Minimum 43,400 buildings impacted by European floods: ICEYE

Minimum 43,400 buildings impacted by European floods: ICEYE

Upwards of 43,400 structures are approximated to have been impacted by the recent serious flooding in Europe, a minimum 7,500 of which are believed to have been impacted by high flood waters therefore most likely will drive fairly substantial insurance claims, data from ICEYE shows.ICEYE has a constellation of artificial aperture radar satellites and its Flood Monitoring Solution provides the insurance coverage and reinsurance industry a near real-time flood degree and depth data product, with resolution at the structure level, all available within 24 hours of a flood event.
The business has shared some insights into what its flood monitoring product shows for the current flooding that hit western and main Europe.
The data, as ICEYEs flood degree mapping recommends a minimum of 43,400 structures will have been affected by the flooding in total throughout Europe.
27,400 of these remain in Belgium, 9,300 in Germany, 3,100 in Luxembourg, 1,750 in the Netherlands and 850 in France. The data is from the first wave of flooding, so does not consist of Austria which was also affected in a second flood event.
The numbers in Germany are anticipated to rise, while others may alter as ICEYE updates its insights.
19,900 of the minimum buildings affected throughout Europe by ICEYEs data are thought to have experienced low flood water levels, 16,000 medium and 7,500 high flood water levels.
The greater the flood water level, the larger the average claim is most likely to be, would appear a practical way to look at this. Most likely not always the case, as some outliers such as commercial structures might be shuttered for weeks after just a low level flood depth, driving service disruption claims.
ICEYEs flood tracking team tracked the weather systems that set off the flood event as they established and its satellite constellation captured artificial aperture radar (SAR) images across the affected regions in advance of flood peaks across Europe.
ICEYE kept an eye on the establishing flooding throughout the 6 separate countries, combining the SAR imagery with other data sets, including aerial imagery, open-source images, river/tidal gauge information, watersheds, and digital elevation designs, to carry out a fast analysis of the flood level and depth for the majority of affected regions, consisting of level of depth for private buildings.
A sample ICEYE visualisation from these floods for Bad Neuenahr-Ahrweiler, Germany can be seen listed below, revealing a total of 2,907 buildings within the flood extent.

Nathan Uhlenbrock, Solutions Architect, ICEYE, explained, “The severe rainfall over big parts of Europe has resulted in comprehensive flooding in a number of countries, causing many deaths and extensive property damage.
” The ICEYE flood tracking team recognized the capacity for a considerable flooding occasion in the region 5 days before the flooding commenced, as the weather models and our flood forecast information indicated heavy rain, over a fairly brief time period, and on top of already-saturated ground.
” Once the possible flooding event was determined, we produced plans to catch comprehensive artificial aperture radar (SAR) imagery of the areas more than likely to be affected: Belgium, France, Germany, Luxembourg, The Netherlands and Switzerland. To date on this flood event, we have imaged and evaluated an area of more than 90,000 km ².”.
Charles Blanchet, VP Solutions, ICEYE, added, “By supplying high-resolution, precise, and constant flood extent and depth data, ICEYE enables brokers, reinsurers, and insurance companies to quickly produce accurate loss quotes for the flood-impacted regions and allocate capital in reaction.
” By supplying this information within 24 hours from the high water mark, we enable insurers to connect to affected clients, deploy field resources efficiently, and procedure claims quicker and more efficiently right away after the occasion.”.
This kind of data is very helpful in helping insurance coverage and reinsurance market participants more rapidly comprehend the impacts of a flood event and as ICEYE owns its own satellite constellation its method is completely proprietary and results can be delivered extremely rapidly to clients.
Flood insurance coverage claims to property homes appear to average in the region of United States $40,000 to US $70,000, based upon data from the US, UK and Germany.
Commercial residential or commercial property flood insurance claims can be considerably greater in some cases, particularly where service disturbance is included to pure property damage claims.
Even on the typical residential claim, it is really simple to get up to the EUR 2 billion aggregate claims mark, but with business and industrial property claims too included, plus interruption to businesses, its very easy to visualize the industry overall rising into the EUR 4 billion plus region, based upon the minimum numbers of residential or commercial properties believed affected by the floods, according to ICEYEs information.
Which lines up with the current insurance coverage and reinsurance market loss price quotes, which seem ranging from EUR 2.5 billion as much as EUR 5 billion, possibly a little higher, at this time.
Also check out:.
— European flood market loss seen as much as United States $3bn by Berenberg.
— Europe floods will not affect feline bonds, reveal need for defense: Plenum.
— European flood losses might support reinsurance renewal prices: BofA.
— European flood losses expected in the several billions of Euros: Aon.
— Ongoing European flood event to drive market losses in the billions.

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