In a speech at this year’s World Economic Forum in Davos, Rafal Modrzewski, CEO and Co-Founder of ICEYE, emphasised the pivotal role of satellite technology in rebuilding trust and addressing key global challenges, particularly in the realm of insurance.
Modrzewski emphasised the transition towards a new set of global conditions, citing the Global Risks Report, which highlighted pressing challenges like misinformation and extreme weather.
He drew parallels between the challenges posed by new technologies, such as AI and space tech, both lacking clear regulatory frameworks. Despite short-term challenges, he expressed optimism about the long-term benefits these technologies bring.
The CEO underscored the impact of technology in addressing climate change, emphasising the role of satellite technology in global risk management. He stressed the importance of collective action and meaningful conversations to construct a resilient future.
Modrzewski explained how advances in satellite technology, particularly Synthetic Aperture Radar (SAR), can aid this transition by providing quick and reliable information about any location on Earth.
SAR’s ability to track changes and predict natural disasters offers valuable insights for governments and insurance companies to respond rapidly and accurately.
The CEO highlighted satellite data’s role in empowering governments and industries to address societal challenges, including natural disasters, national security, deforestation, and marine preservation.
He emphasised that SAR technology is a game-changer for insurers and governments responding to natural perils, enabling near real-time situational awareness.
In terms of public-private partnerships, Modrzewski noted that the intensifying impact of climate-related perils calls for greater collaboration.
ICEYE’s contribution involves supporting such partnerships to reduce the protection gap and deliver innovative insurance or assistance to at-risk uninsured populations.
Finally, Modrzewski looked ahead, predicting that satellite technology will revolutionise various industries, including improved carbon sequestration management, initiatives for ocean cleaning, and the development of autonomous shipping systems.
