ICEYE launches pilot flood scheme with If P&C Insurance

Natural catastrophe data provide ICEYE has partnered with If P&C Insurance on a pilot scheme for the use of its Flood Insights product.

ICEYE’s data and insights are intended to enable users to gain rapid situational awareness of any flood event globally. High resolution flood imagery is captured via ICEYE’s proprietary SAR satellite constellation and combined with auxiliary information – including elevation models, ground sensors and river gauges – to generate flood extent and depth insights within 24 hours of a flood’s peak.

If P&C Insurance will use the data produced to support data-driven claims handling processes for flood-related losses and proactively respond to customer needs during an event. It also expects that the accurate sizing of flood losses will support better understanding of potential financial impacts and reserve setting for events.

Tuomas Räikkönen, head of large & international claims at If P&C Insurance, said: “One of the known megatrends is global climate change. We want to seek new innovative ways to be on top of this development and increase our ability to be by our customers’ side. ICEYE provides a great example of technology-enabled and data-driven services that can be embedded into the more traditional claims handling services.”

Rafal Modrzewski, CEO & co-founder of ICEYE, added: “We are keen to support If P&C Insurance in its efforts to ensure it is best positioned to respond to the demands of an increasingly flood-exposed world. ICEYE’s rapid-response data capabilities and ability to monitor floods with accuracy and consistency enables insurers to quickly and efficiently size losses, allocate resources effectively, and deliver a more customer-centric claims process.”

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