Delos Insurance Solutions has revealed it is extending its wildfire insurance offering to more California policyholders who own vacant properties. The expansion is made possible by a new collaboration with select Lloyd’s underwriters.
In California, there were an estimated 1.2 million vacant homes as of 2022.
Dedicated to widening the availability of insurance for more property owners in the state, Delos worked closely with its carrier partners to enhance the range of insurance solutions for those facing difficulties in securing coverage.
Lifting the lid on the development, Delos chief executive and co-founder Kevin Stein (pictured) said: “The Lloyd’s underwriters we are working with have established successful books of vacant home business in California, and we are excited to partner with them to use their strong market foundation to safely grow the business.
“With this product and the partnership with Lloyd’s underwriters, we can help homeowners fill the coverage gap that exists between their traditional homeowner’s policy and their vacancy status. We are committed to creating insurance products that will help more homeowners in California, who may otherwise go uninsured, find insurance coverage.”
Set up in 2017 in San Francisco, Delos integrates its wildfire science expertise and data from its wildfire models into its underwriting and portfolio management processes. The company’s technology platform consolidates exposure and concentration data to assess properties’ wildfire risk.
As a specialist managing general agent, the Lloyd’s coverholder can swiftly update its predictive models with new data in six weeks. Its agility enables Delos to continuously adapt to new developments in wildfire threats and maintain profitability, even as climate change escalates the risks associated with natural disasters.
Delos uses a proprietary geospatial artificial intelligence algorithm and more than 200 data layer inputs spanning detailed weather and wind data, drought and precipitation history, as well as multi-level overlays of vegetation amount, type, and health.
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