Kettle
Kettle uses AI to provide insurance and reinsurance for properties affected by catastrophic climate events, accurately predicting 97.23% of California's burned properties over 4 years.
Services
Kettle provides insurance and reinsurance services for property owners in areas affected by catastrophic climate events. Their offerings include Commercial E&S Property Insurance, Fire in a Parcel, Parametric Hurricane Reinsurance, and Parametric Wildfire Reinsurance. These solutions are designed to protect clients from risks associated with wildfires and hurricanes. Kettle’s products feature prompt claim payments, with parametric solutions providing settled claims within 15 days of an event.
Products
Kettle's insurance products include Commercial E&S Property Insurance, Fire in a Parcel, Parametric Hurricane Reinsurance, and Parametric Wildfire Reinsurance. The Commercial E&S Property Insurance offers full indemnity coverage for commercial properties up to $200 million TIV and is available through approved wholesalers in California with a limit of up to $10 million per risk. Fire in a Parcel provides parametric wildfire insurance for any type or size of risk and includes claims paid within 15 days. Parametric Wildfire Reinsurance and Parametric Hurricane Reinsurance trigger coverage based on predefined conditions, and both offer a policy limit up to $25 million.
AI and Technology
Kettle leverages AI to develop advanced insurance models that predict and mitigate risks associated with climate events. Their technology suite includes multiple AI models such as the Ignition Model, Contagion Model, Building Vulnerability Model, Fire Edge High Resolution Downscaling Model, and Parcel Risk Assessment Model. These models analyze over 130 terabytes of data, including satellite imagery and weather patterns, to generate 70 risk indicators and simulate millions of wildfire scenarios. Kettle’s Genesis Model divides California into 419,000 micro grids to assess risk, while their spread model captures both temporal and spatial correlations of wildfire spread.
Wildfire Prediction
Kettle has an advanced wildfire prediction system that has accurately classified 97% of burned properties in the top quartile of risk in California as of 2020. The system uses three AI models focused on ignition, spread, and building vulnerability. These models analyze a vast array of data, allowing Kettle to assess risk factors across dozens of variables. By understanding how mitigation measures affect premium calculations, Kettle can provide better protection for property owners against wildfire threats.
Reinsurance Coverage
Kettle offers reinsurance coverage for both wildfire and hurricane perils. The Parametric Wildfire Reinsurance triggers coverage when a wildfire breaches a 1 sq. km. grid cell, available through reinsurance brokers in California with a limit of up to $25 million per policy. The Parametric Hurricane Reinsurance activates when wind speeds surpass predefined thresholds at a 1 sq. km. grid cell, accessible through reinsurance brokers in coastal US states with the same policy limit. These solutions are designed to offer swift financial support in the wake of catastrophic events.