Hiscox announces its cargo risk API solution

Hiscox has launched a new freight API solution to accelerate the underwriting process of small freight and inventory throughput risk.

This solution caters to the insurance needs of small and medium-sized businesses (SMBs) involved in the transportation and storage of products.

The freight API allows for a quick estimate and restraining process for risks that fall within underwriting guidelines set by HisCox.

Types of product range include clothing, wood, various equipment and parts, produce, and both finished and manufactured goods.

The development of risk assessment models, policy language and software coding for the freight API was all carried out internally, the company said in a press release.

Additionally, the company says all risks are secured by Hiscox Syndicate 33.

Price Forbes was the first broker partner to integrate cargo APIs, and developed a user interface that gives direct access to insurance products.

The freight API offers coverage options for transport, inventory only, and stock throughput, as it has a coverage limit of up to $5 million for freight risk, but most risks are expected to not exceed $1 million.

Hiscox London London Cargo Line Underwiter Aimee Nolan: “We see our cargo digital products as an innovative way to meet client demand with products that can provide immediate coverage, as well as a way to bring new premiums to the London insurance market, which is otherwise maintained locally.

“This solution complements and balances a larger, more complex, catastrophic portfolio of cargo risk, providing an easy and reproducible template for HisCox to develop other digital solutions for other cover holders with risk.”

May 2025, Hiscox I collaborated with Bellwetherthe team of X, Alphabet’s Moonshot Factory.

“Hiscox announces API solutions for cargo risk” was originally created and published Life Insurance Internationala brand owned by GlobalData.

The information on this site is contained in good faith for general information purposes only. It is not intended to be the advice you should resort to, and we will not give any representations, warranties or warranties, whether express or implied regarding its accuracy or completeness. You should seek expert or expert advice before taking or refraining from taking any medication based on the content on our site.