Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $100 million in annual recurring premium.
The milestone comes after only 21 months as a carrier, and with $52 million in equity funding.
Notably, Kin’s growth has been achieved through a direct-to-consumer business model. This is rare in the homeowners insurance markets, where 93% of policies continue to be sold through brick-and-mortar agencies.
“The world is changing fast: technology, consumer preferences, demographics, even the weather,” said Kin Co-Founder and CEO Sean Harper.
“Our rapid growth shows how eager customers are for an insurance company built for the modern world, not the world as it was 100 years ago,” he added.
Kin is currently available in California, Florida and Louisiana, which make up 21 percent of the home insurance market, and plans to expand nationally before the year’s end.
Earlier this year, Kin announced that it had reached $10 billion in total insured property value, following a 400% increase in direct written premiums in Q4 2020 over the previous year, and a 92% renewal acceptance rate.