years and we offer the full range of insurance management and consultancy services, with strong focus on risk and claims management advisory services. We also have a dedicated risk management specialist team.

The combination of JLT Philippines’ local knowledge and deep history, coupled with Munich Re’s vast experience in the insurance industry, together, have formed a unique partnership in order to bridge thegap between current market propositionsand consumers’ needs.

JLT Philippines CEO, Raul Tan spoke of the significance of the partnership between JLT and Munich Re, stating: “At JLT Philippines, we have a strong focus on providing innovations to the market and we are extremely proud to have partneredwith Munich Re, working effortlessly together to provide our customers with aunique product that that not only protects their assets, but also changes the way insurance is viewed.

Stephan Laemmle, Chief Underwriting Officer at Munich Re CIP Engineering, adds “This product cooperation between JLT with their excellent market network and Munich Re’s research and product development expertise, showcases our ambition to be at the forefront of product innovation, and thus, shaping future market models responding to the needs and working to the benefit of our clients.“

 

To discuss your specific storm coverage, please contact JLT at enquiries_PH@jltasia.com. For more information, visit www.asia.jlt.com.

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