You have to close or suspend your operations as a result of the Hong Kong Observatory (HKO) issuing a warning signal level 8 or above. Does your existing property and business interruption insurance cover against this type of event and potential impact on earnings?
Now, with Swiss Re Corporate Solutions you can. We developed Insur8, the first-ever typhoon warning insurance solution for businesses operating in Hong Kong. This new solution indemnifies local businesses against loss of earnings and additional operating costs stemming from a typhoon warning signal 8 or above.
For many businesses a typhoon warning signal of this magnitude can result in:
When a typhoon warning signal 8 or above is issued, for safety reasons, many employers will not require their employees to report for work as per government guidelines. In addition, ferry, MTR and bus services may be impacted and suspended if weather conditions deteriorate.
That‘s why Swiss Re Corporate Solutions created Insur8, a solution made in Hong Kong, for Hong Kong.
What‘s the exposure and likelihood of a typhoon 8+ signal warning?
Since 1980 there have been 51 recorded signal 8+ typhoons hitting Hong Kong (see figure 1). On average a typhoon 8 or higher signal warning lasts 13 hours, with the longest typhoon lasting 66 hours (Cyclone Mary in 1960) (see figure 2).
Why your organisation should consider Insur8 for typhoon exposure
Contact us to learn more.
02 August 2017