Sola Insurance has partnered with industry leaders including Tokio Marine Kiln, Canopy Weather, Crawford & Company, Spinnaker Insurance Company, and Costero Brokers to launch a data-driven wind and hail policy.
The policy is underpinned by specially designed technology that measures certain pre-set conditions, which automatically trigger a payout to the insured when these are met or the pre-determined threshold is exceeded. It means that policyholders know their payout is secure if hit by severe convective storms, without having to do anything to make a claim. In a market where home insurance rates and deductibles are rising to unprecedented highs, this innovative coverage provides affordable and stable premiums to homeowners.
“Since the start of 2023, US severe convective storm losses have amounted to over $100 billion and make up the majority of all US natural catastrophe losses,” said Wesley Pergament, Co-founder and CEO of Sola. “We are excited to announce the launch of our wind/hail product that will have a monumental impact on the insurance industry towards lower and more predictable premiums.”
Sola has already partnered with thousands of independent insurance agents across the Midwest and Southeast that are ready to offer this innovative coverage.
Rob Jarvis, Head of Innovation Underwriting at Tokio Marine Kiln (TMK) said, “We’re proud to provide underwriting capacity for this exciting product, which harnesses technology to detect damage and trigger a payout when the right conditions are met, enabling Sola to provide consistent and affordable coverage to homeowners that need it.”
"We are excited to provide Sola with weather analytics to support its new insurance offering," said Don Giuliano, President of Canopy Weather.
“Crawford & Company is absolutely thrilled to join forces with the Sola team to deliver a ground-breaking, customized solution in the parametric insurance space. Our innovative claims solution leverages diverse data sources to ensure a swift and comprehensive claims experience, setting a new standard in the insurance industry,” said Larry Milburn, Chief Operating Officer – US Loss Adjusting at Crawford & Company.“Spinnaker Insurance Company is pleased to partner with Sola Insurance Partners to launch a Wind/Hail Crisis Policy and help homeowners with the cost of high deductibles when they experience a loss following a straight-line wind, tornado or hail event,” says Charles Valinotti, Chief Underwriting Officer of Spinnaker Insurance Company.
"We are proud to have helped Sola bring this groundbreaking product to market. We are excited to see how this new product improves claims outcomes for US homeowners, whilst also delivering a more viable and profitable way of writing these perils for reinsurers." James Forbes, Senior Broker at Costero Brokers.
Agents/distributors/customers: To find out more about the product, visit us here.
About Sola: Sola Insurance offers innovative, data-driven policies that keep premiums affordable and consistent, even after a claim or a bad storm. Backed by decades of weather insights and advanced technology, we reduce financial uncertainty and ensure you only pay to protect your property—nothing more. Learn more here.
About Tokio Marine Kiln: Tokio Marine Kiln is a leading specialist insurance underwriting business operating in the Lloyd’s insurance market. Through our operations in the UK, US (Tokio Marine Highland) and Asia Pacific, and as part of one of the world’s largest insurance groups, Tokio Marine, we protect customers around the world against complex and ever-changing risks. We have seven underwriting teams focused on Property & Motor; Liability; Aviation; Cyber & Enterprise Risk; Marine & Energy; Special Risks; and Portfolio Solutions, which are complemented by our “outstanding” Claims service. Together we enable our clients to fulfil their ambitions for a better tomorrow. Tokio Marine Kiln benefits from a Standard & Poor’s rating of AA- for its Lloyd’s syndicates. For more information, visit here.
