Hawaii Insurer Launches Parametric Insurance for Hurricane Damage

With the threat of Hurricane Douglas on the horizon last week, First Insurance Company of Hawaii (FICOH) launched an affordable and flexible parametric insurance product for Hawaii homeowners and renters. The program was designed to close the gaps left by other insurance programs, while simplifying claims and speeding up recovery for insureds.

The program, called FirstTrack, provides coverage for hurricane damage expenses that fall below the deductible for most hurricane policies. FirstTrack is the first admitted parametric insurance product in the United States, and is the first parametric insurance product in the Hawaii market. The policies cover emergency supplies, debris removal, food spoilage resulting from blackouts, and lost wages, and the policy can be used to offset deductibles for a renter or homeowner’s insurance policy.