Swiss Re has formed a strategic partnership with ICEYE to improve its flood risk management capabilities.
ICEYE is a commercial synthetic-aperture radar (SAR) satellite operator and flood monitoring provider. The platform boasts worldwide coverage and is capable of providing data-driven decisions to address time-critical challenges, such as floods.
The partnership will enable Swiss Re to access early warning systems and near real-time flood monitoring capabilities. This will help avoid disaster, speed up claims payments globally and offer improved insights.
Initially, this partnership will be focused on floods, but plans are in place to expand it to other issues, including wildfires, wind and earthquake damages.
Swiss Re global head of P&C solutions Pranav Pasricha said, ”We’re very pleased to announce the strategic partnership with ICEYE. By combining Swiss Re’s risk knowledge with ICEYE’s data, we will be able to further expand our capabilities in geo and remote sensing.
“The partnership will enable us to develop solutions, advance our services to the benefit of our clients and enable faster claims payouts. We see this as an important commitment for a serious natural catastrophe threat and think it could become a real game changer.”
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