Jack Sandford, a cyber security analyst at Aon with a long background in catastrophe modelling.

 

Catastrophe modelling is, fundamentally, a data-driven activity: we use computational power alongside continuously refined statistical methods and professional insight from industry to assess what could happen, and what is likely to happen if disaster strikes.

Against a backdrop of climate change and population growth, insurers face growing challenges in managing accumulation risk posed by natural catastrophe. Key to addressing these challenges is having an accurate picture of where exposures are and with the advent of mega-ships and mega-ports, those accumulations are potentially moving all the time.

Accurate exposure information is not just important for predicting the future but is also fundamental to analysing the past. Without knowing what existed within the footprint of a historical event, it’s difficult to measure what the impact of that event was and therefore what the impact would be if it were to occur again.

With Skytek’s focus on data, live and historical, there is a real opportunity for insurers to develop a better understanding of a complex and ever-changing world by providing a more accurate view of exposure. Real-time vessel and port data, along with background information such as ownership and the current state of legal regimes, will allow insurers to meaningfully predict their exposure as well as the likelihood of a catastrophe.

Digital disruption is here to stay, at Aon we are embracing technology enriched with expert judgment to provide powerful insight and competitive advantage. Our ultimate aim is to drive the industry forward through innovation.

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About the Authors

Dr Sarah Bourke was recognised by the EU as one of Europe’s leading innovators when she was awarded the EU Prize for Women Innovators in 2016. During this process, she was recognised for her leadership and commercial success in pioneering groundbreaking space technology.

On a day-to-day basis Sarah works with leading research organisations like the European Space Agency (ESA) and NASA, in addition to growing the Skytek brand.

Sarah is a PhD graduate of Trinity College Dublin and worked at leading universities and governmental agencies before co-founding Skytek Limited.

Jack Sandford has been working in Specialty Analytics for 6 years with a focus on Marine, Renewable Energy and Cyber. As part of his role on the Global Re Specialty Catastrophe Management team, Jack leads client engagements exploring innovative modelling techniques to help clients better understand exposures within their specialty portfolios.

About Skytek

Skytek has been at the leading edge of innovation, bringing the benefits of space tech back down to earth. Partnering with Nasa and the European Space Agency, our software is used in the International Space Station, and our satellite and data solutions for the insurance, security and emergency services sector leverage this commitment to the future. Today, our innovation continues and we work to develop technologies that transform business by bringing back downstream the ultimate in cutting edge activity.

Skytek’s React transforms insurance by combining satellite geolocation with predictive analytics, allowing the industry to understand their portfolios, reduce risk and improve compliance, whether at sea, in port or on offshore installations.