NEW YORK (January 31. 2023) – Arbol, a leading global climate risk solutions platform, announced that it transacted $170 million in gross written premium (GWP) in 2022 – more than doubling its 2021 GWP of $70 million. The company also reported cash flow-positive operations for the second-consecutive year and profitable underwriting.
“The end-to-end ecosystem Arbol has built to address climate risk across balance sheets, supply chains, and operations has experienced tremendous growth and scale over the past few years,” said Sid Jha, Founder and CEO of Arbol. “Increasingly volatile and extreme weather events like a record drought in Texas and record damages from Hurricane Ian highlight the urgent need for climate-focused, financial products like insurance, which have never been more essential. Parametric coverage, powered by next-generation technology and data, is a powerful tool for enabling financial climate resilience and addressing the sizable global coverage gap for climate disasters.”
The platform continues to grow rapidly in agriculture and energy across the globe along with expansion in 2022 towards new areas such as parametric reinsurance and travel. Arbol recently announced a partnership with SingLife and Aviva to offer travelers the first parametric rainfall cover in Singapore.
In the reinsurance sector, Arbol continues to expand its offerings for catastrophic coverage--such as hurricanes -- to solve key challenges for insurers dealing with inefficient and slow reinsurance settlements along with a lack of sufficient risk capacity.The platform’s reinsurance solution delivered a $10 million payout to the Florida-based insurer Centauri just three weeks after Hurricane Ian made landfall in one of the costliest natural catastrophes to impact the continental U.S. since Hurricane Katrina.
In addition to expanding its product and solutions offerings, the company is also expanding its global footprint. Arbol hired Jeffrey Khoo from Ed Broking to lead its Singapore-based APAC office and Hector Ibarra, formerly CEO of Global Parametrics, to lead its expansion into LATAM.The company also hired Kit Muir to lead its expansion into the London Market earlier this month.
In 2023, Arbol will continue to solidify its position as a leading platform for global climate risk solutions by introducing new technology and data-driven solutions for enabling end-to-end corporate climate risk management, as well as new products and solutions for industries impacted by climate change, and additional risk capital solutions for chipping away at the sizable global coverage gap for seasonal and catastrophic climate risks.
Arbol is a global climate risk coverage platform and FinTech company offering full-service solutions for any business looking to analyze, manage, and transfer climate risk. Arbol's products offer parametric coverage based on objective data triggers rather than a subjective loss assessment. Arbol's key differentiator versus traditional InsureTech, or climate analytics platforms, is the complete ecosystem it has built to address climate risk. This ecosystem includes a massive climate-data infrastructure, scalable product development, automated, instant pricing – using an artificial intelligence underwriter – blockchain-powered operational efficiencies, and non-traditional risk capacity bringing capital from non-insurance sources. By combining all these factors, Arbol brings scale, transparency, and efficiency to parametric coverage.