Kettle

Overview
News
Climate Risk Analytics?
Neuromorphic Computing?
Product stageSegments
Early
?
Long-term climate risk analytics: Parametric insurance
?

Kettle is a parametric reinsurance company using AI to predict and price wildfire risks. The company claims to offer more competitive pricing given it can predict risks more accurately. 

The company currently resells insurance that it underwrites, targeting expensive properties, starting at USD 3 million and ranging up to USD 10 million. Kettle’s primary catastrophe risk involves wildfires in California. The company had plans to expand into more disaster types in the future, covering more regions.

Kettle’s technology adopts two models: the Genesis model and Contagion model to predict wildfire risk and property damage. The Genesis model divides the state of California into 320,000 micro grids and analyzes the factors contributing to wildfires in a given month. The Contagion model leverages AI to further improve accuracy and computational efficiency. Kettle uses the results derived from the wildfire simulation model to develop the pricing model and portfolio algorithm. 

Key customers and partnerships

Kettle runs over 500 billion simulations in comparison to other insurance companies who run between 10,000 and 100,000 simulations. The company claims to be 89% accurate on its predictions so far. During August 2021, 26 insurance companies had approached Kettle to obtain risk modeling support. 

Funding and financials

In November 2021, Kettle raised USD 25 million in a Series A funding round led by Acrew Capital. The proceeds were to be used to develop tools and services focusing on wild fires in California. 

HQ location:
64 Pitts Bay Road Hamilton BMU
Founded year:
2019
Employees:
11-50
IPO status:
Private
Total funding:
USD 29.7 mn
Last Funding:
USD 25.0 mn (Series A; Nov 2021)
Last valuation:
-
Key competitors
 
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Company profile
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