AXA launches heatwave insurance

AXA Hong Kong and Macau has introduced a “Heatwave Parametric Insurance” to protect outdoor workers from escalating climate risks during the summer.

This first-of-its-kind coverage provides payouts or anti-heatwave kits when temperatures exceed 36°C for three consecutive days, offering easy and direct benefits with no need for damage proof or claims submission.

“Global warming is driving extreme climate conditions, with Hong Kong’s hot weather continuing to intensify and posing health risks to the public. Corporations play a critical role in addressing these climatic challenges by ensuring an optimal employee benefits strategy to support and protect employees in this rapidly evolving world. Our new product is notable as the first parametric insurance in the city tailored to mitigate the impacts of climate change on employees. It serves as a testament to our expertise in protection and our comprehensive insights into climate dynamics. This initiative exemplifies our commitment to integrating sustainability into our business propositions, and providing enhanced protection for a workforce facing increased risks due to changing environmental conditions.” – Chief Employee Benefits & Wellness Officer, Emily Li.

Bottom Line: As Hong Kong’s annual mean temperature continues to rise, AXA’s new product leverages its climate risk expertise to support businesses in safeguarding employees exposed to extreme heat, reflecting a commitment to sustainability and employee well-being.