MAPFRE RE has signed a licensing agreement with ICEYE to access its global Flood Insights data, integrating near real-time satellite-based flood intelligence into its catastrophe event response protocols.
Under the agreement, MAPFRE RE will incorporate ICEYE’s data capabilities to estimate losses and assess potential financial impacts across its reinsurance portfolios shortly after a flood event occurs. The data will also be used to support communications with internal and external stakeholders during live events.
ICEYE operates a synthetic aperture radar (SAR) satellite constellation that delivers flood extent and building-level inundation data within hours of an incident. This function is designed to provide geographic coverage, particularly in areas such as Latin America, where Earth observation data has often been difficult to obtain promptly.
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MAPFRE RE is also reviewing ICEYE’s Hurricane Solution, launched in March ahead of the US hurricane season. The tool is intended to provide combined wind and flood damage assessments within 24 hours of a storm’s landfall, mapping the path of destruction and identifying areas affected along the trajectory.
Rupert Bidwell (pictured above), vice president of insurance solutions at ICEYE, said the integration of flood monitoring will enhance decision-making during catastrophic events.
“By integrating the full capabilities of our flood solution into their existing response infrastructure and demonstrating the potential of our hurricane product, we’re equipping their teams with the most current, high-resolution damage data available,” Bidwell said.
The agreement builds on ICEYE’s ongoing expansion of its reinsurance data partnerships. Last year, the company entered a multi-year collaboration with Juniper Re to integrate flood and wildfire insights into client service offerings.
ICEYE also expanded its relationship with Aon by extending access to its global Flood Insights and US Wildfire Insights data. The data feeds have been incorporated into Aon’s catastrophe response services.
ICEYE’s continued investment in satellite capabilities is supported by its latest funding round. In April 2024, the company secured US$93 million in growth funding led by Solidium Oy, Finland’s sovereign wealth fund. That investment brought its total funding to US$438 million and supports the expansion of its SAR satellite constellation.
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