ICEYE, a provider of satellite data and services to inform decision-making and analysis, has announced the launch of a new platform that will enable insurance, reinsurance and insurance-linked securities (ILS) players to analyse flood impacts to their portfolios of property risks.
The geospatial analysis platform, named ICEYE Insights, will allow re/insurers and others parties with property portfolios to upload their property data and maps, buildings and other structures to be integrated with ICEYE’s flood extent and depth analysis, providing a tool to analyse the impact of flood events on property risks.
The ICEYE Insights platform is fed updated data and analysis from ICEYE’s Flood Insights product in near real-time after a flood event occurs.
This data features high-resolution reporting of flood extent and measurement of flood depth, enabling individual buildings to be assessed for damage against these factors.
Details of a property portfolio can be uploaded using an API, allowing insurance and reinsurance customers to visualise and analyse a flood event’s impact on their personal and commercial insurance books.
It can assist in the assessment of property damage from flood events, on an individual building and property portfolio level.
Which can also help those in the insurance and reinsurance industry to triage claims, optimise claims response, calculate reserving needs, and enable better communication with those affected.
“ICEYE Insights provides a new way of interacting with the unique and powerful flood hazard data delivered by ICEYE,” explained Stephen Lathrope, Global Head of Insurance at ICEYE. “Insurers and MGAs can choose either to receive our flood data directly into their existing geospatial analysis tools or if they prefer, they now have the option of subscribing to access this information via the ICEYE Insights platform. There is no more convenient, cost effective, powerful means by which insurers can take immediate action in response to flooding, or to analyse the impact of flooding retrospectively in order to enhance their underwriting.”
ICEYE is continuing to enhance its services, which are based on the data it collects from its own satellite constellation.
Being able to compare a flood events extent and depth in near real-time against a portfolio of property risks can be extremely valuable to those on the insurance or reinsurance side of the market, where granular property level data is available on a portfolio of risks underwritten, or where geocodes mean exposure locations can be easily identified.