In a strategic move to address the growing challenges of flood risk exacerbated by climate change, Capella Space Corp., a prominent American space tech company specialising in satellite solutions, has announced a partnership with Floodbase, a leading data provider and reporting agent for parametric flood insurance.
The collaboration aims to integrate Capella’s high-resolution Synthetic Aperture Radar (SAR) satellite data into Floodbase’s end-to-end parametric flood insurance solution.
Traditional insurance is increasingly insufficient in the face of escalating flood risks, making parametric insurance a vital tool in enhancing flood resilience.
Floodbase, renowned for its multi-sensor fusion approach, will now incorporate best-in-class SAR imagery from Capella’s satellite constellation.
This integration allows for enhanced payout trigger certification, capturing the magnitude of flooding in unprecedented detail, irrespective of cloud cover.
The key innovation lies in Floodbase’s ability to leverage Capella’s automated tasking API. This feature enables rapid tasking of SAR imagery, even at night or through cloudy conditions, ensuring the validation of flood maps and accurate assessment of flood magnitudes at specific locations.
The result is a strengthened capability to produce reliable, large-area flood maps regardless of weather conditions or time of day.
As a certified Capella Analytics Partner, Floodbase gains exclusive program benefits, including open access to Capella’s extensive imagery archive for research and development purposes.
This partnership will also foster product and sales collaboration, allowing Floodbase to further expand its analytical capabilities, increase customer value, and accelerate product development.
Dan Getman, VP of Product at Capella Space, expressed excitement about the collaboration, stating, “The combination of Floodbase’s large-area parametric insurance solution with Capella’s high-resolution SAR imagery will unlock new parametric use cases to support at-risk communities during severe flooding events.”
Annbjørg Medhaug, Chief Product & Strategy Officer at Floodbase, commended Capella’s SAR sensor for its impressive resolution and reliability.
She highlighted the significance of automating tasking via API and emphasised that the parametric flood insurance solution resulting from this partnership would outshine competing solutions across a broad range of use cases and clients.
