- Subsidiary InsuraGuest Insurance Agency, LLC, is now licensed to offer surplus lines of casualty and property insurance in the state of Utah
- This licensing allows for more markets and additional products to be sold, which generates additional revenue and caters to InsuraGuest’s expansion goals in the insurance marketplace
- Company now offers its products and services throughout the United States in their entirety
- Surplus lines insurance market is expected to reach $125.9 billion by 2027
InsuraGuest Technologies (TSX.V: ISGI) (OTC: IGSTF), a leader in the insurtech industry, now offers its insurance services and products nationwide and has gained access to more markets and revenue streams after being approved as a resident surplus lines producer, receiving a license to offer surplus lines casualty and surplus lines property insurance in the state of Utah.
In a November 5, 2020 press release announcing the pivotal moment, InsuraGuest said the license was granted to its wholly owned subsidiary InsuraGuest Insurance Agency, LLC (IG Agency). As a result, IG Agency can now sell other non-admitted insurance products, as well as be listed as official producer for InsuraGuest’s Hospitality Liability Master Policy on all certificates issued to hotels and vacation rentals (https://ibn.fm/eAXw5).
Surplus lines insurance protects against a financial risk that is too high for a regular insurance company to take on. Reasons that a company may require surplus lines insurance include:
- Poor loss history
- Business operations are unusual, hazardous, or difficult to assess the true risk – environmental cleanup, wind farms, amusement parks
- The necessity for coverages not offered by standard insurers
- Beginning a new venture or starting a higher risk business
- The necessity for higher limits or broader coverage than insurers are willing to provide
The insurance market changes rapidly, which pushes standard insurers to reassess risk and liability. They may suddenly refuse to insure the same types of risks they did weeks ago. That is where surplus lines insurance steps in to protect those needing insured (https://ibn.fm/bTPni).
The market size for surplus lines insurance in the US was valued at $52.1 billion in 2019. By 2027, it is expected to reach $125.9 billion growing at a CAGR of 15.2% from 2020 to 2027. While already covering nontraditional needs, surplus lines insurance can also provide coverage for other industry sectors such as healthcare, construction, environmental, energy, and many other non-conventional services (https://ibn.fm/q9eWg).
The licensing will allow InsuraGuest to capitalize on this insurance sector while also opening up more market opportunities to sell additional products and create more revenue streams. “We are very excited to now offer our products and services throughout the United States in their entirety,” said InsuraGuest CEO and Chairman Douglas Anderson. “We continue to expand and develop our product offerings to service our customers and build shareholder value, and the ability to provide true nationwide coverage marks a proud milestone for InsuraGuest.”
InsuraGuest’s main goal is to disrupt the insurance landscape by utilizing its proprietary insurtech software platform to deliver digital insurance to multiple sectors. The company aims to transform the way insurance is delivered with the revolutionary idea that insurance should be bought, not sold.
One of the sectors InsuraGuest is serving is the hospitality industry, where its proprietary insurtech platform integrates with approximately 70 different property management systems. The company’s Hospitality Liability Policy was designed to fill the gaps in other policies on the market, including a claims process that is easier to navigate. In addition, properties covered by the Hospitality Liability Policy can transfer certain liabilities to the InsuraGuest carrier, thus lowering their claim ratio and risk profile, as well as their general liability premiums.
For more information, visit the company’s website at www.InsuraGuest.com.
NOTE TO INVESTORS: The latest news and updates relating to ISGI are available in the company’s newsroom at http://ibn.fm/ISGI
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