Radar satellite technology brings advancements in flood monitoring and loss assessments at Swiss Re
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Extreme weather events are becoming more common with time and 2020 presented the fifth-costliest year for the insurance industry since 1970 according to the Swiss Re Institute. On top of the anguish and hardship caused by natural disasters at their peak, the affected population can also face slow claims payments from insurance companies following these events. But new technology seeks to alleviate these burdens by reducing the amount of time to assess loss.
Swiss Re and ICEYE, the world's largest commercial radar satellite operator, have agreed a strategic partnership to advance Swiss Re’s natural catastrophe services with state-of-the-art radar satellite monitoring technology. This technology will provide early warning systems and near real-time monitoring before and during the event and high-resolution imaging and rapid response analysis 24 hours following the event. As a result, insurers will be able to track and react faster to natural catastrophes around the world, confirming losses within days of an event instead of weeks or even months.
The partnership will initially focus on flooding, which is recognized as one of the most common and costly disasters with unique modeling complications related to terrain and man-made structures.
Flooding usually occurs as a secondary peril, or event caused in reaction to another natural catastrophe thus causing a great deal of damage to an already vulnerable area. The solution will later expand to additional disasters, including wildfires, wind and earthquakes.