Satellite services for evaluating catastrophe losses unveiled

Satellite services for evaluating catastrophe losses unveiled

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US: Reinsurance broker Guy Carpenter has launched a new satellite-based service, GC CAT-VIEWSM, which aims to provide initial loss estimates of catastrophe events using satellite imagery and other data sources. The new service has been available to some of Guy Carpenter’s clients with exposure to the recent UK floods and the broker is already providing them with initial insured loss estimates for that event. GC CAT-VIEWSM is provided through a partnership with specialist geo-information service provider, Geospatial Insight. The service takes earth observation (EO) satellite and radar imagery, as well as footage from UAVs, the media and social media and ground-survey data, to produce initial insured loss estimates.

Using the new services has enabled the broker to analyse detailed imagery of the areas affected by the recent UK flooding to map the flood extent. Guy Carpenter then overlays geocoded client risk location data, which enables it to help insurers identify which policies have been affected and provide associated potential loss estimates. The data will also be used to prioritise and deploy loss-adjusting capabilities. Guy Carpenter intends to make this new service available for other catastrophe events around the world. The broker will be able to help its clients by conducting rapid loss assessments for major natural catastrophe events. The initial loss estimates based on specific client portfolios can be provided within days of GC CAT-VIEWSM being deployed for a particular event. “Previously, establishing a reliable flood extent would have taken a considerable amount of time and required significant expense to compile and verify the necessary data. Using the latest imaging and analysis technology, we can respond quickly to a catastrophe event, providing our clients with robust information to help them plan and respond in a matter of a few days following the deployment of GC CAT-VIEWSM,” said Vic Jenkins, from International Strategic Advisory team and Head of Analytics for UK, MENA and South Africa at Guy Carpenter.

Source: Artemis