ICEYE pitches SAR flood archive for insurance underwriting across Asia Pacific

ICEYE says its radar satellite data, long used for rapid post-catastrophe claims response, is increasingly being applied to underwriting and pricing in Asia Pacific. Australia is its largest regional market by breadth of insurance adoption, while Japan is another major one, where Sompo Japan now uses its flood insights.

New flood coverage is being rolled out in India, Thailand, Vietnam, the Philippines, Taiwan and South Korea, and ICEYE has opened an office in India. After about five years of flood observation, it holds data on roughly 600 floods in more than 35 countries, recording actual flood extent and depth rather than modelled outcomes. Stephen Lathrope, senior vice president for solutions, said QBE has used it to study restoration costs. ICEYE also expects parametric insurance to grow in Asia, building on its data supply for protection-gap schemes in Africa.

Why it matters: Archives of observed flood extent and depth shift SAR from emergency response towards risk selection and pricing. The same approach to parametric cover, already supplied in Africa, could extend to data-poor, under-insured markets.