Aurora launches Lloyd’s-backed property owners product

By Michael Jones

June 10 - (The Insurer) - Algorithmic insurance platform Aurora has launched a property owners product, the company said on Tuesday.

Aurora said the Lloyd’s-backed product will provide up to 3.5 million pounds ($4.7 million) of comprehensive coverage, with immediate plans to increase capacity.

The product is designed to mitigate underinsurance for UK residential and commercial property owners, Aurora said.

Last year Aurora launched its flagship commercial combined product, with limits up to 12.5 million pounds, backed by Axa capacity. This followed the launch of its management liability coverage, also in collaboration with Axa.