Building on ICEYE's innovative technology and Swiss Re's risk knowledge, the partnership will advance flood risk management, assist disaster response and speed up claims payments globally. It will initially focus on floods and it is intended to expand to other perils soon after, such as wildfires, wind and earthquake damages.
Swiss Re will track and react faster to floods around the globe due to ICEYE's unique radar satellite constellation, high resolution imaging capabilities, and rapid response analysis fuels ICEYE's monitoring solution. Swiss Re will be able to enabling early warning systems and near real-time flood monitoring built on ICEYE's world-leading flood monitoring capabilities with radar satellite imaging.
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.
Pranav Pasricha, Swiss Re's Global Head of P&C Solutions declared:"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 added: "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."