Lloyd’s launches earthquake border insurance policy in New Zealand

Lloyd’s launched a standard New Zealand earthquake insurance policy, in partnership with budding company Bounce Insurance, that uses the latest technology and real-time data to automatically pay customers within five days of a strong earthquake.

The new product, also called Bounce, is designed to provide New Zealanders with affordable earthquake insurance and prompt claims payments, to support customers’ needs in the aftermath of an earthquake and quickly cover immediate expenses incurred. It does this by tracking maximum ground velocity (PGV), which results in thrusts at levels of 20 cm per second and above.

Bounce was developed by the company’s founder, Paul Barton, in partnership with Lloyd’s, Guy Carpenter, Marsh, and Jumpstart Insurance, an insurance broker for surplus lines in Oakland, California.

The development of this benchmark insurance product follows Lloyd’s commitment to removing complexity and providing improved coverage and visibility to its customers with simpler products.

Bounce does not replace traditional earthquake insurance that covers large losses and works in conjunction with traditional products to offer accessible earthquake insurance, with low monthly premiums, providing customers and their communities financial flexibility in the immediate aftermath of an earthquake. Bounce provides instant cash flow to cover a wide range of diverse expenses to kick-start your financial recovery.

The product uses data from GeoNet / GNS Science, the New Zealand government agency responsible for measuring earthquakes, to objectively identify areas where customers have been exposed to a strong earthquake. This removes any potential conflicts of interest and provides transparency to customers about the data used and product reliability, Lloyd’s said.

The propulsion eligibility depends on the intensity of the vibration (parametric actuator). If a customer site is subject to vibration with a PGV of at least 20 cm per second, they will be eligible to receive payment within five days.

Claims payments are based on the strength of any earthquake, payments are based on “steps,” meaning that the stronger the earthquake, the more coverage is paid.

“We are excited to be able to expedite the introduction of a technically advanced and innovative earthquake insurance product, Bounce, which will provide customers with much-needed support and financial flexibility in the immediate aftermath of the earthquake,” commented Lloyd’s CEO.

“The launch of Bounce is a very important development for the New Zealand insurance market. This pioneering coverage has the potential to generate significant societal benefit by providing individuals and communities with financial resilience to cope with earthquake events in the New Zealand insurance market. the future.

According to Paul Barton, founder and CEO of Bounce, a company that covers Lloyd: “Bounce can give families and businesses the confidence that they will receive quick financial support after a major earthquake.” “One of the broader benefits of our mission, which is to help kiwis recover quickly, is that more money flows into our communities when they need it most. We have partnered with world leaders in insurance, but we remain largely Kiwi focused on solutions. Kiwi “.

Source: Lloyd’s

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