Skytek Report: California Oil Spill
On the evening of October 2nd, 2021 Beta Offshore reported a crude oil release near its ...
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Industry Challenges
Climate change is the single most significant problem faced by our world. More than a 1.5 degree C rise in global temperatures will mean widespread devastation on a scale never witnessed before. New frameworks to support Sustainable Insurance and Finance are emerging in response to this crisis.
The insurance sector is specifically tasked with a critical role in preventing, reducing and providing resilience against ESG and Climate Change risk for the benefit of all economic sectors.
ESG risks impact the vast majority of economic sectors and activities traditionally insured by the industry including, property, liability, workers compensation, health and safety, construction and engineering, cyber, directors’ and officers’ liability, financial lines, marine hull and cargo, protection and indemnity, aviation and cargo, supply chain disruption, business interruption and life and health.
The key to Sustainable Insurance and ESG compliance is data, which has not previously been captured or analysed effectively to meet these new challenges., until now.
Skytek’s technology provides a unique, neutral, authoritative, consistent and timely source of data and analytics.
Environmental
Environmental considerations include climate change, carbon emissions, energy use, pollution, natural resource conservation, biodiversity, land contamination, water treatment usage, waste disposal and deforestation, avoidance, or risk-management of fire, flood, drought, extreme weather, and other natural and man-made events.
Social
Social considerations mean acting as good corporate citizens, including accountability, human capital, inequality and diversity, health and safety, supply chain labour standards (e.g. modern slavery/child labour and working conditions), ethics, supplier relationships and local community support.
Governance
Governance considerations for public and private institutions include board-level oversight, allocation of responsibility and accountability, shareholder rights, anti-corruption, executive remuneration, conflicts of interest, transparency, disclosure, and reporting to ensure social and environmental considerations in the decision-making process.
How we can support you
Impact of ESG on all lines of business
- Climate change related risk identification, monitoring and loss assessment
- Environmental, Social and Governance (ESG) risks and impact assessments
- Monitoring and verification for ESG compliant insurable assets
- ESG Ratings
- Claims handling and dispute resolution
- ESG Disclosure and reporting obligations
- Management of Transition Risk to 2050
Marine Sector Mandatory Energy Efficiency Compliance
- EEXI energy efficiency
- Ratings for the Carbon Intensity Indicator (CII)
- Track GHG reduction to meet the IMO target of reducing the CO2 emissions by 40% by 2030
Marine Sector Responsible ship Recycling Standards
- Compliance with the EU SRR (European Union Ship Recycling Regulation)
- Compliance with the Hong Kong Convention for Safe and Environmentally Sound Recycling of Ships
- Reference to Inventory of Hazardous Material (“IHM”)
REPORTS & CASE STUDIES
Skytek Update Report: Typhoon Chanthu
Chanthu has rapidly increased with sustained winds of 155mph from a tropical depression ...
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Skytek Update Report: Hurricane Larry
The 12th and the 3rd major storm of this season, Hurricane Larry reached category three ...
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Case Study – Usage of Earth Observation imagery to detect illegal dumping
The Sentinel series of satellites are part of the European’s Commissions Copernicus ...
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Case Study – Beirut
On 4th August 2020, a large amount of ammonium nitrate stored at the port of the city of ...
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Case Study – Hurricane Season 2020
On 27th August, one of the largest storms of 2020, Hurricane Laura made landfall across ...
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