Arbol, a technology-led underwriter of parametric risk transfer, climate and weather insurance business, has partnered with Singapore based insurer Singlife with Aviva to provide it a parametric rainfall insurance product for travellers.
Singlife said this morning that it is the first insurer in Singapore to offer a parametric insurance product designed to enable travellers to manage the impact of unexpected weather conditions in an increasingly volatile environment.
Singlife will pay up to S$150 to travellers whose single trip plans are disrupted by the occurrence of heavy rainfall.
The Rainfall Protection parametric insurance can be triggered and pay out for travellers who encounter more than 6.4mm of daily rainfall at their destination cities, for more than 50 per cent of their trip duration.
A day is considered to have “rained” if the total rainfall for that day is 0.2mm or more, according to the Meteorological Service Singapore.
The parametric rainfall insurance is available across virtually all countries and regions globally, with the exception of certain countries in the Middle East and Africa.
Hong Guo, Chief Insurance Officer, Arbol, commented, “We are excited for the Arbol platform to be powering the first Rainfall Protection solution in Singapore for travellers. This cutting-edge programme leverages Arbol’s industry leading pricing tools and dedicated data infrastructure to provide travellers with a novel solution for managing climate risks. We look forward to working with Singlife with Aviva together in the future to deliver more data-driven, climate resilience insurance products to meet the needs of customers and businesses globally.”
Pan Jinglong, Head, General Insurance, Singlife with Aviva, added, “We are pleased to be the first insurer in Singapore offering this innovative Rainfall Protection coverage, which adds another dimension to our comprehensive and award-winning travel insurance portfolio. Singlife has taken a significant step in advancing the next generation of sustainability-centric insurance solutions, leading the way for our industry to prepare our customers for evolving climate conditions during their travels.”
Arbol’s tech platform will enable swift payouts and automated monitoring of rainfall conditions, so parametric triggers can be defined as breached quickly and policies pay out to the benefit of travellers.
Recently Artemis reported that Arbol had transacted more than $100 million in gross written premium (GWP) in the first half of 2022.