How satellite technology is transforming the re/insurance industry’s response to flood

26-10-2020

How satellite technology is transforming the re/insurance industry’s response to flood

With its own constellation of satellites poised to give a rapid assessment of flood damage, ICEYE is set to transform the way the re/insurance industry responds to cat events. Ahead of his participation in Claims Innovation USA, Charles Blanchet, ICEYE’s vice president of solutions, explained how it works.

A perennial challenge facing the re/insurance industry is how to assess the scope and damage of cat events such as hurricanes and floods in a timely and accurate manner. While insureds are often in urgent need of assistance, damage assessment can take weeks—which, in addition to being a problem for policyholders, causes financial uncertainty for insurers.

For ICEYE, the solution is in the sky. A young company focused on finding new and novel uses for the data gathered from its growing constellation of satellites, it has selected flood as a primary area of focus after discussions with the insurance industry revealed huge possibilities in this area.

One of the key benefits of using satellites for damage assessment is the speed with which they can respond. An additional benefit that comes with ICEYE’s synthetic aperture radar (SAR) satellites is that they can operate at night and through clouds.


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