Reinsurance News

ICEYE adds flood insights to EigenRisk’s cat risk management platform

22nd April 2022 - Author: Jack Willard

SAR data provider and expert in environmental flood hazard data, ICEYE and EigenRisk, a leading and independent insurance technology platform provider, have announced a new agreement to incorporate ICEYE’s flood insights for large-scale flood events into the EigenPrism catastrophe risk management platform.

EigenPrism provides a single, cloud-based platform for catastrophe data, analytics, modelling and reporting.

Spanning all major perils, the system is designed to support enhanced planning, monitoring, and response capabilities for global catastrophes.

In addition. ICEYE owns and operates the worlds largest SAR satellite constellation.

By combining high resolution satellite imagery with auxiliary information sources, ICEYE is able to generate unique flood observation data anywhere in the world in near real-time, which includes accurate flood extent footprints and detailed flood depth measurements at the individual building level.

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EigenRisk President, Deepak Badoni, commented: “With the impact of global climate change, flood exposures now pose more significant threats than ever to businesses, communities and government entities in all areas of the world, and difficult challenges for commercial and residential insurers, and reinsurance companies.

“Our relationship with ICEYE provides access to valuable data to quickly evaluate inland or coastal flood footprints anywhere in the world, which can help facilitate timely event response and loss sizing exercises.”

Chief Executive Officer and co-founder of ICEYE, Rafal Modrzewski, added, “We’re pleased to work with EigenRisk as one of our ICEYE Solutions Partners and to offer our market-leading flood insights to the risk management and insurance community through their EigenPrism platform.

“Our satellite-based flood monitoring tools deliver precise assessments in near real-time regardless of weather conditions, which make them critical resources for effective flood risk management and disaster response.”

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