Aon & Skytek develop marine asset tracker ahead of hurricane season

Aon has partnered with Skytek on a hurricane tracking system to help re/insurers evaluate the impact across risk cargo, hull and offshore assets.

As recently reported by CIR, alerts of an above average hurricane season have been issued, the most recent from the National Oceanic and Atmospheric Administration which foresees “above-normal” hurricane activity for the 2020 season.

Developed in collaboration with the European Space Agency, Skytek's software uses real-time satellite tracking, allowing re/insurers to visualise the precise location and aggregate value of exposed risks when at sea. Such assets may include global vessel fleet, exploration and production units, storage facilities and transmission systems operating in hurricane-affected waters. Further, Skytek boasts sufficient flexibility to evaluate account assets within any cone of uncertainty.

“According to NOAA, with a worse than usual hurricane season on the horizon it is essential that insurance and re/insurance companies can keep a close watch on both prevailing conditions and insured assets,” said Skytek CEO, Dr. Sarah Bourke.

Christian Silies, head of marine and energy composite in Aon's Reinsurance Solutions division, added: “As a result of the COVID-19 crisis, vessel accumulation in catastrophe-exposed regions is a key concern for marine insurers. Skytek’s technology equips re/insurers with valuable insights, paving the way for data-driven decision making and more efficient risk-transfer. Our insurtech collaboration demonstrates Aon’s commitment to helping clients leverage emerging technologies to meet their strategic objectives and enhance risk management.”

Skytek's tool is released at a fragile time for businesses; and with the global economy already in bad shape, fragile supply chains and further insurance claims would do little to improve the outlook.

The NOAA outlook predicts a 60% chance of an above-normal season, a 30% chance of a near-normal season, but only a 10% chance of a below-normal season. The Atlantic hurricane season runs from 1st June to 30th November.

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