ICEYE, a satellite operator as well as flood monitor, has established a strategic partnership with the Swiss Re

Swiss Re has formed a strategic alliance with ICEYE, which is a commercial satellite operator and supplier of satellite-centered flood monitoring. The collaboration, which will be built on ICEYE’s advanced technologies, will enhance flood risk management, disaster mitigation, and claim payments around the globe, addressing insurers’ pain points, according to Swiss Re.

Swiss Re’s natural-catastrophe capabilities will benefit from the collaboration, which will allow early warning systems as well as near real-time flood monitoring based on ICEYE’s flood monitoring capacities with the radar satellite imaging. The monitoring solution, which provides global coverage for the Swiss Re to track and respond faster to floods across the world, is driven by ICEYE’s advanced radar satellite constellation, high-definition imaging capabilities, as well as rapid response analysis.

The strategic alliance will initially concentrate on floods, but it will eventually extend to include other hazards including wildfires, wind, and earthquake damage. Flooding has historically been one of the world’s most common and expensive natural disasters, according to Swiss Re. Flood modeling has proved especially difficult in areas with fine-scale elevation shifts, complex terrains, as well as man-made structures, such as dense urban areas.

According to the reinsurer, the collaboration seeks to solve the areas where most flood modeling currently falls short. Swiss Re will have connections to ICEYE’s global flood info, high-accuracy observation-centered flood maps, snapshots of the individual flood trends, as well as water depth estimates for these occurrences within 24 hours. Swiss Re would make event footprint assessments accessible on CatNet® Premium, its patented geo risk system, allowing clients to receive quicker loss assessments and payouts.

“We are very glad to confirm the strategic alliance with ICEYE,” stated Pranav Pasricha, the Swiss Re’s global head in charge of P&C Solutions. We would be able to further extend our geo as well as remote sensing capabilities through integrating Swiss Re’s risk awareness with ICEYE’s data. We will be able to create strategies, advance our programs for the benefit of our customers, and allow faster claim payouts as a result of the collaboration. We view this as a significant commitment in the face of a severe natural disaster challenge, and we believe it has the potential to be a game-changer.”

“Swiss Re tasked ICEYE with developing a game-changing flood monitoring platform for the insurance sector, and they assisted us in doing so. “We are excited to work with Swiss Re to provide a strategic edge to Swiss Re as well as their clients in the market,” said Charles Blanchet, who serves as the vice president of Solutions at ICEYE, based in Espoo, Finland.