FAIR

Fuel Automated Insurance Related Risks

Challenge :

Ship owners and charterers often experience significant variation on vessels fuel consumption. With energy bill typically accounting for 40-55 % of ship operation costs, fuel consumption variation puts profitability at risk. Although, vessels fuel consumption can be supervised through new methods for satellite, ocean observation and marine traffic data mining.

Short description of the solution :

 Index insurance product that controls ships’ over -fuel-consumption risk by leveraging nanosats based marine geo spatial data

Project objective :

The project aims the development of an insurance product, linking to finance and insurance challenge. The intended insurance product is aimed at reducing the fuel consumption from the shipping industry