RHB BANK TEAMS UP WITH TOKIO MARINE TO LAUNCH ESSENTIAL PRIMEBUILDER
Source: The Star Online, 16 June 2015 RHB Bank Bhd and Tokio Marine Life Insurance Malaysia Bhd introduced Essential PrimeBuilder, an issurance plan which provides insurance coverage on Death and Total Permanent and Disability (TPD). In a statement, the group said the life protection plan requires policyholders to only pay eight years of premium to enjoy life coverage up to age 88. “Policyholders will also enjoy an additional benefit in the event of TPD due to accident. Policyholders will receive a yearly Guaranteed Cash Payment (GCP) starting from the end of the fifth policy year until the policy matures.” Clients can choose to receive the GCP or leave the GCP to accumulate interest to further enhance the policy’s value. Unlike most insurance plans that cease the stream of guaranteed and regular income upon occurrence of Death or TPD, Essential PrimeBuilder will advance all unpaid GCP in one lump sum.
XL CATLIN LAUNCHES 24/7 PRODUCT RECALL CRISIS NETWORK IN ASIA
Source: XL Catlin Press Release, 9 June 2015 XL Catlin announced that its Product Recall insurance team in Asia has launched Response XL Catlin, a tailored network of expert crisis consultants, which will be supported in the region by global communications company Bell Pottinger. With established networks in the US and Europe, Response XL Catlin experts provide best practice advice in risk prevention, recall planning and crisis response on a 24/7-basis to clients as part of XL Catlin’s Product Recall coverage. Response XL Catlin is a market-leading offering in the global insurance industry, helping clients to prepare for and manage crises such as product contamination or extortion situations and mitigating potential damage to reputation, market share and brand. Response XL Catlin gives XL Catlin clients in Asia exclusive access to pre- and post-incident support at a time of growing demand for product recall insurance, especially among the food and beverage industry. The preparation phase includes assistance with establishing early warning systems, developments of recall plans, assessment of business systems and crisis simulations. During a crisis situation, Response XL Catlin consultants are on hand 24/7 for crisis management support such as emergency lab testing and media engagement. Public-private partnerships across Asia are working to improve the safety of supply chains, but food safety remains a key issue in the region. Asia and the Pacific ranked behind the Americas, Europe, Middle East and North Africa in the 2014 Global Food Security Index (GFSI) in the area of food quality and safety, ranking ahead of only Sub-Saharan Africa. Singapore-based David Guest, Crisis Management Leader Asia Pacific at XL Catlin, said, “XL Catlin is delighted to announce the launch of Response XL Catlin in Asia. Food safety is moving to the top of the agenda and making media headlines.” Mark Newman, Deputy Chief Executive for XL Catlin’s Asia Pacific Region, said: “Companies need solid partnerships to manage the complex risk issues they face today. The Response XL Catlin network provides a one-stop solution which gives our clients peace of mind that they are as prepared as they can be.”