Mapfre Re has reached an agreement to licence flood insights data from ICEYE, a provider of near real-time Earth observation data.  

The agreement will result in integration of ICEYE’s detailed flood information into Mapfre Re’s existing event response framework. 

The access to ICEYE’s high-resolution data will enable Mapfre Re to estimate losses and improve situational awareness of the financial impacts on its reinsurance portfolios during flood events.  

ICEYE insurance solutions VP Rupert Bidwell said: “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.” 

ICEYE operates a synthetic aperture radar satellite constellation that offers flood extent and building-level inundation data worldwide, often available within hours of a flood event.  

This capability is significant for areas such as Latin America. 

Furthermore, Mapfre Re is currently assessing the potential integration of ICEYE’s Hurricane Solution into its catastrophe response operations.  

This solution, which was introduced in March, provides a view of damage caused by wind and floods in the US within 24 hours of a hurricane’s landfall, pinpointing affected areas along the storm’s trajectory. 

Mapfre Re natural perils area manager Miriam García stated: “Our agreement with ICEYE will provide us 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.” 

This licencing agreement follows Mapfre Re’s partnership with CyberCube, a cyber risk analytics firm, under a three-year contract established in March.