Bao Viet Insurance Corporation’s main policy this year is to strengthen co-operation with reputed international partners to provide new products and services in Viet Nam’s market.

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

According to Hung, the new product is designed to protect organisations, power plant operators, large corporations, industrial enterprises and Government agencies against losses caused by typhoons in Viet Nam, with compensation limit from VND10 billion (US$440,000) to VND100 billion per insured location.

Due to its tropical monsoon climate, Viet 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.

During the ceremony on Thursday, Bao Viet Insurance also introduced another new product called Baoviet Intercare. — VNS