Strengthening response to weather risk in Australia: agreement announced
Sydney, 24 May 2021
- Aon (NYSE:AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions, has announced a partnership agreement with Catalyst Technologies, helping to strengthen the response to weather climate risk in 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 AUD $1 billion each year.
According to Aon’s global Weather, Climate & Catastrophe Insight 2020 Annual Report
, in 2020 four severe weather events contributed the great majority of Australia’s insured loss total in 2020 of AUD ~4.5b.
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.
Jennifer Richards, Managing Director – Specialties at Aon said she was pleased to build a relationship with Catalyst Technologies to ensure clients have access to business preparedness and continuity platforms ahead of, and responding to, weather threats.
“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. We look forward to working with Catalyst Technologies to explore how we can further deepen and expand our client offering to help support Australian businesses to do this,” said Richards.
Catalyst Technologies Co-Founder & Chief Growth Officer Marcus Vaughan said he is delighted to partner with Aon to help Australian organisations future proof their resilience to extreme weather events.
“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.”
(NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
About Catalyst Technologies
Organisations today are faced with more threats than ever before, be it a cyber attack, health pandemic, natural disaster or security threat. Catalyst Technologies is a fast-growing Australian start-up helping organisations predict and successfully overcome these crisis events, reducing the negative impacts to their people, brand, operations and shareholder value.