PURE ends 2023 with 102.2% CR

PURE, which offers property insurance to high net worth individuals, has ended 2023 with a combined ratio of 102.2%, a ~4-point improvement compared to 2022.

The Tokio Marine subsidiary finished 2023 with more than 113k members, with almost 8k joining during the year.

Last year, PURE launched a pilot that provided 5k members free Ting devices to monitor the electrical system in their homes. At the time of publication, at least 25 issues that could have resulted in fires have been caught and mitigated thanks to Ting. In 2023, PURE received 30 electrical fire claims that totaled more than $40 million.

The company also has a pilot in an attempt to mitigate water damage. In 2023, more than 2,800 “preventable” plumbing leaks cost PURE over $120 million. The company said that while frozen and burst pipes accounted for less than a quarter of the claims, they drive about half of the cost. PURE members with homes in several counties in New York can receive a free LeakBot device and 2-year monitoring. PURE’s most expensive water damage claim in 2023 cost more than $5 million to resolve.

In 2023, PURE handled over 37k claims, a record number.

The company plans to launch in Canada before the end of this year, beginning with Ontario.