Reinsurance broker Aon has partnered with insurtech Skytek for a new hurricane tracking system, which enables (re)insurers to evaluate and aggregate at-risk cargo, hull and offshore assets during the hurricane season.
In collaboration with Aon, the insurtech developed a software application which uses real-time satellite tracking to enable (re)insurers to visualise the precise location and aggregate value of exposed risks when at sea.
It also offers near real-time access to insured assets including global vessel fleet, exploration and production units, storage facilities, and transmission systems operating in hurricane-affected waters.
The companies developed the solution in response to a recent warning by the National Oceanic and Atmospheric Administration (NOAA) of ‘above-normal’ hurricane activity this year.
Skytek CEO Sarah Bourke said: “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.
Using the Skytek solution, clients can upload their portfolios and automatically track tropical storms and hurricanes as they develop and move across affected regions.
Aon Reinsurance Solutions Marine & Energy Composite head Christian Silies 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.”