First insurance product to cover Signal 8 in Hong Kong


Swiss Re Corporate Solutions has introduced the first insurance product to cover loss resulting from tropical typhoon Signal 8 in Hong Kong, Chinese language news outlet Epoch Times has reported.
Dylan Bryant, CEO North Asia at Swiss Re Corporate Solutions, indicated that the new product would be extended to Macau in the future.
Many of the current insurance products do not compensate for loss resulting from typhoons.
The new insurance products rolled out by Swiss Re enable insurers to obtain compensation within 30 days after loss or extra cost spent for operations during a storm.
The CEO said the new product can be used by all sorts of businesses, in particular by those such as transportation and finance, in which business might be forced to halt or extra expenditure is needed when a storm occurs.
Regarding the insurance premium, the CEO indicated that different businesses would need different strategies, suggesting that restaurants could choose to cover for weekends in order to reduce the impact upon business.
He added that some firms might need to pay extra for employees to work when typhoon Signal 8 is issued, incurring extra expenses.