Skyline, Spire tie-up to bring satellite data to parametric insurance

Parametric insurance underwriting agency  Skyline Partners has partnered with satellite and space data specialists Spire Global, as it looks to bring satellite observation to parametric insurance, and develop new risk transfer tools that will help close the coverage gap in the marine, aviation, and agricultural lines of business.

Skyline works with re/insurers including Munich Re, SCOR, Howden, NFU and Intangic MGA, among others to create innovative risk transfer solutions to a wide variety of insurability challenges.

Spire operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. It collects data insights and detailed information on global shipping activity, including vessel locations and live port arrivals and departures, as well as 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.

“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,” said 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.”

Mike Eilts, general manager of weather and earth intelligence at Spire, said: “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.

“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.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.