ICEYE launches satellite-based solutions for UK insurance market

ICEYE, a provider of satellite-powered disaster management solutions, has launched a high-resolution Flood Early Warning and ongoing customer pilots of Flood Rapid Impact solutions for the UK insurance market.

The company’s Flood Early Warning provides four days in advance flood impact forecast prediction at building level resolution, and is overlaid with the respective UK country environment agencies’ flood hazard zones.

ICEYE’s Flood Rapid Impact is a rapid satellite data-derived flood extent map that is delivered within 12 hours of the start of the flood and at 8 to 12-hour intervals thereafter. This tool helps insurers track the progression of the flooding regardless of cloud cover, persisting rain, night or day. ICEYE explains that its synthetic aperture radar sensors mounted on its constellation of satellites are unencumbered by these atmospheric conditions.

The combination of the two data sets means that insurers can both track and predict the evolving flood risk at individual locations in their portfolio.

As a result, carriers can dynamically organise customer resilience action using their on-the-ground supply chain who can deploy flood prevention measures.

Additionally, insurers are able to issue targeted communications to their customers, encouraging resilience and preservation of life action.

Rupert Bidwell, Vice President, Insurance Solutions at ICEYE, said: “We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK. Flood information before and during the event can be incomplete, as it is reliant on weather forecasts, models, and media – what we are providing is unique, it is the live tracking of the flood using our satellite constellation.

“It means insurers can be ahead of the water and deploy resources to prevent and mitigate flood damage, and proactively support and communicate with their policyholders and with communities, and ultimately reduce the rising cost and impact of floods.”

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