Interest in startups trying to shake up the insurance industry is on the rise as weather catastrophes worsen. The latest sign: New York-based Arbol has raised $60 million in a Series B funding round.
Founded in 2018, Arbol specializes in a niche but fast-growing form of indemnity known as “parametric insurance.” Unlike traditional insurance products that link a claim with actual losses, payouts are triggered by a predetermined parameter.
For instance, farmers and the insurer co