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AXA Climate Announces CoreLogic as Strategic Data Provider to Expand Parametric Hail Protection

01/10/2022 | 09:00am EDT

CoreLogic has been selected to expand the Hail Protection product designed by AXA Climate. With the help of CoreLogic’s proprietary data, the product is designed to help businesses recover from financial losses such as property damage or business interruption following a hail event. After a successful initial launch of the parametric hail product in 2019, AXA Climate will bring the solution to condominiums, golf courses and greenhouses, among others. According to the National Oceanic and Atmospheric Administration (NOAA), 18 billion-dollar disasters have hit the U.S. so far in 2021. Seven of these events included episodes of severe hail. With large losses due to hail occurring each year, insureds are experiencing a hardening market with higher deductibles and premiums. When an insured experiences a hail event, CoreLogic uses its proprietary technology to capture the event and report the maximum hail size at the insured location and the surrounding area. This Hail Verification Report is then the reference in determining if a parametric policy has triggered. No loss adjustment is needed as payouts are pre-defined with the insured as a function of the maximum hail size declared in the Hail Verification Report.

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CoreLogic, Inc. Technical Analysis Chart | CLGX | US21871D1037 | MarketScreener
Managers and Directors
Patrick Dodd President, CEO, Chief Operating & Growth Officer
James L. Balas Chief Financial Officer & Director
Frank D. Martell Non-Executive Chairman
Bob Frosell Chief Information Officer
David Randall Hayes Director
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