Helping Baylor university recover quickly from hailstorm-related losses

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Helping Baylor University recover quickly from hailstorm-related losses

Texas (USA): Parametric hail cover

The challenge

In 2023 there were almost 7,000 hail reports throughout the continental United States, with over 1,000 of those events occurring in Texas, a state particularly susceptible to severe hailstorms.   

Public entities and higher education institutions, such as Baylor University in Waco (Texas), often own large portfolios of high-value assets that are susceptible to property damage from hail events.

In 2023, central Texas was impacted by severe thunderstorms with ‘baseball-sized’ hail stones, which caused physical damage to the university.

The solution

Swiss Re’s parametric insurance product ‘HAIL’ was leveraged to increase Baylor University’s hail coverage and budget certainty at affordable rates.

Supported by CoreLogic's hail verification technology, our HAIL product considers the maximum hail size at each covered location.

Funds are disbursed based on customised payout functions that address the particular and unique needs of Baylor University.

The impact

  • Baylor University received a payment from Swiss Re in less than 14 days after receiving the hail event notice. This allowed the university to recover from the losses much quicker, leading to less stress and more budget certainty.​

  • The benefits of parametric insurance coverage include flexibility of coverage, allowing the university to choose the exposed location/s and payout structure to best suit the needs of stakeholders. ​

  • Other benefits of a parametric product are the flexible use of the payout funds, which enables Baylor University to choose how they prioritise recovery efforts.​

Contact us Interested in finding out more? Get in touch to learn how we can work together.

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