Aon partners with Skytek on new hurricane tracking system

Re/insurance broker Aon has partnered with software solutions provider Skytek on a new hurricane tracking system to help marine re/insurers track cargo, hull and offshore assets during the storm season.

According to the National Oceanic and Atmospheric Administration (NOAA), 2020 will see “above-normal” (60 percent chance) hurricane activity. The Atlantic hurricane season runs from June 1 through November 30.

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.

Skytek’s tool provides near real-time access to insured assets such as the global vessel fleet, exploration & production units, storage facilities, and transmission systems operating in hurricane-affected waters. The tool can also evaluate account assets within any cone of uncertainty.

Christian Silies, head of marine & energy composite, reinsurance solutions at Aon, 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.”

Sarah Bourke, chief executive of Skytek, 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.”