Beazley, Sola Technologies and Spinnaker launch tornado crisis insurance
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The Tornado Crisis product automatically uses National Weather Service (NWS) data to initiate a claims process. When the NWS confirms a tornado, the policy will pay out a benefit based on the severity of the tornado.
The policy limits of up to $15,000 are intended to help policyholders deal with the immediate impact of a tornado, such as damage to their homes and belongings.
Neil Kempston, head of incubation underwriting at Beazley, said: “We are committed to providing our clients with innovative solutions that meet their needs. The Tornado Crisis product is a prime example of this, and we are confident that it will greatly benefit homeowners in tornado-prone areas.”
Wesley Pergament, CEO of Sola Technologies, said: “Our mission is to help people recover faster from natural disasters. The Tornado Crisis product is a significant step towards this goal, and we are grateful to Beazley and Spinnaker for their partnership.”
Tornado Crisis is available in 15 US states in the Midwest and Southeast. It will be rolled out to other states in the coming months.
Industry experts have praised the product for its use of data and technology. James Forbes of Costero Brokers said: “The Tornado Crisis product is a valuable new tool for homeowners in tornado-prone areas. It is the first product of its kind to use parametric triggers to automate the claims process, and it will help to ensure that policyholders receive the financial support they need as quickly as possible.”
Launching the Tornado Crisis is a significant development in the insurance market. It is a sign that insurers are increasingly using data and technology to develop new products that meet the needs of their customers. It is also a positive step for policyholders who benefit from a more efficient and streamlined claims process.
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