First Insurance Company of Hawaii (FICOH) has launched a parametric product for Hawaii homeowners and renters.
The FirstTrack product provides coverage for expenses that fall below most hurricane policy deductibles, including hurricane preparation and immediate post-hurricane expenses. According to FICOH, it is the first product of its kind in the Hawaii market, and the first admitted parametric insurance product in the U.S.
FirstTrack bases payments on two variables: storm wind speed (as determined by the National Hurricane Center) and the proximity of the storm to the insured home. Policyholders are paid quickly and directly after these parameters are met, covering property damage and extra costs that a hurricane can bring.
FirstTrack policyholders can use claims payments at their discretion to cover the high out-of-pocket costs that come with major storms, including emergency supplies, groceries, evacuation-related expenses, hurricane deductibles, debris removal, food spoilage, and lost wages.
Founded in 1911, First Insurance Company of Hawaii, Ltd. has assets of $675.4 million, liabilities of $409.3 million, and policyholders’ surplus of $266.1 million as of December 31, 2019.
First Insurance is a member of the Tokio Marine North America (TMNA) group of companies.
First Insurance employs more than 350 insurance professionals and distributes its products through 26 independent general agencies.
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