Kin announced select preliminary outcomes surrounding Hurricane Ian
CHICAGO, IL – October 21, 2022 – Kin, the direct-to-consumer home insurance company built for every new normal, today announced select preliminary outcomes surrounding Hurricane Ian, the Category 4 storm that made landfall in Florida on September 28, 2022.
To date, Kin has received approximately 6,800 claims, which will incur an overall gross ultimate loss that is well below its $800 million overall reinsurance tower. The projected net exposure of the Kin Interinsurance Network, a reciprocal exchange, is $2.5 million, while Kin Insurance, Inc., through its ownership of its captive reinsurer Kincession, Ltd., has a projected net exposure of $2.5 million.
“Between our strong reinsurance program and our continuous investments in technology, operations, staffing, and partnerships, we were well-prepared to handle a major catastrophe like Ian,” said Sean Harper, CEO of Kin. “As a result, we delivered the best possible experience for our customers, who experienced a range of damage and hardship, and our important work continues to ensure their claims are handled quickly and efficiently.”
As a trusted and financially stable carrier, Kin took a very proactive, technology-driven approach to support policyholders and triage claims:
“Technology and data science are really important in insurance, and they’re at the center of everything that we do to help customers and meet them where they are,” said Angel Conlin, Chief Insurance Officer at Kin. “We could accurately predict which policyholders were going to feel the effects of Ian, and our claims team was ready to provide immediate help and put them on a path to recovery.”
Harper added: “The aftermath of any storm is when it’s most important for us to get in contact with our customers; they really like how proactive we are in our communication. Being proactive also helps us to get ahead of the claims process and find solutions for customers before predatory attorneys and other third parties get involved which, unfortunately, is why the Florida property market is in turmoil.”
Kin continues to accept claims notices from impacted policyholders and the fastest way to get started is to submit at kin.com/claims or call 866-204-2219.
Kin is the home insurance company for every new normal. By leveraging proprietary technology, Kin delivers fully digital homeowners insurance with an elegant user experience, accurate pricing, and fast, high-quality claims service. Kin offers homeowners, landlord, condo, and mobile home insurance through the Kin Interinsurance Network (KIN), a reciprocal exchange owned by its customers who share in the underwriting profit. Because of its efficient technology and direct-to-consumer model, Kin provides affordable pricing without compromising coverage. To learn more, visit www.kin.com.
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