Skyline teams with Spire for satellite data to expand parametric product range

Skyline Partners, a UK-based insurtech managing general agent (MGA) focused on parametric insurance and risk transfer has announced a partnership with satellite and space data specialists Spire Global, as it looks to bring satellite observations into the triggers for its parametric products and to expand its product offering to new lines of business.

Skyline Partners focuses solely on parametric insurance and risk transfer products, operating as an underwriting agency with backing from a panel of top tier international insurance and reinsurance firms.

The use of satellite data is not new in parametric risk transfer circles, but Skyline Partners is aiming to develop new products, outside of the weather and natural catastrophe space with its new partnership.

Spire Global has its own fully deployed satellite constellation and observes the Earth in real time using radio frequency technology to collect collects data and knowledge insights about the Earth and also human activity on and above its surface.

This includes collecting detailed information on global shipping activity, such as vessel locations and live port arrivals and departures, 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.

In collaboration, Skyline and Spire are planning to develop new risk transfer tools focused on helping to close the coverage gap for clients in the marine, aviation, and agricultural sectors.

These could range from aviation and marine related parametric insurance products based on the live insights on asset movements in these sectors, while historical and current weather data can be deployed to enhance Skyline’s parametric insurance product offering 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,” explained 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.”

“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,” added 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.”