- Satellite technology is revolutionizing the field of parametric insurance.
- ICEYE, a leading satellite data provider, is using its advanced satellites to provide real-time data on natural hazards and disasters.
- This data allows for more precise and efficient responses to disasters, helping to enhance resilience and protect at-risk communities.
- Greater public-private partnerships are needed to address climate and disaster risks, and satellite technology can play a crucial role in these efforts.
Satellite technology is transforming the field of parametric insurance, according to Rafal Modrzewski, CEO and Co-Founder of ICEYE, a leading satellite data provider. Speaking at the World Economic Forum in Davos, Modrzewski highlighted the important role that satellite data can play in enhancing societal resilience and improving the response to natural perils.
While earth observation data has been used in parametric insurance for over a decade, recent advancements in satellite technology have led to a proliferation of data becoming available at faster speeds. ICEYE’s constellation of advanced satellites is already being used in parametric insurance and risk transfer, as well as in other industries to monitor natural hazards in real-time.
Modrzewski explained that satellite technology provides the ability to quickly and reliably gather information about any location on Earth. This is crucial in a world where the volume of information generated can make it difficult to determine what is actually happening on the ground. Satellites can track changes and patterns on Earth, providing decision-makers with valuable insights for predicting the activities of natural disasters and responding rapidly and accurately.
Modrzewski emphasized the role of public-private partnerships in addressing disaster and climate risks. ICEYE is already involved in supporting these partnerships by providing crucial geospatial data in near real-time. This data can help reduce the protection gap and deliver innovative insurance or assistance to at-risk uninsured populations. Parametric insurance, in particular, relies on prompt and efficient coverage for at-risk communities, and rapid and reliable data delivery is essential for realizing its full potential.
Satellite technology is a game-changer for the response to natural perils around the world. It allows for the monitoring of high-risk events before, during, and after they occur, enabling swift and decisive actions that enhance outcomes for those most impacted by disasters. Modrzewski highlighted the importance of groundbreaking innovation in this space for building global resilience and addressing the complexities of climate and disaster risks.