Hold onto your mangoes, here comes the hail. Indeed, farmers down under are keen to protect their fruit and nuts from the severe hailstorms that are a big problem there. But some can now rest easier as Hailios ground sensors have begun to provide farmers in Australia and New Zealand with access to better coverage through parametric hail insurance that its innovative technology underpins. The company is the developer of the world’s first compact, scalable and wireless hail detection and analysis system, and acts as a third-party data provider for parametric coverage, primarily, that’s being offered by its partners in Australia like Descartes, with backing from multiple large reinsurers.
The company is already involved in protecting several orchards there, from kiwis to macadamia nuts. And the operators of those farms plan massive rollouts in 2022 because traditional indemnity-style hail insurance has been expensive, slow and inadequate. Before Hailios came along, though, there wasn’t a feasible, accurate source of hail data to underwrite parametric policies, which enable much faster payouts and more inclusive protection.
With its ground-truth sensors, Hailios is solving the hard market for hail insurance, which has been a problem in all hail-prone regions around the world. Its technology surpasses inaccurate radar-derived hail data to enable faster paying and more inclusive protection via revolutionary parametric hail insurance.
Rob McMullan, Vice President of Business & Corporate Development at Hailios, explained that “there’ve been times when we thought, this is too hard, maybe instead we should just create an Internet of Baguettes connecting lovers of crusty bread everywhere, or something like that. Investors and customers would certainly be hungry for that. But nope, we stuck with IoT in the form of scalable hail sensors, because no one else has that and because hail caused $200B+ damage in the last decade and it’s rising with climate change. Fortunately, we finally solved the tech and now all the leading insurance players are saying they need accurate and scalable hail data that only our sensors can provide. We’ll save the baguettes idea for another day.”
McMullan adds that, “Seriously, though, we’re very pleased that Hailios’ hyper-accurate hail data is now helping to enhance climate resilience and food security in Australia as it has been doing since launching last year in the United States.”
Ben Qin, Head of North Asia and Australia for leading tech-centric MGA Descartes Underwriting, echoes that sentiment, saying “Hailios has developed a world class system that we use in Australia and elsewhere to confidently and efficiently underwrite parametric hail policies, which help to better protect farmers and other vulnerable asset owners.”