US Market: New Wind Deductible Product is Launched

The latest news from AEGIS London;

Top-quartile Lloyd’s syndicate AEGIS London has launched a new digital product offering aimed at US-based private property owners for wind deductible buy-back.

Digital Development Manager Calum Williams said that marked changes to the homeowners insurance market in the US had led to broker demand for a version of AEGIS London’s existing commercial wind and hail deductible buy-back product specifically for the private homeowners market.

Williams said: “The growing number of severe weather events in North America has led to growing demand for greater protection for private property owners who are increasingly having to retain more risk, particular in the high-net worth sector. At AEGIS London, we’ve a strong track record in underwriting wind deductible buy-backs for the commercial sector so this felt like a natural extension of our specialism.”

Wind deductible buy-backs are purchased by clients to lower deductibles for wind and named storm damage to their private homes in the US. The new product is available to surplus lines brokers on AEGIS London’s online quote and bind platform, Opal.

According to the New York Times, data from the US National Oceanic and Atmospheric Administration’s Storm Prediction Center showed there were a record 28 individual extreme weather events in 2023 costing a total of $92.9 billion in damage, the eighth most costly year on record and a 56% increase since 2010.