Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced it will begin serving homeowners throughout California.
The expansion comes in response to the state’s recent increase in wildfire activity and the strain it has created for many homeowners.
Kin notes that, in 2018, insurance claims for California’s wildfire season reached $12 billion, and after recent wildfires, including the 2018 Camp Fire, many Californians weren’t eligible to renew their policies with their existing insurance company.
Last year, an estimated 350,000 California home and business owners were unable to get property and casualty insurance at all.
“Kin is entering the California market because of its wildfire risk, not in spite of it,” said Sean Harper, co-founder and CEO of Kin. “We’re ready to put our technology to work for Californians, ensuring they have an affordable, private-market coverage option.”
Kin’s platform can assess thousands of property data points about each home and determine disaster exposure within a few miles of the property.
The firm’s entry into California is backed by Falls Lake Fire and Casualty Company, and through 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,” said Dave Brune, North American CEO, Digital Partners, a Munich Re company.
“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.”
Terry McCafferty, CEO of Falls Lake Insurance, also commented: “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.”
“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.”