2020 sees more named storms than ever before at this stage of the Atlantic hurricane season
Aon and Skytek, a software solutions provider, have partnered to create a new hurricane tracking system to help marine re/insurers track cargo, hull and offshore assets during the storm season.
Skytek has developed a software application that uses real-time satellite tracking to allow re/insurers to visualise the precise location and aggregate value of exposed risks when at sea.
The tool provides near real-time access to insured assets such as the global vessel fleet, exploration and production units, storage facilities, and transmission systems operating in hurricane-affected waters. It can also evaluate account assets within any cone of uncertainty.
Christian Silies, head of marine & energy composite, reinsurance solutions at Aon, said the COVID-19 crisis has made vessel accumulation in catastrophe-exposed regions 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,” he said. “Our InsurTech collaboration demonstrates Aon’s commitment to helping clients leverage emerging technologies to meet their strategic objectives and enhance risk management.”
The National Oceanic and Atmospheric Administration (NOAA)is predicting “above-normal” (60 percent chance) hurricane activity for 2020. The Atlantic hurricane season runs from June 1 through November 30.
Aon, Skytek, Christian Silies