Homeowners insurtech Kin Insurance has announced the successful completion of its reinsurance program for the Kin Interinsurance Network in Florida.
The program, which covers the period from June 1, 2023, to May 31, 2024, offers an extensive coverage of $860 million for natural disasters.
This reinsurance initiative provides protection for up to a one-in-200-year first-event loss, further strengthening Kin’s ability to protect homeowners from the growing impact of climate change. or the climate.
The completion of the reinsurance program follows Kin’s recent issuance of its second catastrophe bond, underscoring the company’s commitment to using innovative solutions alongside traditional reinsurance.
This strategic combination enables Kin Interinsurance Network to fulfill its obligations to policyholders effectively.
Angel Conlin, Kin’s Chief Insurance Officer, emphasized the importance of the success: “Despite the challenging market conditions that produced a very difficult change environment for the main insurers, we successfully completed our reinsurance program. Continued strong support from capital market investors and reinsurance partners validates our proactive, technology-driven approach to support policyholders, prevent losses, and better manage claims. .
In addition to addressing immediate disaster protection concerns, Kin’s reinsurance program aligns with the company’s commitment to addressing the long-term impacts of climate change.
With estimates suggesting a potential increase of over 60% in property losses due to natural disasters such as fires, floods, and hurricanes by 2040, Kin Insurance recognizes the urgency of offering of reliable insurance coverage.
