Insurance and risk management business Astaara has received new investment from the West of England P&I Club, to support the roll-out of its marine cyber insurance services into the shipping market.
“This investment recognises the underlying demand for marine cyber specialist insurance services and validates the approach of Astaara in addressing the gaps in the existing marine and cyber insurance market,” said Astaara CEO, Robert Dorey.
“The current market conditions are unparalleled in terms of health threats due to the global pandemic – to ports, ships’ crews and head office operations. This has forced marine operators to be more reliant than ever on digitisation, and this is already against a backdrop of ever-increasing sophistication of cyber-attacks which disrupt supply chains, and stakeholders’ confidence in their investments.”
Astaara’s marine cyber insurance service is supported by a dedicated analytics capability, to examine the challenges that marine enterprises face in a digital operating environment and understand their supply chain relationships, to better identify and mitigate threats.
“The cyber solution provided by Astaara is second to none and the most comprehensive in the market – we are investing in a cyber product and a team that has a huge amount of experience,” said Tom Bowsher, CEO of West of England P&I Club.
“Astaara clearly meets the demands of the shipowning and broader maritime community, of which we have a long and proud tradition of supporting.”
“We have full confidence in Robert and the team, and the Astaara product, which in our view is the only comprehensive and integrated cyber solution that properly aligns the service that owners need with genuine experience, expertise and commitment.”