What:
The new product “Bounce” was developed by Paul Barton, in partnership with Lloyd’s, Guy Carpenter, Marsh, and Jumpstart Insurance to provide earthquake insurance in New Zealand with fast claims payments and immediate expense cover.
Why:
To provide immediate cash flow to cover miscellaneous expenses, kickstart financial recovery, and offer accessible earthquake insurance with a low monthly premium for financial resilience in the immediate aftermath of an earthquake.
How:
- Bounce does not replace conventional earthquake insurance that covers significant loss
- The product uses data from GeoNet/GNS Science, the government agency responsible for measuring earthquakes, and objectively identifies areas where customers have experienced a strong earthquake.
- This removes any potential conflicts of interest and provides transparency on the data used and the product’s reliability.
- Payment eligibility is tied to shaking intensity. If the customer’s location shakes with a Peak Ground Velocity (PGV) of at least 20 centimeters per second, they will receive a payment within five days.
- Claim payments are based on the strength of an earthquake. The stronger the earthquake, the more of the cover is paid.