MAPFRE RE partners with ICEYE for global flood data

Global reinsurer MAPFRE RE has entered into an agreement with ICEYE, an specialist in satellite-based disaster management solutions, to license its Flood Insights data globally.

This collaboration aims to improve MAPFRE RE’s rapid and effective response to natural catastrophes.

This will be achieved thanks to ICEYE’s near real-time flood data, which will be integrated into MAPFRE RE’s existing catastrophe event response framework.

Reinsurers will gain access to this high-resolution damage information, this will allow them to rapidly estimate losses and gain immediate situational awareness of financial impacts across its reinsurance portfolios. The data will also support critical communication with key stakeholders as the event unfolds.

ICEYE’s synthetic aperture radar (SAR) satellite constellation provides detailed flood extent and building-level inundation data globally, often within hours of an event.

This capability is especially valuable in regions such as Latin America, where access to near real-time Earth observation data has traditionally been limited, the firms noted.

Rupert Bidwell, VP Insurance Solutions, ICEYE, said: “Today’s announcement marks an exciting step forward in our data collaboration with MAPFRE RE. By integrating the full capabilities of our flood solution into their existing response infrastructure and demonstrating the potential of our hurricane product, we’re equipping their teams with the most current, high-resolution damage data available. This will empower MAPFRE RE to establish much greater control over the financial impact of catastrophe events much earlier in the response process.”

Miriam García, Manager of the Natural Perils Area at MAPFRE RE, commented, “At MAPFRE RE, we are committed to ensuring that our response to extreme weather events is grounded in rapid access to high-quality data. Our agreement with ICEYE will provide us a new level of hazard insight, heightening our situational awareness and enabling us to identify impact areas within hours and gain a clear understanding of the potential impact across our portfolios.”

MAPFRE RE is also evaluating the possibility of working with ICEYE’s Hurricane Solution as part of its catastrophe event response. This solution, launched in March ahead of the U.S. hurricane season, provides an integrated view of wind and flood-related damage across the U.S. within 24 hours of landfall, identifying areas of impact along a hurricane’s path.

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