Chaucer and Ceto have jointly launched a new insurance product that will integrate real-time vessel data into maritime insurance underwriting to support dynamic risk evaluation.
The marine Managing General Agent (MGA) offering will authorise technology start-up Ceto to bind marine hull risks on behalf of the Lloyd’s syndicate of Chaucer. Additional capacity will be provided by insurer Tokio Marine Kiln (TMK), a member of the Tokio Marine Group.
The MGA is underpinned by Ceto’s Watchkeeper platform, which provides continuous machinery monitoring and predictive performance insights.
The insurance product will utilise high-frequency vessel machinery and performance data to inform underwriting decisions, moving away from a reliance on static parameters like vessel age and aligning insurance capacity more closely with demonstrated maintenance and performance standards.
The partners note that they will focus on vessels capable of producing onboard machinery sensor data to support this process.
“Marine insurance has historically relied on static information and historic loss data, despite vessels generating vast amounts of operational data every day,” said Tony Hildrew, Chief Executive Officer and Founder of Ceto.
“Working alongside Chaucer and Tokio Marine Kiln allows us to apply this capability within a disciplined, established market framework.”
