ICEYE, Juniper Re ink multi-year flood and wildfire data partnership

ICEYE, Juniper Re ink multi-year flood and wildfire data partnership | Insurance Business Asia

Reinsurance

ICEYE, Juniper Re ink multi-year flood and wildfire data partnership

Move set to bolster reinsurer’s client support capacities

Reinsurance

By
Kenneth Araullo

ICEYE has entered into a data collaboration agreement with Juniper Re, a subsidiary of BRP Group, to enable Juniper Re to utilize ICEYE’s flood and wildfire insights data, enhancing their service offering to carrier clients by providing near real-time data on significant events.

Juniper Re explains that this initiative is part of the company’s commitment to integrating solutions to bolster client support. Through rapid access to detailed hazard and damage assessments provided by ICEYE, Juniper Re’s clients will be equipped to respond swiftly and effectively to natural disasters, thereby enhancing their decision-making processes and capacity to manage potential losses.

ICEYE operates a constellation of synthetic aperture radar (SAR) satellites globally, which are pivotal in providing continuous Earth observation data. This technology ensures the insurance industry can maintain constant monitoring of any location worldwide, offering consistent visibility regardless of weather conditions or time of day.

Adam Miron, head of catastrophe analytics at Juniper Re, emphasized the transformative impact of this technology.

“ICEYE’s ground-breaking technology is a game changer for persistent monitoring and actionable insights. The ability to identify specific risks and ground-truth damage at scale, no matter the condition, in near real-time is revolutionary. Damage can be understood in hours as opposed to days, allowing our clients to quickly understand the impact of an event and promptly undertake loss mitigation steps,” Miron said.

Kurt Jackson, head of insurance, Americas at ICEYE, also expressed enthusiasm about the partnership.

“We are delighted to collaborate with Juniper Re and support the development of leading-edge data solutions. This collaboration aligns with ICEYE’s mission to get near real-time observed data into the hands of carriers and brokers following extreme weather events, enabling the industry to make better and faster decisions,” Jackson said.

What are your thoughts on this story? Please feel free to share your comments below.