Swiss Re expands its cover against typhoons

Swiss Re is the first reinsurer to provide Hong Kong companies with cover against losses incurred as a result of typhoon alerts. Named "Insur8", the policy compensates operating losses resulting from the announcement of typhoon category 8 or higher than 8. This business interruption is costly to the local economy.

The bill can amount to 627 million USD per day of inactivity following an alert. Typhoons last an average of 13 hours and can occur up to four times a year.

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