ICEYE has launched satellite-based options designed to boost flood life cycle administration for the UK insurance coverage business.
The corporate’s Flood Early Warning system supplies insurers with a four-day advance prediction of potential flood impacts at a building-level decision.
This device integrates with UK environmental companies’ flood hazard zones to supply actionable insights.
ICEYE’s Flood Speedy Impression resolution delivers satellite-derived flood extent maps inside 12 hours from the onset of flooding, with updates each eight to 12 hours.
These options are powered by artificial aperture radar sensors on ICEYE’s satellite tv for pc constellation, enabling monitoring of floods no matter climate situations or time of day.
Collectively, these options purpose to empower insurers to observe and predict flood dangers at particular areas inside their portfolios.
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This functionality permits for proactive measures resembling deploying flood prevention methods by provide chains and issuing focused communications to clients to encourage protecting actions.
ICEYE vice-president of insurance coverage options Rupert Bidwell mentioned: “We imagine ICEYE’s Flood Early Warning and Flood Speedy Impression might be transformational in the way in which insurers can deal with floods within the UK. Flood data earlier than and through the occasion could be incomplete, as it’s reliant on climate forecasts, fashions, and media – what we’re offering is exclusive, it’s the reside monitoring of the flood utilizing our satellite tv for pc constellation.
“It means insurers could be forward of the water and deploy assets to stop and mitigate flood harm, and proactively help and talk with their policyholders and with communities, and finally cut back the rising price and affect of floods.”
Final month, Juniper Re, a division of BRP Group, entered right into a partnership with ICEYE.
This collaboration goals to strengthen Juniper Re’s portfolio by offering entry to near-real-time information on large-scale disasters together with floods and wildfires, enhancing their reinsurance broking companies.
