August 17, 2016
Every year, more and more satellites are launched into the Earth’s orbit, and improvements in sensor resolutions and computing capabilities have resulted in an abundance of high quality satellite data. In the past, such data was often treated as a scarce commodity - rarely shared and usually with a large price tag. In the last few years however, data sources have expanded tremendously. Technological developments and political lobbying are creating a culture of shared and increasingly open information, and this benefits both public agencies and private industry. Countries all over the world are seeing government agencies provide their data freely via open source initiatives.A good example of this where satellites are concerned, is the Copernicus program. Copernicus is operated by the European Commission, in partnership with the European Space Agency. It is currently the largest Earth observation programme and is designed to provide a comprehensive picture of the Earth. And all of the data collected by different clusters of satellites are available via open access. Companies involved in insurance and disaster risk assessment are rightly taking advantage of this rich data source, and harnessing this information to significantly improve the scope of their data analyses. Quality Control Among the varied risks we look at, flooding is probably one of the most challenging perils to model. Due to these advancements in data collection and imaging, flood modelling has improved immensely in recent years. Flood models rely on a wide range of variables, many of which are derived from satellite imagery. Elevation, precipitations, moisture levels in the soil and the detection of flood prone areas are just some of the things we look at. In the past, these models relied on fairly coarse resolutions from satellite data, generally captured at about 90 meters. Now however, data is captured at 30m resolutions at least – 9x better than it was a few years ago! These developments have led to more catastrophe models being released, with higher levels of accuracy and at increasingly affordable prices. A Need for SpeedNowadays, there are satellites capable of monitoring fires, precipitation levels and ground motion from earthquakes almost live, up to a resolution of 30cm. The deployment of interferometers (devices that measure small displacements and surface irregularities by comparing different wave signals, usually light or radio waves) and image reclassification techniques allows insurers to map natural and man-made catastrophes as they unfold over time.- Share This Article:
-
-
Global Asset Protection Services, LLC, and its affiliates (“AXA XL Risk Consulting”) provides risk assessment reports and other loss prevention services, as requested. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. AXA XL Risk. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any publication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, AXA XL Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with this publication, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued Insurance Policies
In the US, the AXA XL insurance companies are: AXA Insurance Company, Catlin Insurance Company, Inc., Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Specialty Insurance Company and T.H.E. Insurance Company. In Canada, coverages are underwritten by XL Specialty Insurance Company - Canadian Branch and AXA Insurance Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following AXA XL surplus lines insurers: XL Catlin Insurance Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor Insurance Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.