With insurance products based on the rainfall index to pay compensation, customers will be automatically compensated based on the rainfall exceeding the threshold without having to prove the damage.
Extreme weather - rainfall far exceeds forecast
In September-October, Vietnam had to endure many extreme weather conditions "storm over storm, flood over flood", a representative of the Department of Hydrometeorology said that the total rainfall in 36 hours exceeded the average total rainfall of many years in the whole month of October.
During the heavy rain caused by the circulation of storm No. 11 ( Matmo), the northern provinces such as Thai Nguyen, Lang Son, and Quang Ninh consecutively recorded rainfall far exceeding the average of many years. In Thai Nguyen, in just 36 hours, many places recorded common rainfall of 200400mm, especially some areas such as Dong Hy reaching 596mm. In Lang Son, the common rainfall was 100200mm. In Cao Bang, the common rainfall is 100 - 200mm, some places are larger such as: Xuan Truong 293mm, Nguyen Binh 273mm, Minh Tam 266mm...
Prolonged storms and rains have caused many consequences for daily life: deeply flooded streets, paralyzed traffic, and stagnant business operations. Many business households have lost their income, workers have had their income interrupted and suffered financial losses due to risks beyond their control.
Understanding the difficult context of workers, weather insurance products aim to minimize damage caused by natural disasters and ensure income during storms.
Work with customers to reduce risks in extreme weather
MB's weather insurance products do not require customers to verify damage, giving preferential treatment to traditional insurance products. MB quickly paid to quickly support workers and business households directly affected by storms and floods that disrupted their income such as shippers, drivers, farmers, and even employees who could not get to the office on time. The compensation mechanism for damages is automatically paid based on the amount of rain exceeding the threshold according to product regulations for insurance participants.
Rainfall is collected based on objective data from the satellite monitoring system.
When the accumulated rainfall for 7 consecutive days exceeds the committed threshold, the system will automatically pay without requiring any damage verification procedures.
MB brings timely, transparent solutions to customers and legal optimization. The automatic payment mechanism is based on objective data, thereby creating the most favorable conditions for customers to quickly access the necessary financial support, shared a representative of MB Bank.
Reasonable cost, optimal revenue source
The payment mechanism according to the principle of "the heavier the rain, the more you pay" helps customers conveniently overcome financial losses caused by natural disasters and storms. The starting cost ranges from only 58,000 VND to 74,000 VND/month, the payment thresholds are 2%, 10% and 100% of the insurance amount.
Specifically, the system will record average rainfall in consecutive 7-day cycles. If the rainfall in that cycle exceeds Level 1, customers will be paid 2% of the insurance value; beyond Level 2, they will be paid 10%; and when exceeding Level 3, customers will receive 100% of the month's insurance amount. The maximum protection benefit is up to 15 million VND/month.
Each month, customers receive a maximum compensation once, based on the 7-day cycle with the highest rainfall in the month. The insurance period corresponds to the insurance packages of 1 month, 3 months and 6 months.
Thanks to the flexible payment ratio design, the product is not only suitable for many subjects but also brings financial security in all storm and storm scenarios. The registration process is completely online on the MBBank application.
To register to buy a package, customers only need to follow 4 steps:
Step 1: Log in to the MBBank App to find the Vietnam Security section in the search bar or access https://mbbank.onelink.me/QPF5/iumpqirz
Step 2: In the "Weather" section - Select "insurance according to rainfall index"
Step 3: Select a suitable protection package, fill in and check registration information
Step 4: Confirm information and payment to complete registration
Customers can easily track and compare actual rainfall in their living or business areas through the official link:
https://mic.wii-index-report.iglooinsure.com/pc/weather-report
