Sompo unveils weather risk cover for real estate & hospitality sectors
Bermuda-based property and casualty re/insurer Sompo International Holdings has developed a new suite of weather-driven risk management products tailored for the real estate and hospitality sectors.
The customizable products will provide coverage for loss of revenue from variations in weather variables. Coverage can be structured as a standalone solution or as part of an existing programme to provide a deductible buy-down, significantly reducing or eliminating the deductible if a catastrophic event such as a hurricane occurs, or to provide coverage for hotel cancellations or other business interruption costs, the company said.
Additionally, the contracts will be indexed to site-specific weather variables such as temperature, rainfall, snowfall, and hurricanes as measured and reported by global meteorological agencies. Protection will be offered for both single locations and property portfolios and can range in duration from several days to several years.
“This was a great opportunity for us to marry our deep expertise in the real estate and hospitality industries with the breadth of specialty coverages that Sompo International offers," said Michael Chang, CEO of Sompo Global Risk Solutions. "By partnering with our global weather team, we are able to offer our clients unique and cutting-edge products to provide financial security in light of increasingly frequent and severe weather events.”
Martin Malinow, president of Sompo Global Weather added: “Working with our Sompo Global Risk Solutions colleagues, we have developed new products tailored to the specific circumstances that keep property owners awake at night. Weather variations and catastrophic events can have a significant impact on profitability in these sectors and by customizing our weather risk management solutions we are able to directly address their unique needs.”
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