Home insurtech expands cat programme amid worsening climate crisis
A home insurtech company has expanded its catastrophe reinsurance program in an attempt to better serve homeowners most affected by climate change.
The new catastrophe reinsurance program is backed by 42 traditional reinsurance carrier partners, but the company does not have any insurance-linked securities (ILS) participation in the program, it told Artemis.
The direct-to-consumer home insurance company is backed by more than 42 blue chip reinsurers, most with a financial rating of A- or higher by AM Best.
Whereas financial stability rating reinsurance requirements mandate that a one in every 130-year loss be covered, the program offers 160 year first-event loss protection and includes more than $300 million (£220 million) in reinsurance for hurricane events.
Kin, a specialist digital home insurer, said in a statement that the accelerating effects of climate change are increasing the likelihood of insured damage, and that taller reinsurance protection acts as a “necessary safeguard” for both insureds and the company.
“The most important service we provide to our customers is covering their damages for the rarest and strongest events,” Angel Conlin (pictured), chief insurance officer at Kin said.
“Our robust reinsurance program ensures we can meet our obligations to our policyholders.”
Despite growing premiums approximately 3x, the tech-driven insurer’s first event retention has stayed at $5 just million (£3.67 million).
The upgraded reinsurance program will apply to all policies within the Kin Interinsurance Network.
Conlin added: “Our main priority is to balance the cost and benefit of extreme event probabilities to best protect our policyholders.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze