Aon: and ICEYE launch a solution to better manage climate risks in Japan
LONDON, November 17, 2021 – Aon plc (NYSE: AON), one of the world’s leading professional services companies offering a broad range of risk, retirement and healthcare solutions, today announced a new collaboration with the satellite monitoring expert and persistent ICEYE to provide insurers with flood risk data from severe flooding in Japan, helping them reduce volatility and better understand the post-event impact on their portfolios.
According to the Japan Meteorological Agency (JMA), Japan experiences an average of three typhoons and several floods per year. In 2018 and 2019, the country suffered three of the five largest wind and flood insurance losses in Japanese history, with insurers paying claims of more than $ 30 billion over a two-year period. .
Rupert Moore, CEO of Aon Reinsurance Solutions in Japan, said: âAon and ICEYE share the belief that better data leads to better decisions and, in turn, better results. Our collaboration with ICEYE aims to help clients improve the robustness and accuracy of their flood responses in Japan as they navigate this form of volatility. The combination of ICEYE’s technology and Aon’s buildings database provides them with a unique and innovative way to better deal with potential post-flood claims in the country with more information and knowledge. ”
The satellite solution combines data from ICEYE’s Synthetic Aperture Radar (SAR) with Aon’s digital construction datasets generated using Aon’s patented technology to provide near real-time information on potential consequences of flooding. This allows insurers to assess the potential impact of a flood on their portfolio within 24 hours of the water peak, improving the insurer’s booking and claims handling process with a faster response time.
Rafal Modrzewski, CEO of ICEYE, said: âOur two firms are focused on helping insurers reduce their combined ratios, improve their service to policyholders and close the protection gap. The collaboration between ICEYE and Aon demonstrates our continued commitment to helping customers take advantage of innovations that deliver strategic value. Together, we are enabling the kind of digital transformation that will lead to a radical shift in efficiency and customer service for the insurance industry.
ICEYE builds and operates its own commercial constellation of SAR satellites, which can image any location on Earth, day or night, regardless of cloud cover, multiple times a day. Aon combines ICEYE data with its proprietary building exposure to help clients estimate the potential impact on their portfolios. Aon’s collaboration demonstrates its commitment to helping customers take advantage of emerging technologies to achieve their strategic goals. For more information, please click here.
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AON plc published this content on November 17, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 19, 2021 04:33:11 PM UTC.