Swiss Re Corporate Solutions awarded P&C Insurer of the Year by Insurance Asia News
Article information and share options
We are pleased to be named P&C Insurer of the Year-Singapore by Insurance Asia News in its "Awards for Excellence 2018" category.
The recognition is designed to identify the best insurance firms operating in Asia Pacific, the awards provide an opportunity for insurers, reinsurers and brokers to benchmark themselves against their peers in 13 countries across the region.
The awards panel bestowed the honor on, Swiss Re Corporate Solutions "Hazeshield" product. Launched in 2018, it provides standalone haze insurance for Singapore. Singapore has been struck by a number of severe haze outbreaks over the past two decades. According to the Swiss Re Institute, total economic losses sustained in Singapore as a result of the 1997 and 2015 haze events were USD 386 million and USD 897 million respectively.
Hazeshield indemnifies local businesses against earnings volatility caused by reduced traffic, forced shut-downs, and additional operating costs stemming from a severe haze event in Singapore. It offers key benefits to the client and broker, such as including broader coverage based on a pre-agreed payout which can be used to cover non-damage business interruption losses and positioning it as a thought leader by providing an innovative new solution.