AXA Climate has teamed up with Hailios to expand its parametric hail insurance product to new locations across the globe.
The partnership is part of AXA Climate’s effort to extend its reach into markets in France, Australia and other countries.
Hail has been increasingly becoming a destructive weather threat, which inflicts heavy losses to the insurance and reinsurance industry.
Following the latest partnership, Hailios is expected to record and report the characteristics of the storm which has hit the insured.
The report will provide the reference to resolve whether a parametric contract has been raised or not. It will also determine whether the insured is eligible for a payout.
AXA Climate senior underwriter Mia Vioulès said, “Hailios offers a simple and sophisticated solution for capturing the nuanced data AXA Climate needs to expand our parametric hail product into new regions.
“We also see the potential to develop new offers with Hailios given their ability to record a range of weather variables.”
In 2019, AXA Climate introduced its parametric hail insurance product.
AXA Climate and its partners use radar and historical data as well as dashboard to collect every storm report remotely and in real-time.
Hailios co-founder and CEO Lucas Schiff said, “Hailios provides site specific data through the combination of its autonomous ground-level sensors, radar and satellite data.
“Our Eyewitness sensor platform is one-of-a-kind with its low-cost scalability and works in over 130 countries.”
Hailios’ Eyewitness is solar-powered sensor that is designed to be installed at ground-level to capture comprehensive weather data that comprises details of hail events.
The 7kg sensor also provides input to parametric triggers for risk transfer measures.
In addition, Hailios has developed a centralised dashboard product named Scoop, which offers round the clock remote-access to monitor and manage all data sets gathered by Eyewitness.