Homeowners insurtech Kin Insurance has announced the successful completion of its reinsurance program for the Kin Interinsurance Network in Florida.
The program, covering the period from June 1, 2023, to May 31, 2024, offers extensive coverage of $860 million for natural catastrophes.
This reinsurance initiative provides protection up to a one-in-200 year first-event loss, significantly bolstering Kin’s ability to safeguard homeowners from the mounting impact of climate change.
The completion of the reinsurance program follows Kin’s recent issuance of its second catastrophe bond, highlighting the company’s commitment to employing innovative solutions alongside traditional reinsurance.
This strategic combination enables the Kin Interinsurance Network to fulfil its obligations to policyholders effectively.
Angel Conlin, Kin’s Chief Insurance Officer, emphasized the significance of the achievement: “In spite of challenging market conditions that have produced a very difficult renewal environment for primary insurers, we’ve successfully completed our reinsurance program. The continued strong support from capital market investors and reinsurance partners validates our proactive, technology-driven approach to support policyholders, prevent losses, and better handle claims.”
In addition to addressing the immediate concerns of disaster protection, Kin’s reinsurance program aligns with the company’s commitment to tackle the long-term effects of climate change.
With projections suggesting a potential increase of over 60% in property losses due to natural catastrophes like wildfires, floods, and hurricanes by 2040, Kin Insurance recognises the urgency of offering dependable insurance coverage.
