Swiss Re Corporate Solutions (SRCS) has expanded its parametric offering with the launch of HAIL, a parametric hail insurance cover. The new product is designed to protect companies in the United States from the financial impact of a significant hail event, such as physical damage, lost revenue due to business interruption, or significant retentions in traditional property policies.
CoreLogic, a provider of hail data in the United States, will serve as the data provider for SRCS. CoreLogic delivers a proprietary hail verification model to verify the maximum hail size both at the location and in the surrounding area. SRCS will rely on CoreLogic hail size metrics to determine whether a parametric policy is triggered.
Similar to other parametric solutions offered by SRCS, HAIL combines the customer location data with a pay-out table that outlines policy amounts for reported hail size at said location(s) during an event. In the days after a hailstorm, CoreLogic provides the necessary hail size data.
When a customer has hail damage and the hail size calls for a pay-out under the policy, instead of waiting for a loss evaluation, the payment is released soon thereafter. The customer can use the money for any financial loss associated with the event.
HAIL is currently available in 11 states across the U.S.: Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Montana, Nebraska, Oklahoma, South Dakota and Texas.
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