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Sompo International Holdings Ltd. on Wednesday introduced a series of coverages for the real estate and hospitality sectors indexed to weather events.
The coverage, which can be customized to specific exposures, provides deductible buy-down or business interruption coverage for loss of revenue in the event of a catastrophe, a Sompo statement said.
Coverage can be structured as stand-alone policy or as part of an existing program, the statement said.
The coverage, which can cover single or multiple locations is indexed to site-specific weather variables such as temperature, rainfall, snowfall, and windstorms.
Standard & Poor’s Global Ratings has raised the financial strength ratings on Sompo International Holdings Ltd.'s core operating companies to “A+” from “A”, Sompo Holdings said in a statement Tuesday.