Arbol, a global climate risk solutions platform, has reportedly transacted $170m in gross written premium (GWP) in 2022, marking significant growth and traction for the Arbol platform as it more than doubled its 2021 GWP of $70m.
The InsurTech platform and FinTech company also reported cash flow-positive operations for the second-consecutive year and profitable underwriting.
Arbol 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, the company stated.
The company recently announced a partnership with SingLife and Aviva to offer travellers 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 $10m 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.
Sid Jha, Founder and CEO of Arbol, commented: “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.
“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.”
Arbol has not only expanded its global product and solution offerings in 2022, it has also expanded its global footprint. Jeffrey Khoo was hired from Ed Broking to lead The company’s Singapore-based APAC office and Hector Ibarra, formerly CEO of Global Parametrics, to lead its expansion into LATAM.
Another of Arbol’s most recent appointments also includes Kit Muir’s; he was named Director of the London Market in early January. The company hired Muir to lead its expansion into the London market.
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, the InsurTech stated.
It will also do so by introducing 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.
