Understory
To restore and enhance insurance efficacy and build client resiliency against the growing threat of severe weather and a volatile global risk environment.
Why we invested
The property insurance industry is facing extraordinary exposure to losses resulting from climate change, and many insurers are simply pulling out of markets, which leads to higher premiums or requirements to self-insure. Understory uses proprietary weather stations to provide advanced warnings for weather events like hail and wind, and an alternative insurance model to increase insurance capacity in key markets impacted by climate change. Escalating premiums and limited insurance capacity are already posing significant challenges to the deployment of utility-scale solar projects.
Why this work matters
Natural catastrophes, driven by the volatility of climate change, are increasing rates and restricting insurance coverage. Traditional insurance is no longer fully effective. Insurance and reinsurance companies are pulling coverage and leaving 76% of global assets unprotected. Transformation is inevitable, and it's coming to the worldwide property insurance market. Understory cracked the code, and our approach is the way to close this gap.