AXA has introduced a novel heatwave-related insurance product in Hong Kong, offering coverage to outdoor workers as summer intensifies. For a premium of HKD19.90 (USD2.55) per person, the parametric insurance grants a HKD100 payout or an “anti-heatwave kit” when temperatures exceed 36 degrees Celsius for three consecutive days from August to October. This innovative policy requires no proof of damage or loss for payouts, simplifying the compensation process. Emily Li, AXA’s chief employee benefits and wellness officer, highlighted the growing risk from intense heatwaves, linked to global warming, which has been particularly severe in Hong Kong. This insurance aims to mitigate the health risks and provide support during extreme weather, responding to increasing climatic challenges without the need for traditional claims processes.
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