HÀ NỘI – Bảo Việt Insurance Corporation’s main policy this year is to strengthen co-operation with reputed international partners to provide new products and services in Việt Nam’s market.

Deputy CEO of Bảo Việt Insurance Nguyễn Quang Hưng stated this during the launch of “One Storm” insurance product, which was introduced for the first time in Việt Nam by Munich Reinsurance Company and Bảo Việt Insurance on Thursday.

According to Hưng, the new product is designed to protect organisations, power plant operators, large corporations, industrial enterprises and Government agencies against losses caused by typhoons in Việt Nam, with compensation limit from VNĐ10 billion (US$440,000) to VNĐ100 billion per insured location.

Due to its tropical monsoon climate, Việt Nam is on the path of many major storms, which regularly cause devastating losses.

This non-traditional insurance solution is a parametric trigger typhoon risk cover, which protects fixed assets in operation or under construction, determined by the exact insured location through latitude and longitude, both onshore and offshore. Unlike traditional insurance products that only cover a policyholder’s losses following physical damage, “One Storm” claims to handle pay-outs fast and is uncomplicated in case of pre-defined triggers even without any physical damage incurred.

Risk holders can check their triggered pay-out in real time after a storm takes place at onestorm.munichre.com, with data being identified and verified by the Japanese Meteorological Agency, an independent third party. - VNS