International insurance coverage group AXA, by way of its Hong Kong and Macau department, has introduced the launch of a parametric insurance coverage product tailor-made to reply to heatwave conditions that may create warmth stress for out of doors staff.
The heatwave parametric insurance coverage has been designed to offer enhanced safety for out of doors practitioners that work out of doors 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.
Because of this, there will be heightened dangers for these working outdoor, particularly within the development, 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 individual.
The heatwave parametric insurance coverage will be triggered when the temperature exceeds 36.0°C for 3 consecutive days through the interval of August to October.
Payouts can be made within the type of both HKD100 per insured particular person, or an “anti-heatwave package” of an equal worth.
AXA will monitor temperatures and notify clients when the parametric set off is breached, so there is no such thing as a must submit a declare or show any injury 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 important function in addressing these climatic challenges by guaranteeing an optimum worker advantages technique to help 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 resulting from altering environmental circumstances.”
AXA stated that the easy nature of the parametric insurance coverage, in addition to its accessibility, will make it a sensible resolution for corporations seeking to strengthen their workforce safety.
