How long does it take to get insurance money after a hurricane?

How long does it take to get insurance money after a hurricane?

Sustainable Investing / Blockchain

Tracks of North Atlantic tropical cyclones (1851–2019)

Generally, most insurance companies become required to initiate the last adjustment of a hurricane damage claim 14 days after the claimant notifies them of a loss. However, insurance policies often contain complex legal details. As a result, fine-print details. That are often not apparent to many homeowners.

We have come across one new insurance provider that uses the blockchain for good. Arbol offers weather insurance on the blockchain with speedy payment. According to a recent MarketWatch article, a $10 million claim became paid out in less than 30 days. Which typically stands out as unheard of in hurricane insurance payouts. Just look to Larry Silverstein. Moreover, how many years the real estate mogul had to wait. Prior to collecting all of his World Trade Center insurance after 9/11.

According to Arbol’s press release:

Arbol’s ” parametric reinsurance solution it developed covering hurricane risks in the state of Florida delivered a $10 million payout to Centauri Insurance, a property and casualty insurer operating in nine U.S. states. The payout, executed on October 21. Just three weeks after Hurricane Ian departed the U.S. in one of the first payouts for loss or damage attributed to Hurricane Ian.”

Arbol’s CEO Sid Jha
Arbol’s CEO said:

“The parametric reinsurance product enables claims to be settled rapidly, months or sometimes even years faster than the rest of the industry,” said Sid Jha, Arbol Founder and CEO. “Because these policies pay out on objective data triggers, we can bring much needed efficiency and transparency to the insurance and reinsurance sectors while providing essential financial relief in the wake of a climate disaster like Hurricane Ian. Parametric solutions allow for claims to be settled rapidly and transparently, which is ideal for helping businesses in states like Florida with outsized risk exposure to hurricanes and enables long-term financial resilience.”

How long does it take to get insurance money after a hurricane?