ICEYE Enters into Data Agreement with Global Parametrics to Advance Disaster Risk Management and Risk Transfer Innovation

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ICEYE enters into a data agreement with Global Parametrics

ICEYE, the world’s leading provider of natural disaster insights and solutions, announced that it has signed an agreement with Global Parametrics, experts in the development of innovative solutions for climate risk and natural disasters, to provide flood data to support the development of an innovative parametric risk transfer solutions.

As part of the agreement, global data from ICEYE Flood Insights will be used by Global Parametrics to design, structure and execute parametric risk transfer structures. Additionally, in the event of a flood, Global Parametrics will use data from ICEYE Flood Insights to determine if a specified threshold has been reached and coverage is activated.

ICEYE owns and operates the largest constellation of synthetic aperture radar (SAR) satellites. By combining satellite imagery with ancillary ground-level information, the company provides reliable, consistent and accurate information on the extent and depth of major flood events around the world, in near real-time.

Parametric products provide a highly responsive and effective framework for improving the resilience of vulnerable communities to increasing flood risk. By offering quick payouts to affected individuals when a specific trigger threshold in the contract is reached or exceeded, such risk transfer solutions serve to minimize disruption and facilitate faster recovery.

Commenting on the announcement, Angus Kirk, CEO of Global Parametrics, said: Our mission is to build economic resilience by extending protection to vulnerable and underserved markets and communities. Advances in parametric risk transfer mechanisms are central to that mission. Integrating ICEYE’s flood hazard data into our risk transfer frameworks supports the development of more responsive solutions to mitigate the financial effects of extreme weather and natural disasters.

Stephen Lathrope, Global Head of Insurance, ICEYE, added: By providing our high-resolution data to Global Parametrics in near real-time for flooding around the world, we aim to significantly reduce the time from impact to payout for affected communities . As a changing climate increases the threat of flooding, the ability to provide timely financial support and build community-level resilience is becoming increasingly critical.

About ICEYE

ICEYE offers unmatched persistent monitoring capabilities for any location on earth. With the world’s largest constellation of synthetic aperture radars, the company enables data-driven, objective decisions for its customers in industries such as insurance, natural disaster response and recovery, security, marine monitoring, and finance. ICEYE data can be collected during the day or night and even through cloud cover. For more information, visit www.iceye.com

Contact with the media[email protected]ON GLOBAL PARAMETRICS

Rethinking Risk to Build More Inclusive Resilience: Extreme weather events and natural hazards are being exacerbated by climate change, increasing the frequency and intensity of economic shocks that disrupt businesses and threaten livelihoods.

Founded in 2016, Global Parametrics is a specialist provider of parametric solutions for natural hazards and extreme weather hazards, with a focus on emerging economies and vulnerable and underprivileged communities. Working with the private, public and third sector, GP uses its innovative climate, seismic and financial risk modeling to rethink resilience for a new era of risk. Learn more at: https://globalparametrics.com/

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