satellite

Reinsurance broker Guy Carpenter is rolling out a new parametric flood product that has been designed to enable risk transfer for large portfolios of exposure across wide-areas. The FloodShield triggers are structured with the help of Floodbase, KatRisk, and ICEYE, plus this could be a solution that utilises ILS market capacity in future.

Speaking at the World Economic Forum event in Davos, Switzerland this week, Rafal Modrzewski, CEO and Co-Founder of ICEYE explained the important role satellite technology and the data it can collect has for the global insurance and reinsurance market, as well as societal resilience.

Skyline Partners, a UK-based insurtech managing general agent (MGA) focused on parametric insurance and risk transfer has announced a partnership with satellite and space data specialists Spire Global, as it looks to bring satellite observations into the triggers for its parametric products and to expand its product offering to new lines of business.

Kenyan reinsurance company ZEP-RE is partnering with Planet Labs, a satellite imagery and data provider, to develop enhanced indices that can be used within the trigger and calculation process for parametric drought insurance products in Africa.

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.

Insurance-linked securities (ILS) investment fund manager Fermat Capital Management has entered into a partnership with ICEYE, a provider of satellite data and services to inform decision-making and analysis, to gain more granular data and insights into flood events and other natural hazards.

ICEYE, a provider of satellite data and services to inform decision-making and analysis, has raised a $136 million Series B investment round and intends to spend some of the funds on building out its range of natural catastrophe focused products for the insurance and reinsurance sector.

More granular and higher resolution satellite data from earth observations are set to improve weather and catastrophe event insights for the insurance, reinsurance and insurance-linked securities (ILS) industry, according to the CEO of Orbital Micro Systems.

Satellite data plays an important role in the establishment and success of risk transfer triggers and index insurance schemes, and as technology has advanced the use of satellites has expanded and become more efficient, supporting the growth of innovative agriculture insurance and reinsurance solutions.

NASA launched a pioneering satellite into orbit on Saturday 31st January 2015 which will provide some benefits for providers of weather linked insurance, as well as further develop our understanding of natural perils.