AlleyWatch
The organizers of Wimbledon had the foresight to purchase pandemic insurance after SARS in 2003, paying $31M in premiums. This year they were covered for $142M in losses. The pandemic has made business owners more cognizant of different types of insurance products available to protect them against often insurmountable losses as a result of unexpected disruptions. Arbol has introduced weather risk insurance, a parametric coverage product, built on the blockchain to provide rapid payments in the event of loss without drawn-out claims processes. The company’s products are currently being deployed in the maritime, energy, hospitality, and agriculture industries, where weather risk can be severe. Since launching in March, Arbol has covered $15M in notional risk across the hundreds of deals already consummated.
Arbol Raises $7M to Provide Insurance to Cover Weather Risk
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AlleyWatch
The organizers of Wimbledon had the foresight to purchase pandemic insurance after SARS in 2003, paying $31M in premiums. This year they were covered for $142M in losses. The pandemic has made business owners more cognizant of different types of insurance products available to protect them against often insurmountable losses as a result of unexpected disruptions. Arbol has introduced weather risk insurance, a parametric coverage product, built on the blockchain to provide rapid payments in the event of loss without drawn-out claims processes. The company’s products are currently being deployed in the maritime, energy, hospitality, and agriculture industries, where weather risk can be severe. Since launching in March, Arbol has covered $15M in notional risk across the hundreds of deals already consummated.