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Partnership to bring the power of satellite observation to parametric insurance.
London, 12 June 2023: Skyline Partners Ltd., the parametric insurance catalyser, has teamed up with Spire Global (NYSE: SPIR), a global provider of space-based data, analytics and space services, to bring the power of satellite observation to parametric insurance.
From the ultimate vantage point of space, Spire collects previously unattainable knowledge and insights about the Earth and the human activity on and above its surface. For example, it gathers detailed information on global shipping activity, including vessel locations and live port arrivals and departures. It garners real-time weather data from the entire planet, flight tracking data and other aviation intelligence, and intelligence on climate variables such as sea ice and soil moisture.
Skyline and Spire will collaborate to develop new risk transfer tools which will help close the coverage gap for clients in the marine, aviation, and agricultural sectors. Its live flight data, for example, could inform aviation-related parametric insurance products, while its historical and current weather data has enormous insurance potential for property insurers.
“The combination of computational power, enormous new sources of data, and new risk transfer structures unconstrained by the traditional insurance model allows us to create and administer powerful new cover which breaks the boundaries of insurability,” says Skyline Partners Co-Founder and Executive Director Gethin Jones. “This new partnership with Spire will fuel the development of a range of innovative products which are currently difficult or impossible to insure adequately using conventional approaches.”
The Spire partnership is one of many Skyline has entered to unite sectoral expertise and unrivalled data sources in its parametric laboratory. There, Skyline works with clients including Munich Re, SCOR, Howden, NFU, Intangic MGA, and many others to create ground-breaking risk transfer solutions to a wide variety of insurability challenges.
“Our mission is to deliver data and analytics which can only be collected from space, to protect our environment and our communities, transform global logistics, contribute to economic stability, and put moonshot goals within reach,” says Mike Eilts, general manager of Weather and Earth Intelligence at Spire. “There are significant potential applications for our data in the insurance sector that align with our mission, and we’re excited to bring those applications to fruition through this new relationship with Skyline Partners for parametric.”
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Skyline Partners (Ref:825524) is appointed representative of Advent Solutions Management Ltd, authorised and regulated by the Financial Conduct Authority (Ref:308751).