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Yet the market remains significantly underserved, creating a vast opportunity to reach a large number of customers with good value insurance, whether from the base of existing insurers or through retail distribution networks.
It can create its own insurance plan, or it can partner with existing insurers.
For systems that aren't willing or able to underwrite the risk involved in creating their own insurance plan, the alternative is to negotiate contracts with existing insurers.
And that's more dangerous to existing insurers than any exploding hoverboard.
Will they act as a channel for existing insurers, as a provider of data and analytics to those insurers or even as a provider of direct insurance themselves?
Slice, Covr, and Jones all represent one type of startup business that's attracting venture dollars — the enabling technologies or channels for existing insurers to experiment with or sell through to reach new consumers.
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If you find a better deal, ask your existing insurer to match it.
"For as long as the default option is to buy your annuity from your existing insurer, it shouldn't be surprising that over half of investors will end up buying an annuity from the company they have saved with; the inevitable consequence of this is that investors will get a poor deal," says Tom McPhail of the adviser Hargreaves Lansdown.
Because of this risk we would not quote for a property that had suffered subsidence, but usually the existing insurer will offer to provide cover".
See if your existing insurer is approved by the CEA to offer earthquake coverage.
But like other insurances, once you make a claim, or have an existing condition, insurers either charge a large premium or refuse cover.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com