ICEYE, a company of satellite information and solutions to inform final decision-generating and evaluation, has introduced the launch of a new platform that will allow insurance policy, reinsurance and insurance coverage-connected securities (ILS) players to analyse flood impacts to their portfolios of home dangers.
The ICEYE Insights system is fed up to date info and analysis from ICEYE’s Flood Insights product or service in in the vicinity of serious-time following a flood occasion occurs.
This facts features significant-resolution reporting of flood extent and measurement of flood depth, enabling unique buildings to be assessed for hurt versus these factors.
Specifics of a assets portfolio can be uploaded applying an API, permitting insurance policy and reinsurance consumers to visualise and analyse a flood event’s affect on their own and business insurance publications.
It can assist in the assessment of house hurt from flood gatherings, on an individual building and house portfolio level.
Which can also enable people in the insurance coverage and reinsurance market to triage claims, optimise promises reaction, compute reserving demands, and permit far better communication with those afflicted.
“ICEYE Insights gives a new way of interacting with the distinctive and strong flood hazard details shipped by ICEYE,” defined Stephen Lathrope, World wide Head of Coverage at ICEYE. “Insurers and MGAs can pick either to receive our flood knowledge instantly into their existing geospatial assessment applications or if they favor, they now have the choice of subscribing to accessibility this details by using the ICEYE Insights platform. There is no far more easy, price effective, highly effective implies by which insurers can consider immediate action in reaction to flooding, or to analyse the impact of flooding retrospectively in purchase to increase their underwriting.”
ICEYE is continuing to enhance its products and services, which are primarily based on the info it collects from its very own satellite constellation.
Staying able to evaluate a flood events extent and depth in in the vicinity of real-time versus a portfolio of assets threats can be particularly worthwhile to those on the insurance coverage or reinsurance side of the marketplace, the place granular home level knowledge is readily available on a portfolio of threats underwritten, or in which geocodes indicate publicity spots can be easily discovered.
