ICEYE, a satellite-powered disaster management solutions provider, has expanded its data licensing agreement with insurance company Aon.
The enhanced agreement will see Aon include ICEYE’s Flood Insights data across the globe and Wildfire Insights data for the US.
Go deeper with GlobalData
It aims to bolster event response capabilities for Aon’s reinsurance clients by incorporating near real-time flood and wildfire data into loss analysis of catastrophic events.
This high-resolution insights data is expected to enable Aon to provide clients with detailed, location-level analysis of the impact of floods and wildfires on properties.
ICEYE’s constellation of NewSpace satellites, equipped with synthetic aperture radar (SAR) technology, are said to offer monitoring capabilities for any location on Earth.
This technology ensures visibility, regardless of weather conditions or time of day, and is capable of penetrating smoke, ICEYE said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHazard and damage data is made available within hours of an event occurring, with updated analysis provided as the situation develops.
ICEYE senior vice-president for solutions Stephen Lathrope said: “ICEYE is delighted to be expanding its data agreement with Aon and building on the success of the solutions we have supported.
“In an increasingly volatile natural catastrophe environment characterised by increasing frequency, severity and complexity, rapid access to damage and hazard data will be critical.”
Aon global head of property analytics for reinsurance Dan Dick said: “As climate risk further influences the behaviour of weather events, Aon is committed to providing its clients with the most accurate and comprehensive catastrophe data and analytics.
“By integrating ICEYE’s Flood Insights and Wildfire Insights into our event response solutions, we can provide enhanced clarity and confidence around the immediate financial impact of catastrophic events as they develop, ultimately leading to better business decisions for our clients.”
The partnership is not new; ICEYE and Aon have previously worked together to provide insurers with flood hazard data after severe flooding events in Japan to reduce volatility and improve understanding of the post-event impact on insurance portfolios.
In May, ICEYE introduced satellite-based solutions to enhance flood life cycle management for the UK insurance industry.
