The company’s latest offerings include a high-resolution Flood Early Warning system and ongoing customer trials of Flood Rapid Impact solutions, specifically designed to empower insurers with real-time insights into flood risks.
ICEYE’s Flood Early Warning solution enables predictive forecasting of flood impacts up to four days in advance, offering granular insights at the building level. Leveraging satellite data overlaid with flood hazard zones from UK country environment agencies, this tool equips insurers with actionable intelligence to proactively manage flood risks.
Complementing this, ICEYE’s Flood Rapid Impact solution delivers rapid satellite data-derived flood extent maps within 12 hours of the onset of flooding, with subsequent updates every 8 to 12 hours. By leveraging synthetic aperture radar sensors unaffected by atmospheric conditions, insurers can monitor flood progression irrespective of cloud cover, persistent rain, or time of day.
The integration of these two datasets enables insurers to track and predict evolving flood risks at individual locations within their portfolio, facilitating dynamic organization of customer resilience efforts. This proactive approach empowers insurers to deploy flood prevention measures through on-the-ground supply chains, thereby minimising potential losses.
Moreover, insurers can leverage targeted communications to educate and encourage customers to take proactive measures to enhance resilience and protect lives and property in the event of flooding.
ICEYE’s innovative satellite solutions represent a significant advancement in flood risk management, offering insurers unparalleled insights and capabilities to mitigate risks and support customer resilience efforts. As the UK insurance sector embraces technological innovation, ICEYE’s offerings are poised to revolutionize flood risk assessment and management practices, ensuring enhanced protection for insurers and their policyholders alike.
Rupert Bidwell, Vice President, Insurance Solutions at ICEYE, commented, saying: “We believe ICEYE’s Flood Early Warning and Flood Rapid Impact will be transformational in the way insurers can handle floods in the UK. Flood information before and during the event can be incomplete, as it is reliant on weather forecasts, models, and media – what we are providing is unique, it is the live tracking of the flood using our satellite constellation.
Bidwell added: “It means insurers can be ahead of the water and deploy resources to prevent and mitigate flood damage, and proactively support and communicate with their policyholders and with communities, and ultimately reduce the rising cost and impact of floods.”
