ICEYE launches advanced flood data products for Canadian insurers

ICEYE, a provider of satellite-powered disaster management solutions, has launched its Flood Insights and Flood Early Warning products for Canada, providing insurers with rapid access to real-time flood data across the country.

Given that floods cause the most damage of any peril in Canada and are expected to escalate in frequency and severity due to climate change, these products are becoming increasingly essential.

ICEYE’s Flood Insights, powered by ICEYE’s synthetic aperture radar (SAR) constellation, equip insurance carriers with comprehensive flood risk data pre, during, and post-flood events.

The Flood Early Warning system delivers crucial information 96 hours before a potential flood, pinpointing high-risk areas. During flood events, it provides updated flood extent data every 24 hours, as well as detailed flood extent and depth information at the property level available 24 hours after peak flooding.

Swift access to this flood data empowers insurers to make timelier, well-informed decisions, thereby saving time and resources while enhancing policyholder satisfaction.

By facilitating rapid situational awareness, insurers can optimise response strategies, proactively engage with policyholders, accurately assess losses, prioritise response efforts, and expedite claims processing.

Stephen Lathrope, SVP, Solutions at ICEYE, explains, “Residential insurance coverage for overland flooding has only been available in Canada since 2015, while information on the flood risk is not widely available to the consumer market. This has contributed to lower-than-desired insurance uptake and resulted in high concentrations of risk and ultimately higher costs to policyholders. By providing access to more comprehensive flood loss data, ICEYE aims to support the ongoing development of the flood insurance market in Canada.”

Kurt Jackson, Global Head of Sales at ICEYE, adds, “While ICEYE has been monitoring floods in Canada for some time, the rapid growth of our SAR satellite constellation has given us the capacity to officially enter the Canadian market.

“ICEYE is excited to partner with insurers by providing near real-time observed flood data to support property-level risk migration and event response efforts. Knowing where the water is and the depth at the property level makes all the difference in how to respond best to an event,” Jackson concludes.

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