In a strategic move to advance its analytical capabilities, MAPFRE RE, the reinsurance unit of the Spanish insurance giant MAPFRE, has entered into an agreement to license global flood data from ICEYE, a leader in satellite-based natural catastrophe information.

According to a press release from ICEYE, this partnership will provide MAPFRE RE with access to highly accurate, near real-time data on floods occurring anywhere in the world. The announcement mentioned that ICEYE’s technology, which utilizes a constellation of Synthetic Aperture Radar (SAR) satellites, can monitor flood events and deliver detailed information, including flood depth and extent, within 24 hours of a flood’s peak.

The collaboration is set to significantly bolster MAPFRE RE’s ability to assess and manage flood-related risks. The press release indicated that the data will be instrumental in improving the reinsurer’s response to catastrophic flood events and in refining its risk models. By integrating ICEYE’s insights, MAPFRE RE aims to gain a more precise understanding of the impact of floods on its insured portfolios globally.

ICEYE highlighted that its solution provides a consistent and verifiable source of information for events that are often challenging and time-consuming to analyze using traditional methods. The deal signifies a growing trend in the insurance industry to adopt advanced technological solutions for more effective and timely disaster response and risk assessment.