Management Consulting
Aon
Full Credential Description
Aon partnered with Skytek to address the niche issue of marine risk accumulation faced by re/insurers in the context of mega-ports and ultra-large container ships. The challenge was that these entities were highly exposed to risk accumulation during catastrophic events, necessitating a robust method for monitoring vessel movements and estimating cargo accumulation for effective exposure management and risk selection. To tackle this, Aon established a consultancy leveraging Skytek's system, which is supported by the European Space Agency. This system utilizes real-time satellite tracking to allow re/insurers to visualize the precise locations of their insured risks, along with critical vessel and cargo information. Aon's experts collaborate closely with re/insurers to analyze potential accumulations and provide tailored recommendations for their specific portfolios, enhancing their reinsurance programs and underwriting insights. The innovative technology developed through this partnership has enabled the creation of transparent algorithms that determine cargo exposures at ports in real-time, integrating earth observation technology with artificial intelligence and machine learning techniques. This advancement not only enhances risk management practices but also opens up new possibilities for deeper risk insights within the marine re/insurance sector, ultimately supporting ship and cargo owners globally in protecting their assets.