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November 22, 2021 in Carrier Management
On the Horizon: From Flood to Business Interruption
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The potential for using satellite data in insurance goes well beyond assessing property damage after natural catastrophes, said panelists speaking at Carrier Management’s recent roundtable event, “Seeing Through the Clouds: Satellites in Insurance.” James Rendell, CEO of BirdsEyeView Technologies Ltd., Bessie Schwarz, CEO of Cloud to Street, and Giacomo Favaron, a pricing specialist for AXA XL, described applications in flood risk modeling, business interruption insurance and environmental insurance in answer to a question from CM Guest Editor and CB Insights Analyst Mike Fitzgerald.
London-based MGA BirdsEyeView takes developments occurring in the Earth observation sector and deploys those into the insurance market by structuring new parametric insurance solutions for climate change risks, specifically targeting customers in the small and midsize enterprise sector. Examples include a weather risk product for farmers and event covers for construction project stoppages.
Cloud to Street is a team of scientists who harness the power of satellites for flood mapping.
CM Guest Editor and Moderator: Mike Fitzgerald, Principal Analyst, Insurance, CB Insights
Related article: “Seeing Through Clouds: Why Now Is the Time for Geospatial Technology in Insurance”
Full Roundtable video: “Seeing Through the Clouds: Satellites in Insurance”
