ICEYE has contracted with Global Parametrics to provide flood data to support the development of innovative parametric risk transfer solutions.
ICEYE said that as part of the agreement, its global Flood Insights data will be used by Global Parametrics to design, structure and implement parametric risk transfer structures.
In the event of a flood, Global Parametrics will use ICEYE’s Flood Insights data to determine when a certain threshold has been reached and the cover triggered.
According to ICEYE, it owns and operates the largest constellation of synthetic aperture radar (SAR) satellites.
The company suggests that by combining satellite imagery with auxiliary ground-level information, it delivers a reliable, consistent, and accurate understanding of the extent and depth of major flood events around the world.
Commenting on the agreement, Angus Kirk, CEO of Global Parametrics, said, “Our mission is to build economic resilience by extending protection to vulnerable and underserved markets and communities.
“Advancements in parametric risk transfer mechanisms are critical to that mission. Integrating ICEYE’s flood risk data with our risk transfer structures supports the development of more responsive responses solutions to reduce the financial impacts of extreme climate and natural disasters.
Stephen Lathrope, Global Head of Insurance, ICEYE, said, “By providing our high-resolution Global Parametrics data in near real time for floods around the world, we aim to help reduce the time from impact to the payment of the affected communities.
“As a changing climate exacerbates the threat of flooding, the ability to provide timely financial support and build resilience at the community level becomes increasingly critical.”