Liberty and ICEYE have launched a building-level parametric wildfire insurance product aimed at speeding up claims payments following wildfire events.

Initially available in Australia and the US, the cover uses data from ICEYE's Synthetic Aperture Radar satellite constellation to assess damage to insured properties. The technology can capture imagery through smoke, at night and in adverse weather conditions.

Following a wildfire, satellite imagery is analysed alongside property footprint data and machine learning tools to determine whether a building meets predefined criteria for being classified as destroyed or undamaged.

Jean-Christophe Garaix, head of parametrics and agriculture at Liberty, said: “By pushing the boundaries of technology, we are delivering a new generation of parametric wildfire coverage that is faster, more responsive, and fully data driven. Our property wildfire cover is remotely sensed and designed to address the growing threat of wildfires, providing reliable protection alongside traditional insurance that allows for more efficient claims settlement.”

Anke Sielker, head of reinsurance solutions at ICEYE, added: “We are delighted to be working with Liberty on this ground-breaking solution. Built on rapid and verifiable observation data from our SAR satellite constellation, this offering provides quick confirmation when agreed loss parameters are met. The result is fast, precise, and consistent damage assessments at the individual property level, and can be deployed in high-risk areas to support multi-asset portfolios or regional programmes.”

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