The HAIL insurance coverage from Swiss Re is supported by an agreement with CoreLogic, a hail data provider in the US
Swiss Re Corporate Solutions launches new insurance coverage for hailstorms. (Credit: Pixabay/Etienne Marais.)
Swiss Re Corporate Solutions has launched HAIL, a parametric insurance coverage for business operating in 11 hail-prone US states.
HAIL is presently available across the states of Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Nebraska, Oklahoma, South Dakota and Texas.
The company has introduced HAIL to protect companies in the US from the financial impact of a major hail event including physical damage, lost revenue because of business interruption or significant retentions in traditional property policies.
The HAIL insurance coverage from the company is supported by an agreement with CoreLogic, a hail data provider in the US.
CoreLogic will offer its proprietary hail verification model to verify the maximum hail size both at the location and in the surrounding areas. Swiss Re will use this data to determine whether a parametric policy is triggered.
Swiss Re Corporate Solutions innovative risk solutions vice president Cole Mayer said: “We are excited to bring a parametric HAIL product to market in collaboration with CoreLogic, a proven leader in the hail verification space.
“The speed of pay-out, transparency in claims adjustment, and flexibility in the use of the funds make this a powerful tool to supplement traditional insurance policies or to buy as a standalone product if traditional coverage is less available.”
HAIL from Swiss Re Corporate Solutions combines customer location data with a pay-out table
Swiss Re Corporate Solutions further stated that similar to other parametric solutions, its HAIL combines the customer location data with a pay-out table outlining policy amounts for reported hail size at the said locations during an event.
In the event of customer facing a hail damage and the hail size calls for pay-out under the policy, the payment is released soon after, the company claimed.
CoreLogic Insurance & Spatial Executive Steve Brewer said: “Our mission at CoreLogic is to help people find, buy and protect their properties. We deliver the industry’s most precise hail data solution that quantifies risk and verifies event location and severity from the same source data.
“With our hail models, Swiss Re Corporate Solutions can confidently structure hail risk transfer solutions to better protect policyholders, slash cycle times and significantly reduce claims adjusting expense following hailstorms.”