The destructive power of hailstorms is often underestimated, yet a single storm is often sufficient to wipe out an entire harvest or cause significant damage to vehicles. As the economic damage from hailstorms continues to rise, businesses are seeing a sharp increase in their hail insurance deductibles and premiums.

AXA Climate’s HAIL Protection, powered by Understory’s high-precision weather stations, offers flexible and cost-effective coverage. There are no claims adjusters, no financial deductibles and payout occurs quickly after a damaging storm.

How does it work?

1

Customize. You select payout limits and hail size options to customize the policy to your needs, and we install an Understory weather station to monitor the insured area.

2

Measure. Whenever a storm hits, the weather stations detect and analyze the storm’s unique fingerprint.

3

Payout. If the storm produces hail stones large enough to trigger your policy, we alert you right away and payout quickly, with no adjusters involved.

1

Customize. You select payout limits and hail size options to customize the policy to your needs, and we install an Understory weather station to monitor the insured area.

2

Measure. Whenever a storm hits, the weather stations detect and analyze the storm’s unique fingerprint.

3

Payout. If the storm produces hail stones large enough to trigger your policy, we alert you right away and payout quickly, with no adjusters involved.

When to contact us?

Contact us up until two months before the start of a hail season in your area.

Data we will need from you:

  • Details of the current hail coverage (insured value, deductible, limit, premium)
  • Coverage limit requested per site
  • Surface area per site
  • Historical losses

Case study

Example of a parametric cover for a car dealership in the USA

Client need

With a large number of exposed vehicles and a high risk for hail, a car dealership was looking for a solution to help recover losses from decreased car value and building damage following a hailstorm.

Pain point: The dealership’s traditional coverage included high deductibles and several exclusions.

Our solution

Our parametric insurance policy offered affordable premiums, no deductibles, and fast payouts in the event of a damaging storm.

The result

In 2019, a hailstorm passed over the insured dealership and the Understory weather station recorded hail in excess of 3.8 cm, which triggered the policy. The client received a rapid payout and was able to recover quickly from the storm, filling in the gaps in the client’s traditional insurance policy.