Swiss Re Corporate Solutions won most Innovative Product/Service for Insur8, Hong Kong's first ever Non-Damage business interruption insurance solution to protect businesses from financial losses occurring in the event of a typhoon. This trigger based solution, which was launched in July 2017, makes a previously uninsurable event, which impacts all businesses in Hong Kong, insurable.
The Hong Kong Federation of Insurers (HKFI), which organises the awards in coordination with the South China Morning Post (SCMP), announced the winners on 26 October 2017. The 4th Hong Kong Insurance Awards received nearly 100 quality entries for 15 categories. The panel of judges was comprised of respected figures from the insurance industry and related fields.
Dylan Bryant, Country Manager North Asia at Swiss Re Corporate Solutions, first had the idea for Insur8 when Typhoon Haima kept him from visiting businesses on Peng Chau Island where he lives. He recognised that his story was similar to other Hong Kong residents and challenged his team to create an insurance solution that would indemnify local businesses against a typhoon warning signal 8 or above by the Hong Kong Observatory (HKO).
The Swiss Re Institute calculated the economic impact of a typhoon warning signal 8 to be HK$4.29billion per day.
You can learn more about the Hong Kong Insurance Awards here.
You can learn more about Insur8 here.
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