Parametric HAIL: Automotive customer success
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Colorado is one of the most hail-prone states in the U.S., with most storms occurring between May and September.
On August 5th, 2020, a series of severe thunderstorms, accompanied by hail, rolled through much of eastern and central Colorado (Denver and Colorado Springs metro area.) With winds exceeding 65 miles per hour and hail size of up to 2 inches in diameter, the event ended up causing more than $196 million in insured losses.
Two of our parametric HAIL™ customers – in the automotive industry – were impacted by the event. Our hail data provider, CoreLogic, confirmed the size of the hail at the insured's respective locations and their policies qualified them both for payouts. The customers received a combined payout of $1.1 million. Both claims settled in a matter of days, consistent with our parametric products that typically pay out in less than four weeks.
"Already well-established in the parametric insurance space for hurricane and earthquake, Swiss Re Corporate Solutions again demonstrated their forward thinking and ability to innovate by offering HAIL™. A parametric solution that responded exactly as our clients needed. The claims adjustment process was timely and transparent, allowing my clients to quickly address the damage and avoid revenue loss."
Richard Alan Duer, Broker, HailSure