Recent incidents have emphasised the need to improve our ability to assess maritime accumulations. Proactive analysis of expected threats, such as hurricane season, often provides a maximum exposure value that doesn’t adjust as an event unfolds.
Leveraging Automatic Identification System (AIS) data, ships can be located on a live map which can draw additional vessel data from an analytics platform. Custom zones within a map can aggregate information relating to on cover vessels, providing a total value within specific regions. This value changes as insured assets enter or exit, providing a real-time view of exposure for areas of interest.
Hurricane season provides an unpredictable scenario where an understanding of changing exposure would help insurers reduce losses and keep the insured safe. Drawing on real-time weather data, a hurricane path can be treated as an independent zone and provide real-time exposure values. Proactive preparation and real-time analysis controls costs and improves client services through efficient, more focussed responses. Responses can be instigated through automated alerts to key stakeholders, ensuring those with the right experience handle the most relevant cases. Clients can therefore recover faster and return to daily operations, keeping the global economy moving.
Reactive analysis of incidents such as the Ever Given can be tackled in a similar fashion. However, the scale of the event also causes disruption throughout the supply chain. To increase resilience, operators compromise on a just-in-time approach and increase stockpiling. This increases the potential for losses in regional hotspots, forcing a change in cargo accumulation forecasting. Drawing storage location data based on shipping records into a live map helps insurers adapt to such changes in behaviour. Regional exposure, commodity type, and storage locations become visible, helping insurers prepare, protect, and restore the insured.
Reliance is a valid concern as dark activity and spoofing are known issues with AIS technology. Combining datasets from various infrastructure, like near-earth orbit satellites, can mitigate dark activity, whilst data science clarifies spoofing variations. Storage exposures are derived from shipping records, offering the most precise data available to date. As infrastructure changes, data can be continually updated.
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