Aeeris, the company behind Australia’s only early warning weather system, is to float on the Australian Stock Exchange (ASX) in a bid to raise capital to further develop its product, it has been announced.
The Early Warning Network (EWN) developed and launched by Aeeris in 2007 notifies users of the approach of bad weather and insurance clients that use the system can be updated in three minutes on the changing risk landscape of a specific postcode.
EWN counts several insurers as clients as Suncrop, Elders and TIO have all used the system and with the move to the ASX, executive chairman and chief executive Kerry Plowright sees development in the insurance industry.
“The increasing volatility of our climate and extreme weather events has increased threats and impact on critical infrastructure such as electricity grids, telecommunications, gas lines, roads, rail, ports, a myriad of commercial operations, municipal assets, and of course the insurance industry,” Plowright told The Australian.
Data that insurers and other clients receive is detailed and includes the specific risks to properties in specific areas which allows insurers to grow business in weather-affected areas with the most up-to-date information around.
EWN offers an in-depth look that is customisable to an insurance client and can be narrowed down to postcode, suburb or council district with regards to severe weather risk.
The company also provides alerts for some of the biggest businesses in Australia such as BHP Billiton, Caltex Australia and Origin Energy and Plowright hopes to raise $6 million in funding from the IPO to develop the existing network.
“We see huge potential to upgrade the level of service provided to many of our existing clients, before we even start chasing new leads,” Plowright noted to Business Review Weekly.