Parametric solution for extreme rainfall launches in Singapore

Insurer Singlife with Aviva has introduced rainfall protection cover for travellers, in partnership with Arbol, a global climate risk solutions platform.

The parametric insurance product is designed to help consumers manage the impact of unexpected weather conditions and is underwritten in collaboration with Arbol, which uses technologies such as smart contracts and artificial intelligence underwriting.

Singlife will pay up to $150 to travellers whose single trip plans are disrupted by heavy rainfall. All countries and regions globally are included in the Rainfall Protection coverage, with the exception of certain countries in the Middle East and Africa.

Pan Jinglong, head, General Insurance, Singlife with Aviva, said: “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.”

Hong Guo, chief insurance officer, Arbol, said: “We are excited for the Arbol platform to be powering the first Rainfall Protection solution in Singapore for travellers….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.”