Delos Insurance Solutions, a property insurtech managing general agent (MGA), has created a new insurance product with Canopius US Insurance designed to improve the homeowners insurance options for those living in wildfire regions in California and across the United States.
The new product identifies and offers protection to low-risk homes within wildfire regions.
After the 2017 and 2018 fire seasons, many homeowners in California wildfire regions have struggled to find homeowners insurance. California’s insurance regulator estimated that insurers in the state were hit by $24bn in losses because of the wildfires. As a result, insurers operating in these areas pulled out of writing business and issued non-renewals to thousands of homeowners. According to data released by California Department of Insurance Commissioner Ricardo Lara, nearly 350,000 homeowners were non-renewed on their home insurance policies in the last four years.
Delos created its own proprietary wildfire risk modelling using artificial intelligence and scientific methodologies and continuously updating data sets. Delos can underwrite and price insurance for homes that may have been considered high risk by other insurers but actually have a low exposure to wildfire.
The technology also enables Delos to provide risk mitigation services to each policyholder—every homeowner receives on-going notifications of how their risk is changing and the most effective ways to harden their home to wildfire.
The partnership with Canopius intends to use the Delos technology to write policies on these homes. The initial launch of the partnership’s product will offer coverage in the state of California, later expanding to other U.S. states.
Delos is an insurtech managing general agent that writes property insurance for wildfire-exposed homes. Delos leverages data and machine learning to create more accurate wildfire underwriting risk models.
Canopius is a global specialty (re)insurer with underwriting operations in Australia, Bermuda, China, Ireland, Netherlands, Singapore, the UK and US. It underwrites through Lloyd’s Syndicates 4444 and 1861 (managed by Canopius Managing Agents Limited) and a US surplus lines insurer, Canopius US Insurance, Inc.
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