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Descartes Underwriting and ICEYE Announce Partnership to Propel Parametric Insurance Product Design with Advanced Flood Observation Technology

HELSINKI, October 20, 2021 (ICEYE PR) – ICEYE, a leader in persistent monitoring and provider of flood hazard data today announced a partnership with Descartes Underwriting, the largest independent parametric-specialized firm. The collaboration will push the frontier of flood risk modelling and parametric insurance by combining Descartes’ ability to incorporate state-of-the-art technology into its parametric insurance product design with ICEYE’s innovative synthetic-aperture radar (SAR) flood data and monitoring capabilities. Leveraging ICEYE’s multi-source flood insights, Descartes will be able to establish precise parametric triggers for a larger global client-base and make swift claims payment based on exact client locations within a flood event.

Floods rank among the most costly and recurrent natural hazards across all regions of the world. Compounded by climate change, flood risk has also proven increasingly challenging to model and insure. Accurate assessment and data coverage for areas with granular elevation changes, or rapidly expanding impervious surfaces, pose technical hurdles for insurers. Data loss and inaccuracies during flood events, due to the inherent vulnerabilities of physical flood gauges and sensors, can also prove especially challenging for insurance pricing and claims processing. The partnership between Descartes Underwriting and ICEYE seeks to address these pain points.

  • Parabolic Arc
  • October 20, 2021