ICEYE Enters Into A
Strategic Partnership With Swiss Re Advancing
Natural Catastrophe Services With Radar
Satellite-Based Flood Monitoring
March 2, 2021
ICEYE announces its
strategic partnership with Swiss Re, one of the
world’s leading providers of reinsurance and
insurance. Building on ICEYE’s innovative
technology, the partnership will advance flood
risk management, assist disaster response and
speed up claims payments globally. Swiss Re’s
clients will benefit from enhanced insights and
bespoke solutions.
The partnership announced
today will advance Swiss Re’s natural
catastrophe services by enabling early warning
systems and near real-time flood monitoring
built on ICEYE’s world-leading flood monitoring
capabilities with radar satellite imaging.
ICEYE’s unique radar satellite constellation,
high resolution imaging capabilities, and rapid
response analysis fuels ICEYE’s monitoring
solution, which offers global coverage for Swiss
Re to track and react faster to floods around
the globe.
The strategic partnership
will initially focus on floods and it is
intended to expand to other perils soon after,
such as wildfires, wind and earthquake damages.
Flooding has been
consistently one of the most recurrent and
costly natural catastrophes our world suffers.
Modelling floods has proven particularly
challenging in locations with fine-scale changes
in elevation, complex terrains and man-made
structures as is typical for dense urban
centres. The partnership aims to address exactly
these areas where most of the flood modelling
today falls short and thereby addressing the
insurers’ pain points.
Swiss Re will gain access
to ICEYE’s SAR data on flood events on a global
basis, high accuracy observation-based flood
maps, snapshots of the developments of
individual floods, and water depth estimations
within 24 hours for these events. Swiss Re will
make footprint assessments of the events
available on CatNet® Premium – its proprietary
geo risk platform – thereby enabling its clients
faster loss assessment and payouts.
Pranav Pasricha, Swiss Re’s
Global Head of P&C Solutions: “We’re very
pleased to announce the strategic partnership
with ICEYE. By combining Swiss Re’s risk
knowledge with ICEYE’s data, we will be able to
further expand our capabilities in geo and
remote sensing. The partnership will enable us
to develop solutions, advance our services to
the benefit of our clients and enable faster
claims payouts. We see this as an important
commitment for a serious natural catastrophe
threat and think it could become a real game
changer.”
Charles Blanchet, VP
Solutions, ICEYE: “Swiss Re has challenged ICEYE
to create a transformative flood monitoring
capability for the insurance industry, and they
have helped us create it. We look forward to
partnering with Swiss Re to give Swiss Re and
their clients a competitive advantage in the
market.”