Liberty Mutual partners with ICEYE

Liberty Mutual and earth observation data provider ICEYE announced the launch of a building-level parametric wildfire insurance solution.

The solution is powered by ICEYE’s global constellation of Synthetic Aperture Radar satellites, which provides continuous monitoring of wildfire-affected areas. Following a wildfire event, SAR imagery is combined with detailed property footprint data and advanced automated machine learning algorithms to deliver an “objective, building-level damage assessment.” Each insured property is classified against predefined criteria as either “destroyed” or “undamaged,” with results that could be delivered within hours.

The coverage is designed for a wide range of clients, including homeowner associations, residential communities, municipalities and public risk pools, as well as owners of critical infrastructure and (re)insurers with residential and commercial property portfolios seeking to reduce their wildfire exposure.

The product is initially available in the US and Australia.

“By pushing the boundaries of technology, we are delivering a new generation of parametric wildfire coverage that is faster, more responsive, and fully data driven. Our property wildfire cover is remotely sensed and designed to address the growing threat of wildfires, providing reliable protection alongside traditional insurance that allows for more efficient claims settlement.” – Jean-Christophe Garaix, Head of Parametrics & Agriculture at Liberty.

“We are delighted to be working with Liberty on this ground-breaking solution. Built on rapid and verifiable observation data from our SAR satellite constellation, this offering provides quick confirmation when agreed loss parameters are met. The result is fast, precise, and consistent damage assessments at the individual property level, and can be deployed in high-risk areas to support multi-asset portfolios or regional programs.” – Anke Sielker, Head of Reinsurance Solutions at ICEYE.