Latest news with #KinInsurance
Yahoo
5 days ago
- Business
- Yahoo
Kin Insurance taps ZestyAI for wildfire risk assessment
Kin Insurance has integrated ZestyAI's wildfire risk assessment model, Z-FIRE, to evaluate property-level wildfire exposure in California. This integration, which took only ten days, allows the insurer to offer coverage in areas with high wildfire risks. Z-FIRE employs machine learning (ML) to assess a range of factors that contribute to a property's vulnerability to wildfires, including defensible space, construction materials, topography and vegetation. The model's predictive capabilities were validated during the recent Los Angeles wildfires, where it identified the majority of the areas that were severely impacted. ZestyAI secured approval for Z-FIRE across Western states. Its severe convective storm models have also gained acceptance in US regions prone to such weather events, including Texas, Colorado, the Midwest and the Great Plains. Kin pricing and risk management vice-president Michael McCright stated: 'ZestyAI's Z-FIRE model brings the level of insight we need to confidently assess risk and offer coverage in areas at risk of wildfire.' ZestyAI founder and CEO Attila Toth said: 'Kin's expansion into California is exactly the kind of forward-thinking move our technology was built to support. Together, we are helping show that with the right data and tools, insurers can re-enter challenging markets with confidence – and deliver meaningful protection to homeowners who need it most. 'Equally important, Z-FIRE empowers insurers to recognise and reward mitigation efforts at the property level, encouraging homeowners to take action that reduces risk for themselves and their communities.' Earlier in February, NEXT Insurance partnered with ZestyAI to utilise the Z-PROPERTY and Z-FIRE models to refine its underwriting processes. "Kin Insurance taps ZestyAI for wildfire risk assessment " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Finextra
6 days ago
- Business
- Finextra
ZestyAI secures deal with Kin Insurance
ZestyAI today announced a new partnership with Kin Insurance, a direct-to-consumer, digital home insurance provider committed to serving catastrophe-exposed markets. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. As part of its expansion into California, Kin has deployed Z-FIRE, ZestyAI's wildfire risk model, to accurately assess property-level wildfire exposure and expand access to coverage in high-risk areas. The model was integrated in just 10 days, enabling Kin to move quickly in meeting the needs of California's evolving market. California continues to face a widening insurance gap, driven by more frequent natural disasters and insurer withdrawals. This partnership supports Kin's commitment to bringing insurance options back to communities impacted by limited availability of coverage. Z-FIRE uses machine learning to evaluate each property's unique characteristics, including defensible space, building materials, topography, vegetation, and more, to predict which properties are most likely to experience a wildfire and which ones will survive. 'California requires a smarter, more modern approach to home insurance risk management,' said Michael McCright, vice president, pricing and risk management at Kin. 'ZestyAI's Z-FIRE model brings the level of insight we need to confidently assess risk and offer coverage in areas at risk of wildfire.' 'Kin's expansion into California is exactly the kind of forward-thinking move our technology was built to support,' said Attila Toth, Founder and CEO of ZestyAI. 'Together, we're helping show that with the right data and tools, insurers can re-enter challenging markets with confidence—and deliver meaningful protection to homeowners who need it most.' 'Equally important, Z-FIRE empowers insurers to recognize and reward mitigation efforts at the property level, encouraging homeowners to take action that reduces risk for themselves and their communities.' Z-FIRE's performance has been validated through real-world events: Following the recent Los Angeles wildfires, Z-FIRE's highest-risk ratings closely corresponded with the hardest-hit areas, with 94% and 87% of the areas affected by the Palisades and Eaton fires rated as High Risk by the model. Among homes located within these perimeters, those flagged as having the highest vulnerability to damage were 50% more likely to be destroyed—highlighting the critical value of property-specific insights, even in dense urban settings. ZestyAI works closely with regulators to ensure transparency, validation, and continuous monitoring of its AI-driven models. The company has secured regulatory approvals across all Western states for Z-FIRE, along with broad acceptance of its severe convective storm suite of models in Texas, Colorado, the Midwest, and the Great Plains.
Miami Herald
26-05-2025
- Climate
- Miami Herald
American Homeowners Thinking Twice About Moving to California, Florida
The growing risk of more frequent and more severe natural disasters is forcing many Americans to reconsider where they want to live, a new survey found, and it is increasingly steering them away from vulnerable states like California and Florida. According to a poll conducted by Kin Insurance, 52 percent of U.S. homeowners would consider moving homes or leaving their state because of the increased threat of extreme weather events like hurricanes, tornadoes, wildfires and floods. The top two states they would avoid are also some of the most at-risk, though they are among the most populous in the nation: 30 percent would keep away from Florida, while 27 percent would steer clear of California. While California and Florida have long been vulnerable to extreme weather events like wildfires, flooding and hurricanes, climate change is worsening their impact, making them more devastating as well as more unpredictable. More frequent and more damaging natural disasters not only pose a threat to life in those states, but they are also fueling a home insurance crisis, making the cost of rebuilding and coverage more expensive. In both states, the cost of home insurance has surged in recent years and availability has become limited, as insurers went bankrupt or cut coverage in the most vulnerable areas to avoid going insolvent. These combined factors are pushing residents to consider moving elsewhere, while prospective homebuyers are starting to turn away from the states entirely. Nearly half of all U.S. homeowners (48 percent) said they would avoid buying a home in states at high risk of natural disasters. California, Florida and Louisiana were the top three states that homeowners would avoid. Coincidentally, they are also the ones that have faced a spike in home insurance premiums over the past five years-showing the importance that the cost and availability of home insurance can have for homeowners. Not by chance, a staggering 72 percent of homeowners surveyed by Kin said that home insurance has become unaffordable. The high cost of home insurance can even be more consequential in keeping homeowners away than natural disasters. Fifty percent of Americans who once considered buying a home in a coastal area said they'd reconsider because of the threat posed by extreme weather events. But slightly more-53 percent-said the cost of coastal home insurance premiums would prevent them from buying there anyway. "People have historically given too little thought to the insurability, and the cost of insuring, their homes. As a result, they often buy homes that are riskier than they realize-maybe a home in a flood plain, or maybe a home in a hail region with an old roof," Sean Harper, co-founder and CEO of Kin Insurance, told Newsweek. "That can be a nasty surprise down the road." However, things are changing, with the company now reporting a significant increase in awareness of the risks. "This is good because, even within a state where insurance is more difficult, like Florida or California, there is a wide range between cities, neighborhoods and even individual homes," Harper said. "What we'd like to see is a shift towards smarter building and buying. Homes should be built and renovated with resilience in mind, and buyers should prioritize risk mitigation. That's how we ensure these desirable areas remain both affordable and livable for the long haul." Cotality Chief Economist Selma Hepp, in a recent report on Florida: "The last 25 years have seen home prices, homeowners' insurance and property taxes surge in Florida. When you add in the unflagging migration that is straining the state's public services and inflated costs across the board, the pressure on the quality of life has become so great that it is beginning to tip the balance. Many households are finding it increasingly difficult to stay in the state." The Senate Budget Committee, in December 2024 report: "In certain communities, sky-high insurance premiums and unavailable coverage will make it nearly impossible for anyone who cannot buy a house in cash to get a mortgage and buy a home." Historically, home insurance has played a minor role in Americans' decision of where to buy a home. "Mortgage payments and property taxes were far bigger concerns. And, with current mortgage APRs [annual percentage rates], mortgages should still be a top concern," Harper said. "But home insurance may grow as a factor in that equation." As the threat of natural disasters likely extends to more Americans, home insurance could increasingly become something homeowners factor in when deciding on a purchase. "What we're witnessing with the cost of home insurance right now, especially in states like Florida and California, is a necessary market adjustment," Harper said. "Prices are recalibrating to reflect the true risk. This will lead to a stable, competitive market where homeowners have many choices, and insurers can operate sustainably. That's good news for homeowners." But in some extreme cases, he said, "we'll need to be realistic about where we build." Oceanfront areas facing the threat of erosion, for example, probably just shouldn't have housing. "Home builders and home buyers need to keep that in mind," Harper added. "The dream home may need to be a little more inland, but they can still have the lifestyle they desire." Related Articles Young Teen Girl Fights Off Attacker Using Her Jiu-Jitsu Skills-PoliceCalifornia High-Speed Rail: Where Candidates for Governor StandMore Than 50,000 Californians Told To Stay Inside Over Dangerous ConditionsGavin Newsom Defies Senate Vote: 'Illegal' 2025 NEWSWEEK DIGITAL LLC.
Newsweek
26-05-2025
- Business
- Newsweek
American Homeowners Thinking Twice About Moving to California, Florida
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The growing risk of more frequent and more severe natural disasters is forcing many Americans to reconsider where they want to live, a new survey found, and it is increasingly steering them away from vulnerable states like California and Florida. According to a poll conducted by Kin Insurance, 52 percent of U.S. homeowners would consider moving homes or leaving their state because of the increased threat of extreme weather events like hurricanes, tornadoes, wildfires and floods. The top two states they would avoid are also some of the most at-risk, though they are among the most populous in the nation: 30 percent would keep away from Florida, while 27 percent would steer clear of California. Why It Matters While California and Florida have long been vulnerable to extreme weather events like wildfires, flooding and hurricanes, climate change is worsening their impact, making them more devastating as well as more unpredictable. More frequent and more damaging natural disasters not only pose a threat to life in those states, but they are also fueling a home insurance crisis, making the cost of rebuilding and coverage more expensive. In both states, the cost of home insurance has surged in recent years and availability has become limited, as insurers went bankrupt or cut coverage in the most vulnerable areas to avoid going insolvent. These combined factors are pushing residents to consider moving elsewhere, while prospective homebuyers are starting to turn away from the states entirely. What To Know Nearly half of all U.S. homeowners (48 percent) said they would avoid buying a home in states at high risk of natural disasters. California, Florida and Louisiana were the top three states that homeowners would avoid. Coincidentally, they are also the ones that have faced a spike in home insurance premiums over the past five years—showing the importance that the cost and availability of home insurance can have for homeowners. Not by chance, a staggering 72 percent of homeowners surveyed by Kin said that home insurance has become unaffordable. A home burns during the Palisades fire in Pacific Palisades, California, on January 8, 2025. A home burns during the Palisades fire in Pacific Palisades, California, on January 8, 2025. GUSTIN PAULLIER/AFP via Getty Images The high cost of home insurance can even be more consequential in keeping homeowners away than natural disasters. Fifty percent of Americans who once considered buying a home in a coastal area said they'd reconsider because of the threat posed by extreme weather events. But slightly more—53 percent—said the cost of coastal home insurance premiums would prevent them from buying there anyway. "People have historically given too little thought to the insurability, and the cost of insuring, their homes. As a result, they often buy homes that are riskier than they realize—maybe a home in a flood plain, or maybe a home in a hail region with an old roof," Sean Harper, co-founder and CEO of Kin Insurance, told Newsweek. "That can be a nasty surprise down the road." However, things are changing, with the company now reporting a significant increase in awareness of the risks. "This is good because, even within a state where insurance is more difficult, like Florida or California, there is a wide range between cities, neighborhoods and even individual homes," Harper said. "What we'd like to see is a shift towards smarter building and buying. Homes should be built and renovated with resilience in mind, and buyers should prioritize risk mitigation. That's how we ensure these desirable areas remain both affordable and livable for the long haul." What People Are Saying Cotality Chief Economist Selma Hepp, in a recent report on Florida: "The last 25 years have seen home prices, homeowners' insurance and property taxes surge in Florida. When you add in the unflagging migration that is straining the state's public services and inflated costs across the board, the pressure on the quality of life has become so great that it is beginning to tip the balance. Many households are finding it increasingly difficult to stay in the state." The Senate Budget Committee, in December 2024 report: "In certain communities, sky-high insurance premiums and unavailable coverage will make it nearly impossible for anyone who cannot buy a house in cash to get a mortgage and buy a home." What Happens Next Historically, home insurance has played a minor role in Americans' decision of where to buy a home. "Mortgage payments and property taxes were far bigger concerns. And, with current mortgage APRs [annual percentage rates], mortgages should still be a top concern," Harper said. "But home insurance may grow as a factor in that equation." As the threat of natural disasters likely extends to more Americans, home insurance could increasingly become something homeowners factor in when deciding on a purchase. "What we're witnessing with the cost of home insurance right now, especially in states like Florida and California, is a necessary market adjustment," Harper said. "Prices are recalibrating to reflect the true risk. This will lead to a stable, competitive market where homeowners have many choices, and insurers can operate sustainably. That's good news for homeowners." But in some extreme cases, he said, "we'll need to be realistic about where we build." Oceanfront areas facing the threat of erosion, for example, probably just shouldn't have housing. "Home builders and home buyers need to keep that in mind," Harper added. "The dream home may need to be a little more inland, but they can still have the lifestyle they desire."
