Aon has teamed up with Catalyst Technologies to strengthen the response against extreme weather-related risk in Australia.
Catalyst Technologies is an Australian start-up that has developed iluminr, a threat intelligence and critical event management platform.
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Aon will leverage its partnership with Catalyst Technologies to provide its clients access to iluminr.
The platform offers early warning alerts, helping leaders communicate and address emerging climate related threats quickly.
This can help organisations make informed decisions to reduce risks posed by extreme weather phenomena.
Aon managing director–specialities Jennifer Richards said: “Australia’s built environment is heavily exposed to a wide variety of extreme weather perils. 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.”
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By GlobalDataAccording to Aon’s global Weather, Climate & Catastrophe Insight 2020 Annual Report, four severe weather events accounted for the bulk of Australia’s total insured loss of $3.49bn (A$4.5bn) last year.
Severe thunder and hailstorms amount to losses of A$1bn each year in Australia.
Catalyst Technologies co-founder & chief growth officer Marcus Vaughan said: “Organisations are currently grappling with the compounding effects of increasing physical climate risks, and a retreating insurance market – leaving a much greater exposure on their balance sheet each year.
“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.”
Headquartered in the UK, Aon is an insurer providing various risk, retirement and health solutions.
The firm was recently in the news for selling certain operations to address competition concerns linked to its $30bn bid for Willis Towers Watson.
