JLT and Munich Re have announced a partnership to develop and offer an innovative parametric insurance cover, One Storm, for typhoon and tropical cyclone risk in the Philippines.
The typhoon cover allows risk holders to outsource typhoon risks that had previously been uninsurable such as loss prevention costs, overtime costs, revenue losses, and minor losses below the property insurance deductible.
JLT has been operating in the Philippines for over 30 years, and will draw on the firm’s local knowledge and long-standing history in partnership with Munich Re’s re/insurance industry experience to “fill the gap” of insurance needs in the Philippines.
JLT Philippines Chief Executive Officer (CEO), Raul Tan commented on the firm’s alliance with Munich Re; “At JLT Philippines, we have a strong focus on providing innovations to the market and we are extremely proud to have partnered with Munich Re, working effortlessly together to provide our customers with a unique product that not only protects their assets, but also changes the way insurance is viewed.”
The solution can be easily tailor-made to help manufacturers, plant operators, big corporations, governmental authorities and municipalities limit their risks.
It measures triggers to provide financial support for loss prevention while facilitating an uncomplicated and quick payout process and enables risk holders to check their triggered pay-out in real-time after a storm.
With up to 20 tropical storms a year, JLT said the product was created to fill the “serious need for the Philippine businesses to protect themselves against typhoon losses.”
Stephan Laemmle, Chief Underwriting Officer (CUO) at Munich Re CIP Engineering, commented; “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.”