//
(Image source: Delos website.)
Delos Insurance Solutions (San Francisco) has secured new capacity to extend insurance coverage to more homeowners in wildfire-exposed regions of California. The expansion allows the managing general agent (MGA) to offer insurance to an additional 15,000 homes valued below $1.5 million.
Delos uses proprietary wildfire modeling and satellite imagery to identify properties that are at lower risk of loss despite being located in areas broadly classified as high-risk. According to the company, its analysis shows that 65 percent of homes in these zones could be more accurately categorized as medium to low risk, potentially qualifying them for more affordable rates.
Kevin Stein, CEO, Delos.
Traditional carriers have continued to scale back coverage or increase premiums in wildfire-prone regions. In contrast, Delos has seen growing demand for its coverage options across the state. The new capacity is backed by AM Best A-rated insurers, complementing Delos’ existing panel of carriers.
“We are proud to be offering increased access to affordable homeowner insurance as challenges continue for California residents,” says Kevin Stein, CEO, Delos Insurance Solutions. “The success of our sophisticated fire model, that identifies homes at lower risk, has led to market-leading loss ratios, which have enabled us to increase our capacity and offering to homeowners.”
Delos reports that, earlier this year, its wildfire model accurately predicted the full footprint of the southern California wildfires. The company reported no losses from those events and states its technology has consistently anticipated all major fires in the region over the past seven years.
Source link
