First Weather Insurance in Taiwan
Central Insurance obtained (5/28) approval of Weather Insurance from the governmental authority in Taiwan. The product is Rainfall Index base on the accumulated precipitation during a certain period. The insurer shall pay the insured for loss arising out of reduction in income due to heavy rain . Insured shall mean any parties who operate a theme park, golf course or any outdoors activities. The type is call Insurance policy and refund of ticket price.
Dr. Chi-Ming Peng (CEO of WeatherRisk Explore Inc., Taiwan) said “Local newspapers reported this insurance is the most creative insurance policy at 2004 and achieve historic accomplishment in Taiwan and China insurance market, due to the weather insurance has a completely different structure and concept from traditional insurance products.”
Contact person: Dr. Peng (firstname.lastname@example.org)