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Aon PLC is teaming with software developer Skytek Ltd. on a hurricane tracking system for offshore risks, the brokerage said in a statement Wednesday.
The system allows users to evaluate and aggregate cargo, hull and other offshore asset risks during windstorms, the statement said.
Dublin-based Skytek, which provides software to the marine transportation, aerospace, defense and insurance sectors, offers a tool that gives near real-time data on insured assets, including vessels, exploration and production units, storage facilities and transmission systems, operating in hurricane-affected waters, the statement said.
Consulting with Aon and with support from the European Space Agency, Skytek’s software application uses satellite tracking to give insurers and reinsurers locations and aggregate values of exposed risks when at sea, according to the statement.
“As a result of the COVID-19 crisis, vessel accumulation in catastrophe-exposed regions is a key concern for marine insurers,” Christian Silies, head of marine and energy composite, reinsurance solutions at Aon, said in the statement.