Descartes and ICEYE in parametric partnership

Descartes Underwriting has announced a partnership with ICEYE to offer a solution that combines ICEYE’s SAR data to enable parametric coverage for flood events at any location.

The global coverage of ICEYE imagery also allows the expansion of parametric insurance policies into regions and geographies where data limitations impeded previous coverage.

Sebastian Piguet, head of underwriting at Descartes Underwriting said: “We consider access to accurate data, provided by an independent third party, to be a prerequisite for all parametric insurance contracts. We are thus delighted to partner with ICEYE to advance the frontier of parametric flood insurance and expand our offering to a wider geographic client-base based on ICEYE’s data.”

Lisa Wardlaw, global head of insurance solutions at ICEYE added: “The climate crisis calls for a revolutionary approach to insurance that fuses science, data and finance. We are proud to partner with Descartes, a company that shares our commitment to innovation. Our unique global flood monitoring solutions consistently provide data on whether a given parameter has been met or exceeded at any location worldwide. By reporting on such activity quickly and effectively, ICEYE is enabling flood monitoring that has been impossible until now.”

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