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Arbol Inc. on Tuesday said its parametric reinsurance coverage paid out $10 million to property/casualty insurer Centauri Insurance.
The payout was executed on Oct. 21, a statement said.
Arbol’s parametric coverage offers fully collateralized reinsurance for hurricane risks in Florida and other U.S. states that pays out based on predefined, objective parameters, the statement said.
The parametric loss is calculated at individual policy location level, the statement said.
Payouts are determined based on the distance of each location from a particular hurricane track and the maximum sustained wind speed captured along the hurricane track using National Hurricane Center data.
Parametric policies pay out on objective data triggers and thus allow claims to be settled quickly, Sid Jha, Arbol founder and CEO, noted in the company’s statement.
Arbol launched its parametric reinsurance solution for the state of Florida earlier this year and has seen growth in the agriculture and energy sectors, its statement said.