Kin, a direct-to-consumer digital home and property insurer, has announced its expansion into Mississippi, a state that has been hit by a fair number of powerful tornadoes due to its location.
In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity. Additionally, Mississippi has endured several other natural disasters, including Hurricane Katrina and Hurricane Ida, which have contributed to $1bn in damages since 1980.
The increasing frequency and severity of storm activity in the state has led to most of its population seeing higher-than-average home insurance rates.
With its arrival to Mississippi, Kin aims to provide residents with an easy, affordable, and personalised insurance experience.
Sean Harper, CEO of Kin Insurance, commented: “Kin is taking on a 100+ year old industry and modernising it with technology and the eagerness to serve markets where insurance is harder to get due to extreme weather.
“We can operate in catastrophe-prone states like Mississippi because we use huge troves of data and weather simulations to assess and price risk appropriately to the benefit of homeowners – keeping them properly and fairly insured.”
Mississippi has joined the growing number of states that Kin serves through its reciprocal exchanges.
The company expanded into South Carolina in January 2023, and several more states will be launched this year to provide affordable pricing and essential coverage to vastly more people, according to the announcement.
Thanks to its industry-leading technology, quality insights, and a data-rich infrastructure, Kin is able to operate in high-risk areas and help customers prepare for the worst and recover quickly when it happens.
Last week, the company announced its had closed a $100m private placement cat bond transaction with Hestia Re., a newly established special purpose insurer in Bermuda. This transaction will cover indemnity-based losses resulting from significant hurricanes and named storms impacting the state of Florida over multiple years.
Kin closed its first private placement cat bond transaction in April 2022, where it secured $175m.
