There appear to be several layers of paint there so it looks like it has previously been resprayed, and it is that which has failed. I think what has happened is that the stone chip has allowed water to get between the original paint and the respray (so the respray didn't bond properly, likely due to poor prep), and capiliary action has then pulled the water further under, lifting the paint. It also looks like the colour coat underneath has also lifted, probably due to osmosis with the water being trapped under the lacquer.
Given where it is, I'd be 99% sure that needs respraying, and possibly stripping back to metal first given the nature of the failure. Prestige appear to only have PF bonnets in green unfortunately.
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