MAPFRE RE, a global reinsurer, has signed a licensing agreement with ICEYE, a provider of satellite-based disaster management solutions, to access its Flood Insights data globally.
The deal aims to improve MAPFRE RE’s catastrophe event response by integrating ICEYE’s near real-time flood data. This will help the reinsurer quickly estimate losses and understand the financial impact across its reinsurance portfolios.
ICEYE’s SAR satellite network delivers high-resolution flood extent and building-level inundation data within hours of an event. The partnership is especially valuable in Latin America, where real-time Earth observation data has been scarce.
MAPFRE RE is also evaluating ICEYE’s Hurricane Solution, launched in March, which provides a combined view of wind and flood damage across the U.S. within 24 hours of landfall.
Miriam García, manager of the Natural Perils Area at MAPFRE RE, said, “At MAPFRE RE, we are committed to ensuring that our response to extreme weather events is grounded in rapid access to high-quality data.
“Our agreement with ICEYE will provide us with a new level of hazard insight, heightening our situational awareness and enabling us to identify impact areas within hours and gain a clear understanding of the potential impact across our portfolios.”
ICEYE VP insurance solutions Rupert Bidwell said, “Today’s announcement marks an exciting step forward in our data collaboration with MAPFRE RE. By integrating the full capabilities of our flood solution into their existing response infrastructure and demonstrating the potential of our hurricane product, we’re equipping their teams with the most current, high-resolution damage data available.
“This will empower MAPFRE RE to establish much greater control over the financial impact of catastrophe events much earlier in the response process.”
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