Floodbase has partnered with American space tech firm Capella Space Corp. to enhance its parametric flood insurance offering.
The collaboration aims to integrate 24/7, all-weather synthetic aperture radar (SAR) data from Capella Space into Floodbase’s advanced parametric flood solution.
This integration will enable enhanced payout trigger certification of parametric insurance products by capturing the magnitude of flooding at high resolution, irrespective of cloud cover.
The move is designed to address the growing flood risk due to climate change, emphasizing that traditional insurance alone is insufficient.
Parametric flood insurance becomes a crucial tool, and Floodbase aims to enhance its solution by incorporating best-in-class SAR imagery from Capella’s satellite constellation. This approach allows for large-area flood maps, regardless of weather conditions or time of day.
Floodbase stands as a prominent data provider and reporting agent, collaborating with re/insurers and humanitarian organisations.
Their expertise lies in profitably designing, underwriting, and monitoring market-defining parametric flood insurance products. Built on nearly a decade of groundbreaking science, Floodbase’s proprietary solution continuously monitors flooding worldwide.
Dan Getman, VP of Product at Capella Space., said, “We are thrilled to partner with Floodbase to leverage the value of Capella’s all-weather SAR imagery and automated tasking system to help close the flood insurance gap. The combination of Floodbase’s large-area parametric insurance solution with Capella’s high-resolution SAR imagery will unlock new parametric use cases to support at-risk communities of severe flooding events.”
Annbjørg Medhaug, Chief Product & Strategy Officer at Floodbase, commented on the partnership, stating, “Floodbase has a high bar for accuracy and reliability when evaluating new sensors. We were incredibly impressed with the resolution and reliability of Capella’s SAR sensor, and especially excited about the ability to automate tasking via API. A Parametric flood insurance solution built on Floodbase and Capella data will be superior than competing solutions for a broad range of use cases and clients, and I’m excited to scale the combined solution.”
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