ICEYE and Global Parametrics have agreed to support the development of new parametric risk transfer tools. Credit: ICEYE.

Natural catastrophe solutions and insights provider ICEYE has reached a deal with Global Parametrics to offer flood data to promote the development of new parametric risk transfer tools.

Global Parametrics specialises in creating solutions to help mitigate climate and natural disaster risks.

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Under the new deal, Global Parametrics will employ ICEYE’s global flood insights data to design, build and implement parametric risk transfer structures.

Global Parametrics will utilise ICEYE’s flood insights data to identify specified thresholds of the flood event and the activation of insurance cover in the event of a flood.

ICEYE Insurance global head Stephen Lathrope said: “By providing our high-resolution data to Global Parametrics in near real-time for floods around the world, we aim to help significantly reduce the time from impact to payment for communities affected.

“As a shifting climate escalates the flood threat, the ability to deliver such timely financial support and bolster resilience at the community level is becoming ever more critical.”

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The company owns and runs a constellation of synthetic aperture radar (SAR) satellites.

It integrates satellite imagery with auxiliary ground-level data to offer near real-time insight into major flood events worldwide.

In February 2022, ICEYE announced a strategic investment from Japanese insurance holding firm Tokio Marine.

Global Parametrics CEO Angus Kirk said: “Our mission is to build economic resilience by extending protection to vulnerable and underserved markets and communities.

“Advancements in parametric risk transfer mechanisms are critical to that mission.

“Integrating ICEYE’s flood hazard data into our risk transfer structures support the development of more responsive solutions to mitigate the financial effects of extreme climate and natural disasters.”