Addressing the hail risk
Severe weather and hail-driven losses across North America, Europe, and Australia are significant – with $60 billion in insured losses globally in 2024. The impact of hail can vary widely based on size of hailstones and intensity, from shattered windows and dented vehicles to severe damage to roofs and high-value crops.
Year after year, hail ranks among the top perils for insured losses. This poses a risk and significant financial burden for the insurance and reinsurance sectors. Its complexity in modeling and lack of understanding, compounded by recent high-impact events, have led to a shortage of available capacity for corporate clients in the traditional insurance market.
Descartes’ Parametric Hail Insurance fills the gap. We offer:
- Large capacity and fast indemnification process, ensuring clients can recover quickly
- Customized coverage, structured to indemnify based on predefined stone size.
- Advanced radar data, giving clients a comprehensive picture of their hail exposure.
This innovative approach enables us to provide capacity in exposed areas and provide our clients with the most accurate assessment of their exposure, aligning seamlessly with their unique risk profile and financial parameters.
Assess
We assess and evaluate the client’s hail exposure, utilizing our satellite and radar-based proprietary risk model.
Customize
Design a customized cover, fit to the client’s unique needs, in which payout structures are indexed according to hail stone size.
Monitor
Upon policy inception, we monitor the insured's location for hailstorms to determine whether a qualifying storm has occurred.
Payout
Insured client receives a payout within days of reporting a loss, accelerating financial recovery and return to normal operations.
Our case studies are all over the world
Utilizing Machine Learning and real-time monitoring from satellite imagery & IoT, our state-of-the-art technology helps businesses bounce back faster against climate, cyber and other emerging risks.
Who Should Consider This?
Leveraging the latest in radar and sensor technology, Descartes can offer fresh capacity where our clients require it most, particularly in industries reliant on solar panels, greenhouses, outdoor vehicle storage for car dealerships, high-value crops, and more that are based specifically in the United States, Europe, and Australia.
Capacity
Up to $70 million per contract
Key Features of Our Hail Cover
Our parametric hail product is designed to help clients fill their insurance program and have adequate protection.
- Robust Radar and Sensor Technology: The hail risk is assessed with high granularity, observing hailstone size and storm intensity.
- Direct Monitoring: Hailstorms are monitored directly, eliminating the need for on-site visits.
- Swift Indemnification: With real-time hail detection, payments are quickly released after a policy has been triggered.
Download our Radar-Based Hail Product Sheet (PDF)
Benefits Powered by Parametric Hail Insurance
Our parametric hail cover amplifies the effectiveness of parametric insurance:
- Prompt Compensation: A swift, transparent process that clients can rely on, excluding the need for a lengthy indemnity claims process.
- Data-Driven Approach: The observation of historical losses and risk modeling allows us to accurately address clients’ needs.
- Bespoke Policies: Coverage tailored to the client’s needs and budget.
Helping Brokers Deliver Innovative Parametric Hail Insurance Solutions
In full collaboration with the broker and client, our team is able to design a customized cover. The structure is calibrated to each insured asset, and hail exposure is continually monitored by radar data to provide real-time hail detection.
Partner with us to build resilience against the financial impacts of severe weather and other perils.
Our success story
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