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BFD Expert Voices - Climate Deals

BFD Expert Voices

RockRose Risk, a wildfire-focused insurance retail broker, raised $9 million, CEO and founder Andrew Engler tells Axios Pro.

Why it matters: The changing climate and AI are transforming the insurance industry.

Zoom in: Crosslink Capital and Citrine Capital led the round. 

"Insurance companies tend to lose a ton of money from these climate events and so they are the ones who are most incentivized to pay money to prevent them from happening or being as bad as they can be," says Engler. 

How it works: Engler, who previously founded parametric insurance company Kettle, set up a retail insurance broker that gives customers discounts for doing wildfire mitigation on their properties.

RockRose Risk — working with 19 insurers — can reduce insurance premiums by up to 35% for property owners that take steps like clearing brush or adding suppression systems. 

AI automates the process and RoseRock passes the savings onto customers.

The Napa, Calif.-based company currently offers its product to commercial property owners like HOAs and ski lodges across California, Nevada, and Colorado. 

What's next: In a few weeks, RockRose Risk plans to quietly launch a homeowner product that will initially focus on Topanga Canyon and the Berkeley Hills.

Behind the scenes: Many property owners are finding they simply can't get insurance in certain regions, as insurers pull policies in wildfire or flood-prone areas. 

State of play: RockRose Risk is just one startup that's raising investor funds in the increasingly hot climate-related insurance space.

Adaptive Insurance offers businesses parametric insurance coverage for power outages.

Delos Insurance uses AI and data tools to develop more accurate modeling for wildfire insurance coverage.

Accelerator Plug and Play has an entire cohort of insurance startups (called Insurtech), and many are using AI to develop new insurance products (though not all are focused on climate).

Zoom out: As more destructive wildfires occur every year, expect investment in wildfire tech to grow.

At the same time, adaptation tech has seen a significant jump in VC deals over the past four years, according to a recent report from J.P.Morgan.

Exclusive: RockRose Risk raises $9M for wildfire insurance

The changing climate and AI are transforming the insurance industry.

an illustration of a crystal ball filled with fire

RockRose Risk, a wildfire-focused insurance retail broker, raised $9 million, CEO and founder Andrew Engler tells Axios Pro.Why it matters: The changing climate and AI are transforming the insurance industry.

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Exclusive: RockRose Risk raises $9M for wildfire insurance

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