ICEYE & McKenzie to deliver portfolio-level property flood loss estimates

ICEYE & McKenzie to deliver portfolio-level property flood loss estimates

By supplying ICEYEs exclusive flood danger data, we can improve the services that MIS is delivering under its two-year partnership with Lloyds and deliver world-class satellite images and data to the market.”
” We are really delighted to be joining forces with ICEYE on offering flood loss analysis to the Lloyds market,” included Forbes McKenzie, CEO of MIS. This new collaboration will add more value cases for Lloyds distributes and deepen our understanding of flood dangers.

ICEYE, a supplier of satellite information for decision-making and analysis, and McKenzie Intelligence Services (MIS), a geospatial info, insurance coverage and reinsurance intelligence provider, have actually teamed up to deliver portfolio-level property loss approximates for flood occasions to the Lloyds market.ICEYE is going to deliver the flood analysis to augment McKenzies MIS Global Events Observer (GEO) platform so that insights on significant flood market loss events can be supplied to insurance and reinsurance underwriters in the Lloyds market.
ICEYE will feed active flood danger information to MIS systems, before, during and after large-scale flood events.
It will consist of flood depth information at the private building level across the flooded locations, uniting satellite imagery created by synthetic-aperture radar (SAR) along with flood measurements from auxiliary sources, including river and tidal determines, digital elevation designs, ground sensors and watershed maps.
In this way a home level image of flood extent and effects can be derived, which will offer crucial info to underwriters, to help them understand the prospective portfolio-level effects of any flood occasion.
ICEYEs service is separately proven, transparent, and offers a consistent way to derive an accurate flood depth measurement in near real-time for any place anywhere in the world, with this service readily available to insurance coverage and reinsurance market interests worldwide.
A lot of fascinating though, for our readership, is how such services can be utilized to inform portfolio supervisors on the possible impacts and losses from major flooding events, along with how they might be used to build parametric triggers, concentrated on specific high-risk flood zones, against which insurance or reinsurance security could be acquired (or offered) and activated when flood depths rise above certain levels, in specific areas.
MIS offering uses multiple data sources, including satellite, drone, and CCTV images, and through its GEO platform supplies the insurance market with observation-based portfolio and specific home loss price quotes, seemingly for claims and reporting functions.
The marketplace needs these type of services to aid in handling portfolios of threat, but also in building defense for them therefore ICEYEs flood analytics, integrated with portfolio or industry exposure type insights, might make for an intriguing proposal, in terms of parametric trigger construction.
” We are delighted to be announcing our contract with McKenzie Intelligence Services,” Lisa Wardlaw, Global Head of Insurance Solutions at ICEYE discussed. “This collaboration combines 2 Lloyds Lab graduates, integrating best-in-class observation analysis from ICEYE with the innovative decisions-as-a-service platform GEO from MIS. By providing ICEYEs proprietary flood risk data, we can enhance the services that MIS is delivering under its two-year collaboration with Lloyds and provide world-class satellite images and data to the marketplace.”
” We are very pleased to be joining forces with ICEYE on offering flood loss analysis to the Lloyds market,” included Forbes McKenzie, CEO of MIS. “Through our involvement in the Future at Lloyds programme over the past 2 years, we have acquired unprecedented insights into how our innovation can add extra worth to the entire insurance coverage value chain. This new collaboration will add more value cases for Lloyds syndicates and deepen our understanding of flood dangers. We look forward to working with ICEYE to much better serve the Lloyds market.”
Building level flood analysis and decision-making is relevant even more extensively than simply in the Lloyds market, where this statement was focused.
Granular insights into establishing flood events, utilizing multiple information sources and satellite images, can both prepare underwriting business and portfolio managers for losses and provide important insights for threat pricing in the future.
Details on how floods establish, along with which areas flood fastest and inmost, can supply danger ranking insights that inform underwriting choices.
At the portfolio level, it would be possible to develop and build flood depth and extent associated parametric triggers, which would utilise a service like this as reporting and calculation agent, to deliver real-time triggering of flood insurance, or at the portfolio level reinsurance.
Both intriguing chances for the business involved, however more importantly the market as it seeks to better cover significant flood occasions.

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