Near Space Labs, an aerial imagery provider for insurance applications among others, has announced the deployment of stratospheric robots across the United States, which will contribute to delivering improved aerial imagery throughout the country.
With enhanced 7cm resolution capabilities that match or exceed conventional aerial survey quality, this achievement marks the establishment of the first network of stratospheric robots in the continental US, delivering ultra-high-resolution aerial imagery across the country, the firm stated.
Near Space Labs’ The Swift are zero-emission robots that can capture up to 1,000 square kilometres of imagery per flight – equivalent to New York City’s five boroughs.
This compact 12-pound autonomous system flies at 60,000-85,000 feet, providing insurance companies, urban planners, and government agencies access to precisely detailed, frequently updated aerial imagery, which is affordable compared with traditional methods, according to the firm.
The nationwide expansion of Near Space Labs and enhancements in imaging capabilities arrive at a crucial time for the US home insurance sector. In 2023, the industry confronted its most severe crisis in decades, experiencing net combined ratios surpassing 110% and losses soaring beyond $101 billion.
These results are largely driven by increasingly frequent and severe weather events – from devastating hurricanes and tornadoes to catastrophic wildfires.
As major insurance carriers withdraw from high-risk states such as Florida, California, and Texas, a series of grave consequences ensue, jeopardizing both homeownership and regional economies.
At the core of this crisis lies the widening disparity between escalating climate risks and insurers’ capacity to accurately evaluate them, Near Space Labs highlighted.
Rema Matevosyan, CEO of Near Space Labs, said: “Many insurance companies are still relying on aerial data collection methods from the 1950s to assess 2024’s climate risks. When you consider that only six percent of the $250 billion in losses from Hurricane Helene may be covered by insurance, it becomes clear that outdated risk assessment methods are creating a domino effect: poor data leads to inadequate policy pricing, which leads to carrier losses, which ultimately forces insurers to abandon entire markets—leaving homeowners stranded and unable to secure mortgages.”
Near Space Labs claims that the nationwide deployment of their highest quality imaging technology solves this problem by offering insurance carriers up-to-date and detailed property information every quarter.
“This unprecedented frequency of updates enables insurers to monitor changing conditions, assess risks more accurately, and price policies appropriately – potentially enabling them to remain in or return to markets they previously abandoned,” the firm stated.
