International insurance coverage group AXA, via its Hong Kong and Macau department, has introduced the launch of a parametric insurance coverage product tailor-made to answer heatwave conditions that may create warmth stress for outside staff.
The heatwave parametric insurance coverage has been designed to offer enhanced safety for outside practitioners that work outside in the summertime.
The insurer explains that, over the previous three many years, the annual imply temperature in Hong Kong has exhibited a statistically improve of 0.30°C per decade from 1994 to 2023 based mostly on climatological knowledge.
Consequently, there might be heightened dangers for these working open air, particularly within the building, property administration, public utility and transportation sectors, therefore the heatwave parametric insurance coverage is designed to offer versatile and handy advantages for warmth stress prevention and defending affected practitioners, AXA defined.
It’s a easy product design, with a comparatively small HKD 19.9 premium per particular person.
The heatwave parametric insurance coverage might be triggered when the temperature exceeds 36.0°C for 3 consecutive days in the course of the interval of August to October.
Payouts might be made within the type of both HKD100 per insured particular person, or an “anti-heatwave equipment” of an equal worth.
AXA will monitor temperatures and notify prospects when the parametric set off is breached, so there isn’t a must submit a declare or show any harm or loss.
Emily Li, Chief Worker Advantages & Wellness Officer, AXA Hong Kong and Macau, defined, “International warming is driving excessive local weather circumstances, with Hong Kong’s scorching climate persevering with to accentuate and posing well being dangers to the general public. Firms play a crucial function in addressing these climatic challenges by making certain an optimum worker advantages technique to assist and shield staff on this quickly evolving world.
“Our new product is notable as the primary parametric insurance coverage within the metropolis tailor-made to mitigate the impacts of local weather change on staff. It serves as a testomony to our experience in safety and our complete insights into local weather dynamics. This initiative exemplifies our dedication to integrating sustainability into our enterprise propositions, and offering enhanced safety for a workforce dealing with elevated dangers attributable to altering environmental circumstances.”
AXA mentioned that the simple nature of the parametric insurance coverage, in addition to its accessibility, will make it a sensible resolution for firms trying to strengthen their workforce safety.
