Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has upgraded its reinsurance program to offer greater disaster protection.
The insurer, which is currently backed 42 blue chip reinsurers, supports and manages risks for homeowners who are most exposed to the mounting impact of climate change.
Kin’s program offers 160 year first-event loss protection compared to the standard reinsurance requirements mandate that a 1 in every 130 year loss be covered.
The program also includes over $300 million in reinsurance for hurricane events, reflecting the effects extreme weather events due to climate change.
The taller reinsurance protection acts as a necessary safeguard for both insureds and the company.
Notably, Kin was able to reduce reinsurance costs as a percentage of premium while significantly reducing risk retention as a percent of premium. Despite growing premiums approximately 3x, first event retention remained at $5 million.
Angel Conlin, chief insurance officer at Kin commented: “The most important service we provide to our customers is covering their damages for the rarest and strongest events.
“Our robust reinsurance program ensures we can meet our obligations to our policyholders.”
“Our main priority is to balance the cost and benefit of extreme event probabilities to best protect our policyholders.”
