Response to weather risk in Australia will be strengthened
Source: Middle East Insurance Review | Jul 2021
Aon will partner with Catalyst Technologies to help strengthen the response to weather climate risk in Australia.
According to Aon Australia, severe weather events are the most common and costliest drivers of property damage in Australia with severe thunderstorms and hail being the costliest natural peril costing the local insurance market close to A$1bn ($776m) each year.
According to Aon’s Global Weather, Climate & Catastrophe Insight 2020 Annual Report, in 2020 four severe weather events contributed the majority of Australia’s insured loss of around A$4.5bn.
Aon managing director specialities Jennifer Richards said, “Our common goal is to ensure that all Australian businesses remain prepared for and able to respond to severe weather events and build resilience to be better prepared for future events.”
Catalyst Technologies co-founder and chief growth officer Marcus Vaughan said, “By adopting technology these organisations are able to increase their threat awareness and improve their crisis response time and effectiveness. By getting ahead of extreme weather events, organisations can directly reduce the impact and improve recovery timeframes.”
By this partnership Aon will be able to offer clients the opportunity to access a threat intelligence and critical event management platform - iluminr, developed by Catalyst Technologies, which allows organisations to protect its people and business operations by providing early warning alerts, enabling leaders to proactively communicate and resolve emerging climate-related threats with speed. M