ICEYE has entered into an agreement with Global Parametrics to provide flood data to support the development of innovative parametric risk transfer solutions.
ICEYE states that as part of the agreement, its global Flood Insights data will be used by Global Parametrics to design, structure and execute parametric risk transfer structures.
In the event of a flood, Global Parametrics will use ICEYE’s Flood Insights data to determine if a specified threshold has been met and the cover is triggered.
According to ICEYE, it owns and operates the largest constellation of synthetic aperture radar (SAR) satellites.
The firm suggests that by combining satellite imagery with auxiliary ground-level information, it delivers reliable, consistent, and accurate insight into the extent and depth of major flood events around the world.
Commenting on the agreement, Angus Kirk, CEO of Global Parametrics, said, “Our mission is to build economic resilience by extending protection to vulnerable and underserved markets and communities.
“Advancements in parametric risk transfer mechanisms are critical to that mission. Integrating ICEYE’s flood hazard data into our risk transfer structures supports the development of more responsive solutions to mitigate the financial effects of extreme climate and natural disasters.”
Stephen Lathrope, Global Head of Insurance, ICEYE, said, “By providing our high-resolution data to Global Parametrics in near real-time for floods around the world, we aim to help significantly reduce the time from impact to payment for communities affected.
“As a shifting climate escalates the flood threat, the ability to deliver such timely financial support and bolster resilience at the community level is becoming ever more critical.”