Wildfires like the one that ravaged this business on Catalina Island surveyed by U.S. Navy firefighters assigned to the California Department of Forestry and Fire Protection brought Kin to the state. | U.S. Navy photo by Mass Communication Specialist Third Class Daniel A. Barker
California’s wildfires prompted Kin Insurance to expand its service to the state’s homeowners, who now can using the insurer’s online platform to get insurance quotes in minutes.
“Kin is entering the California market because of its wildfire risk, not in spite of it,” Sean Harper, co-founder and CEO of Kin, told PRWeb. “We're ready to put our technology to work for Californians, ensuring they have an affordable, private-market coverage option.”
Insurance claims for the state’s 2018 wildfire season hit $12 billion. Wildfires like the 2018 Camp Fire made many homeowners ineligible to renew policies before a one-year cancellation ban was imposed. Approximately 350,000 home and business owners couldn’t get any property and casualty insurance in 2019, PRWeb reported.
Kin, an insurance technology company, uses property data to determine a property’s disaster exposure to price coverage that reflects the risk. The disaster exposure is calculated for property within a few miles of the potential pollicyholder, using Kin's its multiple radii-based exposure accumulator.
Kin came to California with backing by Falls Lake Fire and Casualty Company, rated A (Excellent) by A.M. Best, and a partnership with Digital Partners, a Munich Re company.
“Digital Partners is excited to partner with insurtechs like Kin who are innovating data utilization and digitalizing the insurance value chain,” Dave Brune, North American CEO, Digital Partners, a Munich Re company, told PRWEb. “Our goal is to provide support through a comprehensive, go-to-market partnership combining the financial strength and expertise of Munich Re with the ingenuity of Kin.”
“Falls Lake is excited to team up with Kin and Digital Partners to provide coverage and solutions to managing the unique risks facing California homeowners," Terry McCafferty, CEO of Falls Lake Insurance, told PRWeb. "Kin’s distribution strategy, unique platform, and ability to understand risk at the location level is unique and best in class, and it presents a great opportunity to continue to expand our fronting business.”
The partnership protects consumers and their claims in the event of a widespread catastrophe. Kin brings its record of financial health and consumer transparency to serve Californian homeowners.
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