Top 10 most fascinating insurance products in the world

千奇百趣保險保障

There are countless insurance products out there in the world. Sometimes, they stand out so much that we’ll even hear it on the news. Though Kwiksure specializes in car insurance, domestic helper insurance, VHIS, and many more, as insurance brokers, we always keep our eyes open for the latest insurance trends. As the insurance market flourishes, all types of new and interesting products appear. A number of them are odd enough that you might even find them funny. For example, David Beckham buys insurance for his “private part”. On the other hand, there’s an insurance plan in Japan for false accusations of sexual harassment on a train

Today, we’ll take a look at the world’s 10 most interesting insurance policies and broaden your horizons on the world of insurance products. 

1. Drop in the number of Chinese international students insurance

Since 2015, the University of Illinois at Urbana-Champaign campus has predicted that there’ll be a drop in the number of Chinese international students, and thus financial losses for the university. In hindsight, the U of I seems to have foresight, since the US-China relationship worsens in the years after. Moreover, the entire world is now grappling with the COVID-19 pandemic. As of today, there is no longer any insurance company out there willing to cover this condition. Likewise, similar insurance policies already expired in May this year. 

2. Alien abduction insurance

There’s an insurance company in America where you only need to pay a one-time fee of USD $19.95 (HKD $155) to receive coverage for alien abduction. This insurance plan is effective for a lifetime. Also, you can file for claims up to USD $10 million (HKD $77,500,000). However, there is one difficult-to-meet condition. To be eligible for this amount of money, you need to sign the claims settlement form together with an alien.

3. Werewolf or vampire attack insurance

Everyone is worried about different things across the world. If Americans are more concerned about aliens, the British are terrified of werewolves and vampires. A British insurance company has a policy where if you got bitten by a vampire, attacked by werewolves, or ended up in a zombie apocalypse, you can receive compensation.

4. Cheating insurance 

To be betrayed by someone you love is one of the worst possible feelings. An insurer in Holland decides to cut the losses for the men who have been cheated on. They want to make sure these men won’t be losing both their lovers and their money/financial assets in the worst-case scenario. However, this concern only amounts to $500 euro (HKD $4,600). 

5. Employee winning the lottery insurance

Are you the boss of a company and worried that your employees will collectively quit their jobs after winning the lottery? First of all, maybe you should be kinder to them. Alternatively, you could secure an insurance plan with cover for when your employees hit the jackpot. This type of policy prevents employees from collectively resigning after winning, thereby making your business unable to operate as usual. It provides enough funds for you to hire temporary staff and support your company during this sudden staff turnover period. 

6. Coconut-related accidents insurance

According to the statistics, on average, there are 150 people in the world who lost their lives after being hit by a falling coconut. Where do you think it happens most often? The answer is Hawaii. A local cop was smashed in the head by a coconut while walking down the street. In the end, he received USD $39,000 (HKD $302,250) worth of compensation.

If you think only insurance companies in the West come up with imaginative policies, then you’d be wrong. In fact, several Chinese insurance companies come up with comparatively strange products. 

7. Love insurance

If both the man and woman in a relationship have signed up for an insurance plan, and they managed to get married within a certain time frame, then they will receive “rewards”. This “rewards” amount to a 0.5-carat diamond, ten thousand roses, or cash reward.

8. Worry-free foodie insurance

Do you feel physically ill during the Chinese New Year? For example, you suffer from the likes of food poisoning, acute gastroenteritis, etc. If you’ve secured this insurance plan beforehand, you’ll be compensated. However, it only takes effect during the New Year period. That’s why it was criticized by consumers as not being cost-effective.

9. No longer single insurance

Designed for Singles, this insurance was launched by Ping An in 2013. Under this policy, as long as you can register for marriage within a specified period, you’ll receive a honeymoon gift for ending your “single status”. This insurance plan was sold out at the speed of light in less than 10 minutes.

In addition, there are other insurance plans specific to China. A few examples would be "naughty child insurance", "scalded by hot pot insurance", and "smog insurance". However, these creative insurances with Chinese characteristics are no longer available today. This is because the China Insurance Regulatory Commission issued a notice in 2014 to "increase penalties for insurance companies that violate regulations and develop insurance products with a gambling nature".

10. Hong Kong home insurance with feng shui consultancy

You might question that this type of insurance is merely a promotional tactic with very little actual effect. Compared to previous examples, Hong Kong's insurance products are indeed more "down to earth". The only unique but less well-known insurance policies are home insurance plans that include "Feng Shui Consultancy Fee". They allow you to claim HKD $3,000 for each accident, so you could ask a Feng Shui master for advice.

Contact Kwiksure for more insurance solutions

Aside from home insurance, Kwiksure also provides car insurance (third-party and comprehensive), motorcycle insurance, VHIS, and many more insurance products. You can use our online quotation system to get a free quote. Want to chat with us? Contact our expert insurance advisors today! They are happy to offer impartial advice and to help you compare insurance plans to find the perfect solution.