ICEYE seeks to increase damage observation footprint

Earth observation satellite firm ICEYE’s recent launch of four new satellites is part of a trend that it seeks to continue, as it keeps growing its offering. 

Speaking to Monte Carlo Today, Stephen Lathrope, senior vice president of solutions, and Rupert Bidwell, vice president of insurance solutions at ICEYE, highlighted the advances that ICEYE has made in Earth observation and data analysis for the insurance industry. 

Lathrope explained the company’s foundational technology: a constellation of synthetic aperture radar (SAR) satellites that offer what he says is “unparalleled real-time observation of natural catastrophes, particularly floods and wildfires”. 

“We’ve launched 38 satellites so far,” Lathrope said, positioning ICEYE as a leader in SAR technology and known for its ability to deliver vital data on a global scale. “This year, our focus has been on further developing our flood product, and we’re now able to analyse flooding at higher resolution almost anywhere on the planet.” 

ICEYE’s flagship product, Flood Insights, is designed to monitor and report on flood events. Over the past three years, the company has analysed more than 220 events globally. 

“Our strength lies in the detail,” Lathrope said, explaining that ICEYE provides the extent of flooding and also water depth—important data for insurers assessing damage. 

“Within 24 hours of the first high watermark, we report on the extent and depth of the water. Then we update every 24 hours, allowing insurers to make quicker decisions,” he added. 

In response to the growing demand for even faster information, ICEYE introduced a second product, Flood Rapid Impact, which forgos depth analysis in favour of speed, delivering flood extent data within just 12 hours. 

“That gives insurers the ability to react more rapidly to events,” said Lathrope. He noted that the product was developed specifically based on feedback from insurance customers who prioritised the speed of information over more detailed data. 

One major milestone for ICEYE in 2024 was its partnership with global reinsurance broker Aon, which now uses ICEYE’s Flood Insights and Wildfire Insights products to support emergency response efforts worldwide. 

Lathrope described the partnership as “a strong development for us”, noting that Aon’s use of ICEYE’s technology demonstrates the value of real-time, observational data. This relationship has helped ICEYE showcase its capabilities to insurers globally. “It’s important for us and for Aon,” Lathrope said, “because it gives access to our product to so many more insurers around the world.” 

“It’s relatively easy for us to analyse wildfire damage quickly.”

More than flood

ICEYE’s monitoring doesn’t stop at floods. The company has ventured into wildfire monitoring, particularly in the US and Australia. “With wildfires, we focus on damage to buildings,” said Lathrope, noting the ease with which SAR technology can detect destroyed structures. 

“It’s relatively easy for us to analyse wildfire damage quickly,” he explained, describing how ICEYE can differentiate between manmade structures and natural surroundings, helping insurers assess the impact. 

Bidwell pointed towards future plans. “We’re working on multi-peril solutions,” he shared. ICEYE is currently researching wind and earthquake monitoring, with a pilot wind product potentially launching in 2025. 

“We expect the wind product to be launched next year, depending on how this hurricane season progresses,” Bidwell noted. The objective is to provide insurers with pre-landfall observations and then compare these to post landfall images of the affected built-up areas to support damage estimates, an area where current models often fall short. 

“What we do will fill a pivotal information gap,” Bidwell added, pointing out that insurers typically wait three to four days for detailed assessments after a storm, a delay that ICEYE’s satellite technology can eliminate. 

For more news from the Rendez-Vous de Septembre (RVS) click here.

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