Super’s earthquake insurance uses models developed by seismic engineering firm ERN. Credit: janeb13 from Pixabay.

Mexico-based insurance startup Super is reportedly planning to enter the hurricane insurance space and raise fresh funds next year.

The insurer, which currently offers coverage against property damage due to earthquake, plans to launch its new offering by mid-2022, Bloomberg reported citing Super CEO and founder Sebastian Villarreal.

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Established in 2019, Super leverages technology to eliminate middlemen, process claims and make payments directly to customers.

Super’s earthquake insurance uses acceleration models developed by seismic engineering firm ERN.

The model predicts the damage an earthquake can cause on a client’s home or building.

“We will be launching by mid next year. It will take into consideration the hurricane category, its path, and wind speed where you live,” Villarreal was quoted by the publication as saying.

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Super, which has a team of 22, also offer life insurance and health insurance solutions, mainly for Covid-19.

Commenting on the financial aspect, Villarreal said that as of now, Super has sufficient funds and plans to raise approximately $30m through a Series B funding round in 2022.

Earlier, Super raised $9.6m in seed and Series A funding round.

“We won’t raise money again if it is not from a fund of the highest calibre,” he added.

Last week, Brit, a UK-based speciality insurer and re-insurer, launched a machine-learning algorithm that helps speed up the identification of post-catastrophe property damage using ultra-high-resolution imagery.

At the same time, US-based Farmers Insurance announced plans to use robots for in-field catastrophe claims handling and non-catastrophe property inspections.