Allstate said it has started marketing a pay-per-mile auto insurance product for New Jersey drivers. Sompo International Holdings released a new group of weather-driven risk management products for the real estate and hospitality sectors.

***

Allstate now offers pay-per-mile auto insurance for drivers in New Jersey.

The product, known as Milewise, lets customers pay based on how much they drive – measured by a plug-in telematics device. Drivers who are on the road less end up paying lower fees, and Allstate said that drivers who travel 25 miles or less per day in particular could save money.

Allstate said the product is well used among retirees, stay-at-home parents and customers who primarily rely on public transportation.

***

Sompo International Holdings Ltd. announced a new collection of weather-driven risk management products targeted to the real estate and hospitality sectors.

The Bermuda-based specialty provider of property/casualty insurance and reinsurance said the new products are customized for each client’s risk exposures and provide coverage for loss of revenue from variations in weather variables.

Coverage can be structured as a standalone product or as part of an existing program to provide a deductible buy-down, significantly reducing or eliminating the deductible if a catastrophic event such as a hurricane occurs, or to provide coverage for hotel cancellations or other business interruption costs.

Contracts are indexed to site-specific weather variables such as temperature, rainfall, snowfall and hurricanes as measured and reported by global meteorological agencies. Protection is offered for both single locations and property portfolios and can range in duration from several days to several years.

Sources: Allstate, Sompo International Holdings

Topics Allstate