Allianz Singapore offers up to $46,800 in scam protection

Two tier structure allows multiple shopping related claims under higher coverage level.

Allianz Insurance Singapore has launched a digital lifestyle protection plan to address the rise in online scams and e-commerce disputes in the country.

Allianz Cyber360 Protect is designed to cover these risks by providing reimbursement for losses from certain fraudulent transactions, including those linked to phishing, smishing and stolen payment cards.

The plan also covers related expenses such as administrative fees, transport costs and deductibles that are not reimbursed by financial institutions.

The policy extends to e-commerce disputes, offering compensation when purchased items do not arrive, are damaged, incorrect or lost during returns.

The product is offered in two tiers. The Gold plan provides up to $19,500 (S$25,000) in banking protection and covers one shopping-related claim per year.

The Platinum plan offers up to $46,800 (S$60,000) in banking protection, with coverage for up to three shopping-related claims annually.

Hicham Raissi, chief executive officer of Allianz Insurance Singapore, said the plan aims to provide straightforward protection for common digital risks linked to everyday activities such as online banking and shopping.

($1.00 = S$1.29)