Re/insurance giant Aon has joined forces with ICEYE, an expert in persistent monitoring with radar satellite imaging, to offer insurers flood hazard data following flooding events in Japan.
The partnership is aimed at helping insurers reduce volatility and better assess the post-event impact on their portfolios.
According to the data from Japan Meteorological Agency (JMA), the country is prone to three typhoon landfalls and several flood events every year.
During 2018 and 2019, insurers settled claims of over $30bn, which was three of the five largest wind and flood insurance losses in Japan’s history.
The tie-up will leverage ICEYE’s synthetic-aperture radar (SAR) data with Aon’s digital building datasets to offer insights on the impact on potential flood events.
It is expected to enable insurers to assess the flood impact, allowing them to enhance their reserving and claims handling process resulting in a shorter response time.
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Aon reinsurance solutions in Japan CEO Rupert Moore said: “Aon and ICEYE share a belief that better data leads to better decisions and, in turn, better outcomes. Our collaboration with ICEYE aims to assist clients with improving the robustness and accuracy of their responses to flooding events in Japan as they navigate this form of volatility.”
ICEYE CEO Rafal Modrzewski said: “Together we are enabling the kind of digital transformation that will lead to a step-change in efficiency and client service for the insurance industry.”
Notably, ICEYE builds and operates its own commercial constellation of SAR satellites.
The data provider claims that its satellites ‘can image any location on Earth, day and night, regardless of cloud cover, multiple times a day.’